A revolving credit is a form of credit which is characterized by the provision of a borrower, a sum of money that it will be possible for him to use at his discretion, in whole or in part, without having to provide proof of its use. It is a credit which is reconstituted as and when repayments are made.
What is revolving credit?
Revolving credit, also called revolving credit or permanent credit, is a particular form of consumer credit, so the regulations associated with it are specific and somewhat different from credits such as personal loans or affected loans. The reserve of money available in the context of a revolving credit decreases when it is used by the borrower, then gradually reforms over the course of its repayments. It is a loan that can be associated with a payment card (a credit card).
The borrower has the right to dispose of the sum made available by the lender as he sees fit. He can draw on the money reserve in part or in full to make the desired purchases. However, these expenses cannot exceed a certain limit, a maximum amount fixed when signing the revolving credit agreement. The available sum is then reconstituted within the authorized limit, as the borrower repays his loan. He can then use it again, still under the same conditions.
A revolving credit can be offered by a bank, an establishment specializing in consumer credit, a supermarket chain or even a mail order brand.
If the amount of the revolving credit is greater than 1000 US dollars, the lender must also offer a depreciable credit to the borrower so that the latter can compare the two offers and choose the one that is most suited to his needs.
Regarding the repayment period, if the amount of the loan is less than or equal to 3000 US dollars, it cannot exceed 36 months (3 years) and it can go up to 60 months (5 years) if the sum borrowed is greater than 3000 US dollars.
It is possible to postpone maturities twice a year at most if ever the borrower encounters difficulties in his repayments or in the event of deterioration of his solvency. A deferral of maturities, however, implies the suspension of the borrower's right to use the revolving credit.
Once the credit is in place, each month, the lender must send the borrower a document summarizing the situation of his loan. This includes the rate for the period and the overall effective rate, the amount available, the amount of the monthly payment and the interest rate, the date on which the statement was closed and the date of payment, the amount of repayments already made or even , the total amount payable.
The contract for a revolving loan has a term of one year and can be reinstated every year. Each year, the lender must check if the borrower is not registered with the FICP (file of incidents of loan repayments to individuals) before any renewal of the loan. Likewise, the creditworthiness of the borrower should be checked every three years.
The lender must also inform the borrower of the conditions for reinstating the credit as well as the repayment terms, three months before the end of the revolving credit agreement. If ever the borrower does not agree with the new terms, he has the right to oppose them for a period of up to 20 days before their application, which will automatically terminate his loan contract.
The contract of a revolving credit can be modified at any time. The borrower can request, if he wishes, the suspension of his right to use the credit, the termination of the contract or the reduction of his available cash reserve. The amount of credit used must then be reimbursed. He can also make an early repayment, partial or total, without this implying a penalty.
Other modifications can also be carried out such as, for example, the change of revolving credit in conventional credit when it is renewed. This makes it possible to determine a precise end date of the contract as well as to fix the amount of reimbursements.
The revolving credit contract can be suspended if the borrower has not used the available cash reserve for a year. At this time, the lender must offer the borrower to terminate the contract by sending him a document with certain information relating to the credit. If the borrower does not want his contract to be suspended, he must return this document to the lender no later than 20 days before the end of the contract. The latter will finally be terminated one year after the suspension of the revolving credit, if ever the borrower decides not to reactivate it.
The repayment terms may vary depending on the institutions offering revolving credit offers. The monthly payments can be fixed and then recalculated each time the money reserve is used, they can be variable according to the amount granted or even decreasing. Each credit organization can offer different repayment rates for this type of loan. It can be a quick repayment with large amounts due or, on the contrary, a slower repayment. The loan repayment period depends on the repayment rate chosen by the borrower.
With regard to fixed monthly payments, the cost of credit does not vary until the borrower makes new financing, except in the case where the rate is changed.
There are two ways to set up revolving credit. First of all, there is the line of credit which is equivalent to an overdraft authorization. It is possible to draw on this reserve of money by check or by transfer. The other possibility is the credit card which can be granted by a bank, an establishment specializing in consumer credit or a department store. This allows you to have a payment card with which you can make purchases.
