Like conventional consumer loans, revolving loans can be candidates for credit repurchase. They are contracted by many French people every year. Zoom on the repurchase of renewable credits.
What is revolving credit?
Revolving credit is subject to the same provisions as consumer credit. It allows you to benefit from a sum of money on an account opened with a banking establishment, subject to the payment of interest in the event of partial or total use.
Interest is calculated from the amount of money actually used and may vary depending on the repayment duration. The capital can be used freely, within the limit of the maximum authorized. It is replenished as repayments are made.
The amount of credit initially taken out may be increased only if the borrower’s situation allows it and if the bank or the credit institution agrees. This change is the subject of a new solvency study and a new revolving credit offer.
The repurchase of revolving credits: what advantages?
Revolving credit rates are relatively high and the risk of over-indebtedness is always present, regardless of the nature of the loan contracted. Therefore, the purchase of revolving loans appears to be an attractive alternative. It allows you to group revolving credits or other credits in order to benefit from a more attractive rate.
If the borrower has difficulty repaying his revolving credit, this buy-back operation can allow him to spread the monthly payments over a longer period. A new loan is then set up in order to reduce the monthly payments.
Make a simulation of redemption of revolving credits
It is advisable to make a free simulation of your project to buy up revolving loans. Indeed, this study allows the consumer to assess the advantages of this banking operation on his finances and to define his level of feasibility.
The principle of the online simulator is simple: just fill out a form in a few minutes. Then, the user accesses the detailed results of his repurchase of renewable credits. The results are obtained from its income and expenses. It is also possible to go through an intermediary specialized in the repurchase of credit. The latter will propose to carry out this simulation in real time with an adviser on the phone.