The revolving credit is a consumer credit offering a sum available continuously. The conditions for opening the revolving credit, formerly the revolving credit, are governed by the Consumer Code and require compliance with certain mandatory rules.
Foolproof solvency to open a revolving credit
When opening a revolving loan , it is essential for the lending financial institutions, be it a bank, a consumer credit institution or a major retailer, to check the creditworthiness of the future borrower.
For this, the lender checks the solvency with the files of the Bank of France. From a certain loan amount, the latter authorizes the right to claim supporting documents from the client, such as recent salary slips, tax notices or statements of bank accounts.
How to open a revolving credit?
To open a revolving credit, simply contact the approved financial organizations and fill out a credit application. If the solvency is proven and the financial situation is fairly stable and solid, a loan agreement is signed with a withdrawal period of fourteen working days.
Read also Where to buy a revolving credit? Once this period has passed, the funds are paid into the client’s account within a maximum of seven days.
Who is the opening of the revolving credit for?
The opening of the revolving credit is open to all consumer profiles, but mainly to those whose Juliets can sometimes be limited. Indeed, this type of loan makes it possible to pay certain products on credit when they are necessary and that the customer does not have the whole sum immediately.
Be careful, opening a revolving credit must be a free choice of the consumer.
This is the reason why a second offer of amortisable credit is proposed as soon as the amount exceeds 1000 €.
Legal obligations when opening the revolving loan
When opening a revolving loan, the borrower undertakes various obligations regarding the repayment of his loan. Thus, he has the obligation to pay all his monthly drafts, under threat of important penalties in case of delay.
The lender also undertakes not to offer maturities of less than € 15 and that a minimum share of capital is repaid for each milking.
Note that the loan term can not be longer than 36 months for loans under € 3,000 and 60 months for loans over € 3,000.
In search of the best offers of renewable credits
Before launching and opening a revolving credit, it is important to learn about the best conditions available on the market. Indeed, banks, credit agencies and major retailers offer this type of loan, but not on the same terms. It is possible to access these offers via online comparators, or by going directly to the relevant financial institutions.