Criticized many times, some professionals have even thought at one point of a possible disappearance of revolving loan. In the eyes of many consumer associations, UFC-Que Choisir en tête, this product has long been castigated, deemed too expensive and responsible for some of the over-indebtedness situations.
loan agencies have since adapted to new reforms and the various measures imposed by the government. Warn the consumer and no longer impose the revolving loan , as it could be seen some times (loyalty card backed by a loan), has put this product back on track.
At present, this loan has evolved and is much better supervised, the online lending agencies now offer loan offers accordingly. Despite interest rates that remain high, revolving loan remains a significant alternative, this type of financing allows for example to cope with many unforeseen events. It is also recommended to use this solution sparingly and only as a last resort because it has a fairly high cost. It is also advisable to repay as soon as possible the monthly payments of this form of loan.
One of the strengths of this financing product is its ease of obtaining. This reserve of money is also made available very quickly.
This type of loan also allows in certain situation to avoid to open his account after an unforeseen, in this case pay penalties (agios) will return even more expensive for the consumer.
Bank package: an alternative to conventional revolving loan
Finally, we can see that many organizations now offer a highly regulated loan offer to limit the risks of the consumer when using it. Bank in its case is even better by offering, in parallel, its own revolving loan solution: the Bank Package.
Bank’s goal is clear, to create a new, much more secure, revolving loan offer for the consumer by bridging some of the original features. The amount of the offer is limited in this case and the reduced repayment period. Another novelty concerning this offer, the consumer can subscribe to a new offer until the amount of the previous one has not been paid.