What is a revolving credit
A revolving credit is very suitable for those who want to be flexible in their loan. This flexibility may be desirable, for example, if there are variable incomes. Or for unknown expenditure in the future.
The major advantage of a revolving credit is the flexibility of repayment, interest and term. The revolving credit is the most flexible form of loan. This makes it a popular way of borrowing money. The basis consists of your personal income data and fixed costs. With this we determine a maximum loan amount. You pay a fixed amount to the bank every month. Together we determine the monthly period that best suits your situation and possibilities.
You only pay interest on the amount withdrawn.
Interest and repayment have been processed in the monthly period. You only pay interest on the amount withdrawn. Revolving credit is flexible for two reasons. Firstly, additional repayments are possible and, moreover, they are penalty-free. The second advantage is that you can also withdraw a redeemed part when it comes in handy.
The term is variable and depends on the interest rate and the amount of credit drawn down. We will keep you informed every month about the status of your loan. The monthly status of your revolving credit states the agreed credit limit, the current monthly installment to be paid, the applicable interest rate, the amount of your balance, how much you can still withdraw and changes in the credit in the past month.
The annual overview of the loan shows the interest paid. Incidentally, this is only tax deductible if you demonstrably invest in your own home.
Do you want to withdraw money from your revolving credit? The options differ per financing company. Spin Lender knows all contracts and preconditions, so we can provide you with detailed information.
Characteristics of a revolving credit
- You can take out a repaid loan part later
- Only interest due on the withdrawn amount
- Monthly overviews with the credit status
- Additional repayments can be unlimited and are always penalty-free with a revolving credit
Indication rates for a revolving credit
||Monthly term *
||Variable borrowing rate *
||Annual Cost Percentage *
||Theroretical maturity in months.
||Total price of the credit *
* Spin Lender checks whether you can qualify for a personal loan of at least $ 2,500 and at most $ 75,000. The associated annual percentage rate (APR) or interest depends on your personal (financial) situation and the amount of the loan amount. With a personal loan, the minimum term is 6 months with a maximum term of 120 months. The maximum statutory interest is 14%.