The Lagarde law of 1 May 2011 makes it possible to increase consumer protection with regard to loyalty cards from the various stores with a credit function. Thus, loyalty cards that can only work by payment on credit are now prohibited and must have the functions to pay on credit or cash. Cash payment should also be enabled by default to allow consumers to avoid tapping into revolving credit without realizing it. Thus, if he ever pays on credit, the consumer will have to specify it either when he goes through the checkout or by receiving his monthly statement. In addition, no promotion can be associated with a credit payment, something that was previously practiced by some department stores.
What is the difference between a revolving credit and an amortizing credit?
Unlike revolving credit, amortizing credit is a classic bank loan that involves borrowing a defined amount of money. In the context of a depreciable loan, the principal and the interests are modulated in a particular way and different from the revolving credit. Each maturity is made up of a portion of the borrowed capital as well as interest. At the beginning of the loan, the amount of interest is higher than that of the repaid capital and as the maturities progress over time, the share of capital increases while that of interest decreases.
An amortization table must be provided to the borrower at the start of the contract. An amortization table is a document on which we find the distribution of the amount of each installment with the share of the borrowed capital, the interest and the insurance costs but where we also find the amount of the capital remaining to be repaid after the payment of each monthly payment. The borrower can also request a reduction in the amount of maturities which will lengthen the term of the loan and increase the total cost of credit. If this is the duration that the borrower wishes to reduce, the monthly payments will be increased and the cost of credit will be lower. In all cases, it is the interest on the loan that is repaid in the majority, before the borrowed capital. Conversely, in the context of a revolving credit, there is no repayment to be made if ever the reserve of money made available to the borrower is not used by the latter. The credit is only triggered if it decides to use part or all of this sum. Once the loan is repaid, this reserve of money is replenished, which is not the case with a depreciable loan. Additionally, revolving credit allows the borrower to tap into this fund at any time as they wish.
The depreciable loan is a good solution when you want to finance one or more specific projects while a revolving credit is more suited to immediate or indefinite cash needs. It can be very practical if the borrower does not want to find himself in difficulty to make certain payments (bills for example) and if he wants to be able to draw the money that he needs at any time.
A depreciable credit, meanwhile, is automatically canceled if it is ever an affected loan and if a problem arises with the sale of the good or service associated with it and it is not concluded.
What precautions to take before subscribing to a revolving credit?
First of all, and this is the case with any type of credit, not just revolving credit, it is important to be aware of your ability to borrow, whether in the short or the long term. Thus, before borrowing, you must take stock of your personal and professional situation. Calculate your income, including your salary but also additional income such as family allowances or alimony. Likewise, write down the monthly charges you have to pay, including your rent, electricity, water, gas, alimony etc. Also take stock of the credits you already have in progress. All this information will allow you to calculate your remainder to live as well as your debt ratio.
The remainder to live is the amount of money you have available each month, after paying all your fixed charges. The debt ratio is an index of your borrowing capacity, depending on the various loans to which you have already subscribed. It should be noted that it is rarely possible to take out a new loan when the debt ratio is greater than 33%.
Many sites have left-to-live and debt ratio calculators, so if you don't know how to do it yourself, you can simply do these calculations online. You just need to enter certain elements concerning your situation.
Before taking out a revolving loan, it is also very important that you are ready to control your budget closely since this type of loan presents a great number of risks if you are not careful with your expenses.
Finally, do not forget to be wary of contracts offered by banks or credit organizations as much as possible because they can often be abusive and lead you to financial difficulties. Read the contract carefully and pay attention to all the clauses for any revolving credit proposal so that you are aware of all the conditions and the loan agreement can take place under the best conditions.
The annual percentage rate of revolving credit
One of the disadvantages of revolving credit is its interest rate, since it is often much higher (on average twice as high) than that of a traditional credit. It has the highest rates of all consumer loans and can range between 8-20%.
