Are you looking for financing to cover unforeseen expenses or to carry out a project? You want to have a cash reserve where you can use it when you need it most. Need to borrow a small amount without having to report to your banker? Then discover this type of loan without supporting document offered by the financial company Best Bank, all the details on their offer, functioning of the financing, repayment duration and rate below
Functioning of revolving credit
Revolving credit is a bank loan without proof. That is to say that via this kind of loan, you have the right to borrow an amount ranging from 500 up to 6,000 USD without having to present an estimate or invoice from a professional to prove the credit allocation. The capital with the rates requested by the banks is reimbursed in several monthly payments, sometimes ranging up to 5 years. It all depends on the amount you asked the bank for.
Different from other banking services, especially in its operation, revolving credit is most often used as a reserve of money. Indeed, with this kind of loan, you have a liquidity capped at 6,000 USD on your account. As the name of the credit indicates, the amount borrowed is replenished every month. It will then be transferred to your current account in a few days and will be available via our bank card from ATMs when you need to face an unexpected event.
In most cases, the amount borrowed in revolving credit is used to avoid bank overdrafts for French households. Insofar as it can be allocated to any expense, it is used both for the settlement of current expenses and for specific projects such as property renovations, the purchase or repair of a car, etc.
For the unemployed precisely, this banking service can be an alternative to have a certain standard of living and claim to projects of redevelopment of their house or the restoration of their means of transport. However, for this category of person in particular, a deposit will be required to qualify for a loan of more than 2,000 USD.
You can spend the entire amount that was given to you at the bank. At the next monthly payment, the capital in question will be replenished and will be available again for other expenses. This is the peculiarity of revolving. However, care must be taken not to live beyond its means and to use this means of funding only in exceptional circumstances.
Invoices of all kinds, settlement of certain debts, and regularization of your situation with insurance companies: these are current expenses which can be settled via a revolving credit. Via your bank card, you can also directly pay for your purchases online with the capital granted to you by the bank. Both ATM withdrawals and bank card payments are free.
The capital granted by lending institutions as part of a revolving loan will be transferred to your account. You can therefore also transfer them to other accounts in order to pay for a certain service or for any other reason. However, this operation is subject to a fee which varies from one bank to another.
Revolving credit can also help you finance an investment in SCPI. The purchase of quota shares in civil real estate investment companies does not exceed 5,000 USD. Insofar as you do not have proof to present to claim this kind of loan, it will be easier for you to choose your provider. Generally, if you are applying for a mortgage for an SCPI investment project, the banks impose a list of employment agencies.
Best Bank’s revolving credit offer
The revolving credit offer proposed by Best Bank is called “Good Finance”, it is a financing which will be addressed to the customers of the bank so that it benefits from a reserve of money for their purchase, it will thus be able to benefit from a capital ranging from 500 to 6000 USD.
The advantages of the free asset revolving credit offer
- The borrower can choose his monthly payments himself
- You can choose the amount and the date of monthly payment
- At any time you can make additional reimbursements to reimburse faster and pay less
- You will be able to log into your online customer account to know the status of your refunds
- The choice between 2 types of bank card to use the capital of your revolving credit.
Example of rate for a Best Bank revolving loan
If you choose to make a revolving credit of 3000 USD over a repayment period of 22 months and you use all the capital of your revolving loan, depending on your profile and current promotions you will be able to obtain an APR of 5.84%. Which will cost you 21 monthly payments of 150 USD and a final payment of 9.42 $. This will represent a total amount due of $ 3159.42, or $ 159.42 in interest costs.