Need money to carry out a project that is close to your heart? Need a reserve of money to be able to draw freely on it without providing supporting documents to your banker? Need money urgently to be able to deal with unexpected expenses like your car which has just broken down? So revolving credit without proof can be a solution to your money problems. Discover below all the details on the financing offer proposed by Good Bank, use, advantages, repayment duration and rate.
How to use revolving credit
Revolving credit is financing that will take the form of a reserve of money. You will set the capital at the start of between 500 and 6000 USD and you can use it as you see fit. Then as and when repayments of your monthly payments you will help to replenish the reserve that you can reuse for other purchases.
As for the repayment period, it will be capped at 5 years for a credit greater than 3000 USD and 3 years for a loan less than 3000 USD. For any subscription to a revolving credit whose amount exceeds 1000 USD, your bank advisor will be obliged to present you with an offer of depreciable credit so that you can compare the conditions of each to commit yourself in any event. A revolving credit contract will commit you to a repayment period of 1 year and will be renewed by tacit agreement every year, if you do not use your reserve for 1 year, your financing may be terminated.
To use your revolving credit, the procedure will be ultra simple, you will only have to use the bank card associated with your financing to be able to pay for your purchases in stores or on the internet, or withdraw cash from an ATM. If you prefer, you can choose to ask your banker to make a transfer to your personal account, the funds will be released within 48 hours.
When you go to sign your revolving credit contract, your advisor will give you the choice to choose between several repayment formulas, they will all correspond to specific repayment speeds: slow, medium or fast. As far as possible, it will be advisable to always commit to the fastest possible repayment period to pay the least possible interest on the total cost of the credit.
The negative point of revolving credit will mainly reside in its rate. Indeed it is revisable, this means that you do not know in advance how much will really cost you your funding because it may experience slight variations. In fact, the rates may change according to market fluctuations, your advisor will be required to notify you of changes in the rate 3 months in advance. Another disadvantage compared to the rate, that of revolving credit is one of the most read rates before the car loan, the work loan and the personal loan.
Good Bank revolving credit offer
The revolving credit from Good Bank called the Good Money offer is a money envelope that will allow you to borrow an amount between 500 and 6000 USD
The advantages of the Good Money revolving credit offer
- You can choose between 3 reimbursement speeds: comfort, fast and express
- You can choose small monthly payments from 15 USD per month
- You can have access to possible financing at any time of the day
- You can prepay your credit without having to pay any fees
- Provision of a free Visa bank card which will allow you to withdraw from ATMs up to 500 USD over 7 days
Example of rates for a Good Bank revolving credit
If you choose to make a credit of 3000 USD over a repayment period of 31 months by taking advantage of the comfort repayment speed at an adjustable APR of 21.20%. You choose to use your money reserve as a whole. You will therefore have to pay 30 monthly payments of 120 USD and a final monthly payment of 40.23 USD for a total amount due of 3820.23 $. This financing will therefore cost you the equivalent of 820.23 USD in interest costs.
How to apply for a Good Bank revolving loan
To apply for a Good Bank revolving credit, all you have to do is go directly to the Good Bank website and do an online simulation, which will allow you to know how much to borrow and over what duration in relation to your profile and your capacity. borrowing. Then you just have to fill out the online form for Good Money credit and get a basic answer in less than 10 minutes. You will only have to fill out the contractual documents and group together all your supporting documents (proof of income, domicile and identity), then send everything signed and dated.
We strongly recommend that you apply for credit beforehand, compare as many credit companies as possible, and you can find more attractive rates. For that nothing more simple, you can use a comparator of online credit organizations, it will suffice to specify the amount you want, the type of credit and the duration, thereafter you will receive offers from more than one twenty organizations and you will just have to select the one that offers the best conditions.