Who can open a revolving credit?
When you want to open a revolving credit, you can apply to several different financial institutions. Indeed, several organizations are authorized to provide renewable credits:
- Banks , whether traditional or online
- Consumer credit organizations
- Retail chains , especially thanks to some of their loyalty cards which also serve as a credit card
- Mail order signs .
Attention stores that offer renewable credits do so to allow customers of their major purchases in these signs.
Steps to be taken to open a revolving loan
As with most consumer loans, there are certain rules to follow when opening a revolving credit. In fact, at first, lending it, whatever it is, must inform the future client about the loan and its various conditions. Then, the latter must compulsorily verify the solvency of the applicant with, in particular, the Bank of France, or by requesting personal financial information.
Once the financial conditions are verified, the lender gives the client a written contract offer that the lender has fifteen days to sign.
Note that if the amount of the revolving credit is more than 1,000 euros, the lending institution must obligatorily accompany its loan offer with a proposal for a depreciable credit. This is to allow the customer to compare offers and choose what suits him best.
The credit institution may also offer insurance when the revolving credit is opened in order to protect the client as well as his / her property, in particular for reasons of health, loss of work or death. Attention, these assurances are not obligatory, and it is possible to take them elsewhere if the conditions are not favorable.
Withdrawal period after the opening of a revolving credit
After the opening of the revolving credit, the customer has a withdrawal period allowing him to cancel the transaction. The latter extends over fourteen working days from the date of signature of the loan agreement. Once the deadline has passed, the credit is obligatorily put in place, and the customer sees the funds paid within seven days after acceptance.