How does a Revolving Credit work?
A Revolving Credit is a form of loan that offers you a certain degree of flexibility. You agree on a limit amount and up to that amount you can temporarily withdraw money whenever you want. You can only withdraw money within the agreed credit limit in the first 36 months, after which you are obliged to repay to stay within the maximum term of 180 months.
As of May 1, 2019, the VFN code of conduct requires its members (including PersonalLoan) that the term of a Revolving Credit does not exceed 180 months. The VFN code of conduct offers consumers the guarantee of clear information and a responsible credit offer.
If you don't withdraw anything, you don't pay anything. If you do withdraw an amount, you pay variable interest. That is something to be aware of as interest rates can go up or down. You always pay an equal monthly amount that consists of interest and repayment. So you unnoticeably repay less at a higher interest rate, which increases the term and costs of your loan. read here all the characteristics of a Revolving Credit.
Borrow consciously and do not be tempted to pay a higher amount. Only borrow what you need. Borrowing money should be a choice that you support, now and in the future.
Free quote request
Do you want a Continuous Credit request and know what your options are? Then contact us by phone. PersonalLoan attaches great importance to personal contact, so that we can help you as well as possible.
Our employees can be reached by telephone number 469-853-4255 (Monday to Friday from 9 a.m. to 5.30 p.m.).
Features Revolving Credit
- Variable interest rate, which can rise or fall
- Withdraw money flexibly in the first 36 months
- Always pay earlier without penalty