What is a revolving credit?
You have extra spending room with a revolving credit. A credit limit is agreed with the lender. You can then withdraw money up to this credit limit. The revolving credit is ideal to pay for unexpected expenses. With this flexible loan you do not borrow more than necessary.
With a revolving credit:
- do you have flexibility.
- agree a limit with your lender that suits your situation.
- withdraw your money up to this limit (according to the conditions).
- you may repay extra money and also withdraw this money (up to the agreed limit). This without paying penalty interest here.
For whom is a revolving credit interesting?
A revolving credit is interesting for you if you:
- do not know exactly how much you wish to borrow (for example for the study of your children, for a renovation,…).
- be at least 21 years old and at most 66 years old.
- need money regularly.
- regularly repay extra money.
- prefer a variable interest rate.
If you are looking for a fixed term with a fixed interest rate, a revolving credit is not suitable for you and you better opt for a personal loan. Even if you want to borrow money for a specific purpose (a new car or kitchen), it is better to opt for a personal loan.
Cheap revolving credit
The cheapest revolving loan can be found at bankate. The interest rates of all lenders, such as banks and credit companies, are online. You can easily compare these. The loan with the lowest interest rate can be requested on the site of the lenders.
Of course the interest is important, but a cheap loan must also have appropriate conditions. That is why it is wise to request a customized loan offer. Go to the site of the cheapest provider and fill in the questions from this provider. The provider would like to receive your personal information. In addition, he is interested in the composition of your family, your income, your fixed costs and a possible BKR registration.
Take the time to fill in these data. Only with a personal customized offer can it be determined whether the loan is cheap and good.