The interest rate of the revolving credit is revisable. This means that it can be modified during the loan contract on condition that the borrower is informed and has the possibility to refuse the modification in question if it does not suit him. The law requires the lender to communicate this information to the borrower in writing, before the effective date on which the new rate is to apply. If ever the borrower refuses this change, he will be forced to repay the entire balance of the current credit according to the conditions established previously (the rate applying here will be the one that had been defined before the proposed revision of it. ci) and the contract will be terminated.
The interest rate of a revolving credit can be revisable upwards or downwards and the revision conditions must be specified in the credit agreement. Contractual interest rates may vary according to the benchmark index but also according to the terms specific to credit organizations, depending on the amounts borrowed. Generally, the higher the amount loaned, the lower the interest rate.
Whatever happens, the annual percentage rate of charge cannot exceed the rate of usury which corresponds to the maximum rate that banks or establishments specializing in consumer credit have the right to apply when they set up a credit agreement. It is a rate which is defined by the Ministry of the Economy, Finance and Industry. Following the 2011 usury reform (with the Lagarde law and the decree of March 22, 2011), the usury rate has become the same for revolving credit as for other consumer loans, the only criterion varying this rate being the amount borrowed. For example, the usury rate applying in the 4th quarter of 2016 for a consumer credit less than 3000 US dollars is 20.01%, 12.99% for a credit between 3000 and 6000 US dollars and 6.95% for a credit greater than 6,000 US dollars. These rates can be viewed on the website of the Bank of United States where you will also find the average rates charged by the various establishments offering consumer loans.
The specific regulation of revolving credit
Like the personal loan, the revolving credit is not allocated to the purchase of a specific good or service, thus, the borrower has the right to dispose of the borrowed sum as he sees fit, without have to provide proof of its use.
As for all credits, the lender has the obligation to inform the borrower of certain points concerning the revolving credit and this, before any signature of the contract. Among the information that he must communicate to him we find: the maximum amount of the loan, the duration of the loan (which must be one year renewable), the annual percentage rate (which may be different depending on the month) as well as the obligation or not to take out additional credit insurance.
Once the contract is signed, the bank or the institution specializing in credit must also communicate certain information to the borrower on a monthly basis. This includes the amount of the monthly payment, the portion of the remaining capital, the APR (annual percentage rate), the estimated duration of repayment and the amount of sums already repaid. Finally, the lender must also communicate to the borrower the total amount outstanding.
There is also a reflection period (period of validity of the offer) intended for the borrower so that he can take the time to study the terms of the contract. This period has a duration which can go up to 15 days. Likewise, the borrower also has a right of withdrawal of 14 days once the revolving credit agreement has been signed.
It is the Scrivener law (of January 10, 1978), a law relating to consumer information and protection in the field of certain credit operations, which imposes this type of regulation, intended to improve the information transmitted to the consumer. borrower and protect him during his repayments.
The lender is also required to check the borrower's solvency since the consumer credit reform dating from 2010. He must therefore check if the borrower is not registered with the FCIP (repayment incident file loans to individuals) but also, make him fill out an information sheet to which he must attach documents justifying his income and his domicile, more particularly in the case where the amount borrowed would be greater than 3000 US dollars. The lender must carry out a new check of the borrower's creditworthiness if he ever wishes to renew his revolving credit after a period of more than 3 years. These measures were put in place in order to fight against household over-indebtedness.
In addition, there are strict regulations against the incentive to subscribe to a revolving credit. For example, for any loan of an amount greater than 1000 US dollars, the lenders must obligatorily propose a second offer of revolving credit or classic credit so that the borrower can be aware of the different choices available to him. In addition, there can no longer be any advertisements for the gifts offered when taking out a loan and these cannot exceed a maximum of 80 US dollars.
Also, after 2 years of non-use of the revolving credit, the lender must automatically terminate the loan contract.
