We had a few months ago published an article on the various loans that modern credit has set up for people residing in the French overseas departments and territories.
Today we’re going to talk to you more specifically about one of these credits: Reconstitutable credit, sometimes also called revolving credit or revolving credit, whatever the name, it’s the same thing.
A replenishable loan is not quite a loan like the others, in fact if you take out a “classic” loan, a car loan for example. As soon as you sign the contract with the credit institution, you have a repayment schedule with a fixed amount to be repaid monthly.
- A replenishable credit works differently, it is a reserve of money which is made available to you. (The amount of the reserve depends on your resources and your debt ratio).
- When you wish, you can transfer all or part of the amount awarded.
- Of course you will have to repay the borrowed amount according to a schedule. Several reimbursement formulas will be offered to you. (Either large monthly payments over a short period, or small monthly payments over a longer period).
- The interest rate to be applied will depend on the term chosen. We therefore advise you to consult the summary table which specifies the rates in relation to the credit amortization period. This table can be viewed online on the Spin Lender.
- The maximum repayment term is 5 years.
- Another peculiarity of the reconstitutable credit: Each month, when you repay, the amount available on the account increases.
Amount and duration of repayment :
- The amount that may be granted to you by Spin Lender will be between 800 and 4,500 USD, repayable over a period of between 6 months and 5 years.
- Details : If the amount borrowed is less than 3000 USD, repayment will be made over a period of 6 months to 36 months. If it is more than 3000 USD, it can be amortized over a longer period, 48 or 60 months.
Revolving credit, Spin Lender is available in the French overseas departments and territories, Réunion, Guadeloupe, Martinique and Guyana.