Easy and cheap revolving credit: where is the best offer?

Finding revolving credit that is easy to obtain depends primarily on the circumstances of the customers. In any case, it is generally much easier to obtain than a repayable loan. On the other hand, finding cheap revolving credit is much more complicated.

Revolving credit easy to get, really?

Revolving credit easy to get, really?

If online revolving credit is easier to obtain than other types of loans, it is simply because revolving credit is more accepted on average. In any case, this is what we see. We are talking about small credit meeting a need for money, and not revolving store credit which we will discuss below. it is therefore a question both of revolving credit from banks and that offered by specialized credit organizations, such as revolving credit Viloan, Zaloan, Bankate, etc.

There is no easy credit

Whatever the type of consumer loan, there is no credit without proof of financial resources. Indeed, the Lagarde law of 2011 made it possible to better regulate the supporting documents to be provided when granting credit. Here are the obligations which organizations, banks or other actors offering revolving credit have lent themselves to:

  • Obligation for the lender to check the creditworthiness of the borrower. This means that he must therefore ensure that his income is sufficient, and that he is not FICP or FCC registered.
  • Fill out a “dialogue sheet” to better understand the debt ratio.
  • Compulsory delivery of supporting documents for all credits 3000 $ or more.

Therefore, easy revolving credit is as much regulated by law as any other consumer credit. We have listed all the credit documents to be provided in all cases. If revolving credit was too easy to get, it may have been a scam. It is necessary to have a big mistrust on the subject so much the scams to the credit multiplied, on the revolving credit but also on the loan between individuals. It is all the more necessary to be wary of hooks of the “easy and cheap revolving credit” type and never pay the least USD in order to obtain a loan.

As the Murcef law recalls: no payment of any kind can be required from an individual before obtaining one or more loans of money.

Easier to accept revolving credit

The difference we can see between revolving credit and repayable loan is that revolving credit is more easily accepted. It must be said that revolving credit offers smaller amounts. And if only by the debt ratio, revolving credit will be easier to obtain.

We were able to compare that out of 100 requests, on average, amortizable loans have an acceptance rate of around 41%. That of revolving credit is rather around 53%. Revolving credit therefore seems more accepted. Revolving credit without proof of use of money is therefore clearly more flexible. Its revisable APR rate is on the whole always higher than that of a traditional depreciable credit.

Easy revolving credit in store?

A very important part of the requests for revolving credit is done in store through the credit cards taught like the revolving credit of the Aurore card for example. They are subject to the same laws as those distributed by banks and financial organizations. Obtaining an easy revolving credit in store can only be linked to the fact that its amount is limited. For example, to obtain a 1000 USD credit through a store card, it will still generally be necessary to provide at least:

  • proof of identity
  • Bank details
  • proof of address
  • Bank card

Of course other supporting documents can be requested. But under the above elements, obtaining a revolving credit is easy in stores if the amount is limited (credit 1000 USD for a high-tech purchase, for example).

Cheap revolving credit

Cheap revolving credit

Very objectively, cheap revolving credit does not exist. It is the most expensive type of credit on the market. There are many special operations that offer one-time cheap revolving credit. But it is generally limited to one use. The following are usually at the rate of wear. That is to say at the maximum rate authorized by law.

This is the reason why our cheap revolving loan comparator is based on the following criteria:

  • Revisable taeg rate
  • repayment speed
  • acceptance rate
  • promotional rate

Our global survey on cheap credit had shown that revolving credit is attractive for amounts borrowed less than 5000 USD compared to the personal loan. On the other hand, we can speak of a cheap revolving loan provided that several repayment speeds are offered, some of which are fast. Because to limit the cost of a credit as much as possible, you have to be able to repay more sites if you can.

Conclusion

Easy and cheap revolving credit is a bit of a dream. One can get a small credit in the form of revolving loan more easily than other loans. A cheap revolving credit is generally limited to one-off use at a promotional rate. On the other hand, it is a credit formula without practical proof, ideal for dealing with a temporary difficulty.