As far as the borrower is concerned, certain obligations are also associated with him. If ever there is a delay in payment on his part, he will have to reimburse the amount due plus interest and pay a late payment indemnity (8% most of the time) on the amount he must repay. It is possible that a late payment is followed by a termination of the revolving credit agreement.
How to make changes in a revolving credit agreement?
Certain characteristics of a revolving credit agreement can be modified without penalties and without incurring additional costs. As we mentioned above, it is possible, for example, to modify its credit reserve or to change the revolving credit into an amortizable loan. It should be noted that there is a difference between transforming a revolving loan into a traditional loan and terminating it. A termination implies an immediate repayment of the amount borrowed while a conversion into a repayable loan allows repayments to continue under the same conditions.
To make changes to a revolving credit agreement, you will need to send a registered letter to the attention of the bank or credit institution with which you have established a contract. If you are not sure which address to send mail to, search the internet for the registered office address of the company in question.
Do not forget to date and sign the letter which must also contain your name, your first name but also your address as well as your credit agreement number. You can obtain the latter by contacting the lender with which you have subscribed to your revolving credit, if you ever no longer know about it.
If you want to reduce your credit reserve, don't forget to mention the amount you want to build up. Keep in mind that your current monthly payments will remain unchanged since you will have, in all cases, to repay the reserve of money already used.
If you have planned to terminate your revolving credit contract, consider attaching a bank check for the amount of the remaining amount you have to repay with your mail. To find out this amount, all you need to do is obtain an amortization table, either by contacting the financial organization in question, or by consulting it online if you ever have a customer account. Thanks to the consumer code, you can terminate your revolving credit agreement at any time, without this incurring any penalties related to prepayment.
Finally, you can change your revolving credit into an amortizing loan by keeping the same monthly payments as well as the same repayment period, something that you will have to specify in your mail if this is the operation you want to perform. Once the contract is terminated, it cannot be renewed.
The dangers of revolving credit
When taking out a revolving loan, it is very important to be prepared to manage your budget and be careful with your expenses so that you do not fall into a buying frenzy that could lead to serious financial problems and possibly a situation of over-indebtedness. It should be noted that revolving credit is involved in more than 69% of over-indebtedness cases (according to a typological survey of January 2016 carried out by the Bank of United States). At the end of 2015, more than 30% of banking incidents recorded were related to repayment problems of revolving credits (this is equivalent to more than 900,000 incidents, which is still a rather significant number). It is important to know that 2 unpaid installments lead to the registration of a borrower in the FICP (file of credit repayment incidents to individuals).
You must also remember to read the different clauses of the revolving credit contract very carefully (be careful of hidden costs for example) in order to be sure that the credit offer corresponds to your situation and has enough advantages so that the subscription is worth it. The amount of monthly payments may seem small and yet the interest rate, most of the time very high, generates a cost that will weigh heavily in the balance after a certain time. In addition, if ever the borrower encounters difficulties in his repayments, he risks finding himself in a very delicate situation in terms of his finances. The penalties on top of the overall bill can make it difficult to attempt to correct such a situation, which is a distinct disadvantage of revolving credit.
Thus, we must take the time to think carefully before making such a commitment. Subscribing to a revolving credit is not to be taken lightly and it is necessary to be aware of your own situation, of your repayment capacities and to be able to limit yourself in your purchases so as not to fall into the spiral of over-indebtedness. In addition, taking out a revolving credit can create a habit among consumers of spending beyond their means, which can create a dependence on this type of credit to the extent that the borrower risks no longer. to be able to do without it in his everyday life.
Payment card and revolving credit
A revolving credit can be coupled with a specific payment card to it. Most of the time, these cards include an assistance service and sometimes certain guarantees. There are two types of payment cards that can be associated with a revolving credit: conventional bank cards and cards similar to loyalty cards accepted by a brand or a group of brands. In both cases, the words "credit card" must be written on the back of the card in question, which must be personal and encrypted. This means that a 4-digit secret code is required to validate any payment using this card.
