Request for revolving credit: how to get a positive opinion?
How to apply for revolving credit accepted at the best rate, under optimal repayment conditions? Everything you need to know to compare offers and thus realize a request for credit really accepted at the best rate.
Application for revolving credit: in which cases?
Revolving credit is a small credit without proof of the use of money, the amount of which rarely exceeds 4000 USD. Issued by some banks, it is mainly offered by online credit organizations.
It is a credit allowing to benefit from a reserve of money, very practical to manage financial risks. More easily accepted on average than a personal loan, car or work, a request for revolving credit still involves the delivery of several supporting documents (salary slips, identity document, proof of address, RIB).
Credit application: in which cases to opt for renewable?
- Finance a small project quickly (travel credit, purchase of a TV, etc.)
- Pay exceptional bills that are difficult to assume
- Solve a financial problem that persists (regular overdraft discovered)
Revolving credit is a loan often accepted on average, provided there is a repayment plan in line with its income and expenses. It is therefore necessary to use a credit comparator.
Starting a credit request online through our comparator also increases your chances of obtaining financing quickly.
Revolving credit, flexible but rather expensive
Small revolving credit can finance a small project (furniture, household appliances) or even solve a temporary money problem. The possibility of reusing the money available in the money reserve also offers a certain flexibility of use.
All of these options are not without impact on the rate. Revolving credit is very expensive credit on average. This is the reason why it is important to go through a credit comparator to identify the best, and avoid excessively high APR rates.
Revolving credit is more attractive when it is repaid over short periods. The APR rate (overall effective annual rate) is in fact calculated on an annual basis. The longer the repayment period, the more the interest increases. Fortunately, the law makes it possible to repay a revolving credit in advance, at no additional cost.
Please note: it is strongly advised not to apply for revolving credit to reimburse another (or more). It is towards a repurchase of credits which it is necessary to turn to regroup its debts in only one monthly payment easier to repay.
Request for revolving credit: not without comparing
Revolving credit is, like all other types of consumer credit, offered by a large number of credit organizations. All offer different rates, as well as varying repayment rates. Above all, organizations do not have the same acceptance criteria. What interests us most when applying for a loan is to obtain an immediate positive opinion, with no unpleasant surprises at the time of the final response.
Our revolving credit comparator therefore combines two criteria:
- The best APR rates
- Chances of receiving a positive opinion
Any request for an amount of 4000 USD leads to a request for revolving credit.
The stages of applying for revolving credit
- The form only takes four to five minutes. Designed in four simple steps (identity, address, location, budget), it allows us to interrogate the best credit organizations in real time.
- Once the form has been completed, our credit comparator immediately questions the organization ranked first. A positive opinion (acceptability> 50%) is synonymous with accepted credit.
- A confirmation email is then sent by the organization quickly (24 hours on average). The credit contract follows. Once the rate and conditions have been verified, all that remains is to return the documents accompanied by supporting documents to the specialist.
In the event of a credit being refused (acceptability <5%) by the first organization in our ranking, it is always possible to seek the immediate opinion of the following. The acceptance criteria vary considerably from one specialist to another. It is therefore entirely possible that the third positioned organization will accept the loan, while the first two have given a negative answer. It is all the interest to make a request for credit with immediate response.
Revolving credit: how long before getting the money?
The final response takes place within 8 days on average from the sending of the contract. Some organizations offering a 100% online signature allow you to apply for credit faster.
The minimum period before depositing the money is eight days from the date of signature. This legal waiting period is even 14 days when they wish to shorten it to 8 days has not been mentioned (checkbox on the contract), or expressed explicitly to the lender (by email, chat or telephone).
The total time to receive the funds from the credit simulation performed on our comparator is 10 to 12 days on average. The calculation breaks down as follows:
- Comparison of rates and request: 10 minutes
- Pre-acceptance from our comparator and confirmation by email: 24h
- Sending of the credit contract accompanied by supporting documents: 1 to 2 days
- Minimum legal waiting period before payment of funds: 8 days
- Bank processing time: 24h to 48h
Reminder regarding revolving credit
The revisable APR rate
The revolving loan rate is an adjustable and not fixed APR. This implies that the rate is subject to change, subject to having informed the consumer. The rate changes especially when the available money is reused. In this case, it is rarely the same as when the loan was first obtained.
To go further: what you need to know about the adjustable APR rate.
14 days to withdraw
The legal withdrawal period is 14 days, as with any other consumer credit. It is generally enough to return a slip attached to the contract to exercise your right. The right of withdrawal does not generate costs.