Gradually the banks online expand their range of services. Formerly ring-fenced in the current account and the savings, they start to offer loans and, in particular, the real estate credit. But there is still a product that they are moving away from : the revolving credit facility. Finally, this is not the case at all ! On June 22, 2017, Boursorama Bank has launched, in partnership with Franfinance, a loan offer revolving. How does it work ? What features ? Focus.
The rate for a revolving credit : definition and calculLe revolving credit facility : the forgotten banks online
Rare are the online banks to offer revolving credit. At the present time, only monabanq and now Boursorama Bank have a – Hello bank! having recently terminated its Option Provisio. For what reasons ? Maybe because he is a banking service non-essential and which sometimes has a bad press. But in fact, this is what the revolving credit – also called revolving credit or credit standing ?
It is a reserve of money in which you can draw in case of need. And whenever you draw into it, you have to pay interest at a high rate, close to the rate of wear (20,27 % in the 2nd quarter of 2017). This is the reason for which the revolving credit is often demonized, accused of stopping the finance of the borrowers.
However, if it is used with caution and in full knowledge of the cause, the revolving credit can be a good tool to manage its budget. In fact, in the case of unexpected expenses, it can help not to get discovered and thus not pay commission intervention (8 € per transaction), or letter of information for the account debtor is not allowed (11 € on average).
The revolving credit according to Boursorama Bank
Back to Boursorama Bank. The online bank will offer its clients to subscribe for the offer of revolving credit – Budget + – Franfinance (another organization belonging as Boursorama Bank, Société Générale). An offer which is flexible and lives in the cloud :
- Your reserve of money varies from 500 € to 5 000 € depending on your needs and your financial situation
- You can choose the speed of delivery : slow, medium, or fast (approximately between 15 and 30 monthly payments)
- The funding request is done online and you get an answer of principle immediate
- Your credit is usable within 48 hours after validation and processing of your file
- You can change, single and in-line (on the site of Franfinance), the speed of repayment of your revolving credit
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How to Boursorama Bank is conquering the French ?
An example to see if this revolving credit could stick to your budget ! If you use 500 € by paying slowly this sum (and without dipping again in your reservation), the APR that is applied is of 20,26 %. You pay 29 monthly payments of 21 € and the last of 18.17 €. You pay off so 627,17 € in total (conditions in force at the June 23, 2017).
Boursorama Bank : offers almost complete
In proposing the revolving credit facility, Boursorama Bank expands even a little more its offers banking. Online banking offers so to this day :
- A current account for individuals
- A formula to account for the professionals
- A savings book
- Of regulated savings products : livret A, LDD, PEL and CEL
- Insurance-life (Boursorama Vie)
- Stock market investments
- The real estate credit
- The revolving credit
But not of consumer credit standard ! A when a offer personal loan at Boursorama Bank ?