If the borrower subscribes to a revolving credit with a bank or an establishment specializing in consumer credit, it will be a classic bank card. The latter will be associated with the revolving credit account and will work the same as other normal bank cards.
Otherwise, there are loyalty cards that can be given to a customer in a sales location such as a supermarket. This type of card can only be used in a restricted network of stores.
There are two ways to make payments. First of all on credit, by drawing on the reserve of money granted under the revolving credit. For this, the borrower must request it at the time of purchase.
You can also pay in cash, in which case the lender will debit the amount spent at once, directly to the borrower's current account. This last option must be displayed on the payment card (following the implementation of the Lagarde law of 2010).
Revolving credit and insurance
When you buy revolving credit, you will often also need to purchase insurance. This is often optional but the lender can also refuse the granting of a loan if the borrower does not wish to subscribe to it.
There are several types of insurance in the context of a revolving credit. For example, there is DIM insurance (Death, Disability, Sickness) or DIM CHOM insurance (Death, Invalidity, Sickness, Unemployment). These insurances allow a repayment of the credit in the event that the borrower finds himself in a situation in which he would be unable to continue paying his installments.
However, it is not compulsory to take out insurance with the establishment where you apply for revolving credit. You can also decide to go to another organization, offering this type of insurance. This can sometimes be beneficial as the cost of insurance can vary greatly depending on the different banks or establishments specializing in consumer credit.
How to subscribe to a revolving credit online?
If you wish to subscribe to a revolving credit, you can contact a bank directly, whether it is the one with which you have an account or then to an establishment specializing in consumer credit. You can also, if you wish, do your paperwork online, without leaving your home. You can use an online credit comparator to get an overview of the different offers on the market in order to find the one that will be the most advantageous for you. This can be very useful to compare the different revolving credit proposals in order to have the possibility of subscribing to the one that will be the most adapted to your situation as well as to your expectations.
Do not forget to take stock of your personal and professional situation in order to know the amount that you will be able to borrow, as well as the repayment period that will best suit your needs. Consider doing revolving credit simulations online, varying the amount you want to borrow, the monthly payments you will have to pay and the repayment term. Note that the total cost of credit depends a lot on the repayment term. Generally, the shorter it is, the lower the interest rate will be. On the other hand, your monthly payments will be more important. If you think that lower monthly payments are more suited to your situation and that it will be easier for you to pay your due dates, in this case you will have to extend the repayment period, which will normally increase the interest rate and therefore the total cost of your revolving credit. Note that no matter what, you will only have to pay interest on the amount you are going to use. Thus, if you do not use all of the cash reserve of your revolving loan, you will not have to pay the interest on this maximum amount but only the interest associated with the amount you will have spent.
When you have taken stock of your situation, choose the amount and the repayment period that best suit your needs (moreover, do not hesitate to do several revolving credit simulations to be sure to choose the one that best suits your needs. will be the most suitable for you), you will have to choose the lender from which you will apply for the loan. It can be noted that some revolving credit comparators allow you to send your file directly to several banks or establishments specializing in consumer credit in order to increase your chances of obtaining one.
These comparators allow you to enter all your information online in order to constitute a file which will be sent to the establishments of your choice. Among this information, we first find your family situation, that is to say, information such as your marital status (married, single, divorced, widowed, etc.), your number of children, etc. Ensuite, il vous faudra faire part de votre situation professionnelle (votre profession, votre statut, votre ancienneté dans votre travail actuel, votre type de contrat…). Vous pourrez aussi ajouter à cela vos revenus complémentaires tels des pensions alimentaires reçues, des allocations familiales, des revenus fonciers… Puis il vous sera demandé de rentrer certaines informations sur votre situation bancaire (le nom de votre banque, votre ancienneté au sein de celle-ci ou encore, d'éventuels problèmes bancaires que vous auriez). Il vous faudra aussi faire part d'éventuels crédits que vous auriez déjà en cours tout en sachant que votre taux d'endettement ne peut pas dépasser 33 % si vous souhaitez souscrire à un crédit renouvelable. Finalement, il vous faudra souvent communiquer les charges fixes que vous avez à payer de manière mensuelle (votre loyer, les pensions alimentaires versées.) Sachez que plus votre situation sera aisée, plus il vous sera facile d'obtenir un crédit renouvelable. De plus, chaque prêteur est tenu de vérifier si vous n'êtes pas inscrit au FCIP (fichier des incidents de remboursement de crédits aux particuliers). Si jamais c'est le cas, il ne vous sera généralement pas possible d'obtenir un crédit renouvelable.
