Do you want to improve your living conditions and avoid agios? You are now looking for a quick, efficient and lasting solution to avoid overdrafts at the end of each month. Would you like to have a reserve of money to be able to draw on it in the event of unforeseen expenses? So why not study the option of revolving credit without proof? In this article, discover how this type of financing works, its characteristics and advantages, and how to succeed in obtaining revolving credit without proof.
The characteristics of a revolving credit
Revolving credit is a reserve of money that is made available to a borrower so that he can use it as he pleases to deal with unforeseen expenses. The amount of a revolving credit varies from 500 to 6000 USD. For an amount less than 3000 USD, the repayment duration must not exceed 36 months and for an amount greater than 3000 USD the duration will be capped at 60 months.
Note that for a revolving credit higher than 1000 USD, your financial institution will be obliged to offer you an offer of depreciable credit in parallel so that you can analyze which financing offer is most interesting for you. A renewable credit contract commits you for 1 year and is renewed every year by tacit agreement.
A revolving credit will often be associated with a revolving credit card which will allow you to pay directly for your purchases in major stores or to withdraw from distributors for liquidity. If you prefer, you can also ask your advisor to make a transfer to your account within 48 hours. What is interesting with this type of financing is that if you do not touch your reserve you will not pay any fees, on the contrary, if you partially use your reserve you will only pay interest on the part consumed.
What is meant by a credit revolving without proof?
A revolving credit without proof is a financing that will allow you to buy everything you want within the limit of the capital on which you have agreed with your banker, you will have no proof of use to produce to your banker.
Be careful however, when talking about a loan without proof, it is not a question of making a loan without providing your pay slip or other documents normally requested when applying for conventional loans such as proof of address or identity. Rather, it is a loan in which you will not have to provide your bank with an account of the expenses made with the money spent. This kind of banking service is rare, not to say non-existent.
A revolving credit without proof is therefore a loan in which you have full powers over the management of your capital. In short, it is the opposite of the appropriations allocated. No obligation to provide quotes or invoices to the bank. And the bank on its side will have no right to ask you for accounts on the use of the sum which was granted to you. This freedom was also at the origin of the success of revolving credits.
What rate for your revolving credit without proof?
As with all loans, revolving credit without proof is subject to an interest rate. The consumer law obliges. Therefore, you have the choice between two kinds of credit.
1- Variable rate credit
This type of credit is not very popular. And for good reason, even if it offers certain advantages, the risks associated with it are also important.
For information, revolving credit without proof differs from the others by the volatility of its rate. The yields requested by the bank are subject to the good will of the market. If the latter increases, the rate will also increase at a fixed ceiling. However, if the market goes down, the rate will go down to a fixed minimum as well.
2- Fixed rate credit
Fixed rate credit remains the safest way to avoid over-indebtedness. As the name suggests, you will have the APR of your contract before signing it. The monthly payments will be stable. This will allow you to facilitate debt settlement and loan management.
The rate of a revolving credit without proof is fixed according to the duration of the contract and the sum borrowed. It is a rule that prevails even in this case. So, for security reasons, ask only for what you need and for which you can provide reimbursements.
In any case, revolving credit is one of the most expensive credits in the consumer credit category, more expensive than restricted loans like car and work credit, and more expensive than personal loan. Its interest rate may vary between 7 and 21% depending on the repayment speed you choose and the financial organization.
How to find the best credit revolving offer without proof?
When it comes to credit revolving without proof, you have the privilege of choosing from the hundreds of offers available on the market. You can find the services of physical and virtual establishments. Insofar as a credit contract commits you for its entire period of validity, that is to say several years, it is advisable to choose the offer in relation to your situation.
To do this, there is no need for several hours of calculations. Just do a revolving loan comparison without proof on online comparison platforms. With just a few clicks, at no cost, you will have a list of the best providers that suits your needs.
You just have to compare the offers taking into account the conditions that agree with your expectations: less heavy penalties in the event of contract termination, possibility of postponing monthly payments, etc.