Si jamais l'un des organismes prêteurs décide qu'il vous sera possible de souscrire à un crédit renouvelable en fonction des informations que vous aurez communiquées précédemment, une offre vous sera envoyée, généralement par courrier (il est aussi possible que l'on vous l'envoie par mail). Il vous faudra alors signer et dater ce contrat, puis à le renvoyer à l'établissement en question, en l'accompagnant des différents documents justifiant votre situation et qui vous seront demandés par l'organisme prêteur. Ceux-ci sont nécessaires pour finaliser l'étude de votre dossier et vous donner la réponse définitive quant à votre demande. Ainsi, ne trichez pas sur les informations que vous rentrez dans le simulateur de crédit renouvelable, il vous faudra dans tous les cas, les justifier. Après un examen approfondi de votre dossier, une réponse définitive vous sera communiquée puis les fonds seront débloqués sur votre compte dans les plus brefs délais. Suite à cela, vous disposerez un délai de rétractation de 14 jours calendaires.
Quels sont les avantages et les inconvénients d'un crédit renouvelable?
Tout d'abord, parmi les avantages du crédit renouvelable, on retrouve sa simplicité. En effet, la réserve d'argent se recharge au fil des remboursements des sommes dépensées. Ainsi, l'emprunteur peut financer ses dépenses de manière libre et autonome sans que cela n'implique des démarches compliquées auprès de sa banque ou de l'établissement de crédit. A cela on peut aussi ajouter sa facilité d'obtention. En effet, il est souvent plus facile d'obtenir un crédit renouvelable qu'un crédit classique. De plus, il est souvent plus facilement négociable qu'un prêt affecté.
De surcroît, le crédit renouvelable permet d'effectuer des virements multiples. La réserve d'argent peut être utilisée, dans la limite du capital disponible, si l'emprunteur se retrouve en situation de découvert sur son compte bancaire. Il peut alors effectuer un virement (qui peut aussi être automatique dans certains cas) en puisant de l'argent dans le capital qu'il peut utiliser afin de combler le découvert de son compte principal. Il peut, dans la plupart des cas, effectuer des virements de sa réserve d'argent de crédit renouvelable vers son compte chèque afin de le réapprovisionner si jamais il a un besoin en trésorerie mais aussi inversement, de son compte principal, vers celui du crédit renouvelable. Cette dernière option peut permettre de faire baisser les mensualités que l'emprunteur doit payer dans le cadre de son prêt, si jamais il dispose d'une rentrée d'argent suffisante.
Le crédit renouvelable n'est pas lié à une dépense précise, contrairement à un prêt affecté qui est associé à l'achat d'un certain bien ou service défini. C'est un avantage indéniable pour l'emprunteur étant donné qu'il peut utiliser la somme empruntée comme il le souhaite, sans avoir à justifier ses dépenses et sans aucune contrainte si ce n'est celle du montant maximal qu'il lui est possible d'utiliser. De plus, il n'est pas obligé d'utiliser cette somme maximale et peut utiliser seulement une partie du crédit s'il le souhaite. Les échéances dépendent de son utilisation de cette réserve d'argent, ainsi, l'emprunteur peut décider d'utiliser intelligemment cette somme, de manière plus ou moins fréquente, en fonction de ses capacités de remboursement ainsi que de ses besoins. Les intérêts dépendent entièrement de la somme utilisée, ce qui est un net avantage face à certains autres crédits. Toutefois, il existe généralement un minimum de remboursement que l'emprunteur se doit de respecter, même si les mensualités ne sont pas forcément fixes.
La carte de crédit associée au crédit renouvelable permet à l'emprunteur d'utiliser son prêt de manière entièrement autonome. La plupart du temps, une telle carte peut permettre d'effectuer des paiements chez les commerçants mais aussi de retirer de l'argent liquide dans les distributeurs automatiques. De surcroît, elle est souvent associée à des services d'assistance et d'assurance.
Cependant, un crédit renouvelable présente aussi un certain nombre d'inconvénients. Tout d'abord, on retrouve son coût. En effet, le taux d'intérêt associé à ce type de crédit est souvent très élevé, bien plus que celui lié aux autres crédits à la consommation et peut engendrer des frais supplémentaires tels des frais de dossier ou des frais liés à la carte de crédit. Les avantages associés au crédit renouvelable le rendent plus onéreux qu'un prêt personnel classique.
Finalement, le crédit renouvelable, parmi tous les autres crédits, est celui qui a le plus de chances de mener à une situation de surendettement grave pour l'emprunteur. C'est un danger dont il faut réellement se méfier en prenant garde, par exemple, à ne pas effectuer de dépenses inutiles que vous n'auriez pas effectuées sans avoir souscrit à un crédit renouvelable. C'est un crédit qui nécessite une gestion excellente de ses dépenses étant donné son coût très élevé.
Quelles sont les pièces justificatives nécessaires pour une demande de crédit renouvelable?
Etant donné que le crédit renouvelable n'est pas lié à l'achat d'un bien ou d'un service précis, il ne requiert pas de justificatif d'utilisation de la somme empruntée, l'emprunteur peut utiliser cette réserve d'argent pour les dépenses de son choix. Toutefois, certains documents sont nécessaires pour finaliser une demande de crédit renouvelable. Voici une liste, non exhaustive, des pièces justificatives qu'un organisme prêteur pourra vous demander dans le cadre d'un crédit renouvelable:
-La photocopie d'une pièce d'identité en cours de validité (passeport, carte nationale d'identité…)
-Un relevé d'identité bancaire (RIB) ou postale (RIP)
-Un justificatif récent de domicile (quittance de loyer, facture d'électricité, de gaz, d'eau, taxe foncière…)
-Des justificatifs de revenus (bulletins de salaire, avis d'imposition…)
-Les trois derniers relevés de compte bancaire
Il est toutefois possible que d'autres documents vous soient demandés en fonction de votre situation et selon l'organisme prêteur auprès duquel vous souhaitez souscrire à un crédit renouvelable.
Exemple de crédit renouvelable
Prenons l'exemple d'un crédit renouvelable permettant d'avoir une réserve d'argent de 1000 US dollars. Supposons que l'emprunteur décide de choisir une durée de remboursement de 12 mois. L'organisme choisi pour cette simulation propose alors des mensualités s'élevant à 88 US dollars plus une dernière mensualité de 93,14 US dollars. Le TAEG (taux annuel effectif global) est ici de 11,99 % et le montant total dû est de 1061,14 US dollars (les intérêts représentent ainsi 61,44 US dollars). L'organisme prêteur propose alors de choisir une carte de crédit. La carte choisie ici (carte visa) coûtera 36 US dollars par an et permettra à l'emprunteur de régler ses achats en United States et à l'étranger avec le choix du paiement au comptant ou à crédit. Elle lui permettra aussi d'accéder à des facilités de paiement et à des utilisations spéciales auprès de certaines enseignes. L'établissement demande ensuite à l'emprunteur de communiquer son identité, ses informations personnelles ainsi que des informations sur son budget. Ensuite, l'organisme prêteur propose de souscrire à une assurance facultative. Une fois toutes ces informations rentrées, l'emprunteur obtient une réponse de principe immédiate qui sera suivie ou non d'une offre de prêt.