Transfer a revolving credit. How do you do that?

Do you have a revolving credit that has not yet been repaid? Consider replacing your revolving credit option.

A revolving credit has a number of specific characteristics that can play a role in whether or not to transfer. Credit Savers is happy to tell you more about the possibilities.

No more flexibility needed

No more flexibility needed

One of the advantages of a revolving credit is the degree of flexibility. If you do not know in advance how much money you need and when, this loan form is a good choice. You can then record up to a certain maximum yourself. You do start paying off immediately and you only pay the interest on the part that you actually borrowed. You can record what you have repaid. The interest rate of a revolving credit is variable. In principle you can also take advantage of the low interest rate because of this, but in practice it appears that the interest rate will not be as the current interest rate.

Why transfer your revolving credit?

Why transfer your revolving credit?

Suppose you are now in a situation where you have taken out a revolving credit for a renovation. The renovation is over and all bills have been paid. You no longer need to re-record what you have repaid. In that case you can consider closing your revolving credit. Because you no longer want to withdraw extra money and you are already repaying, you can easily calculate what it will cost you to repay your revolving credit in this form. The interest is variable so you cannot calculate it exactly but it does give an indication. Certainly because the interest is currently low, the interest on your revolving credit will only be adjusted upwards. 

Calculate now if reselling is beneficiaOn the basis of this calculation you can determine whether your revolving credit is advantageous. Because you no longer need the benefits of a revolving credit, you can refill your revolving credit with a personal loan. You can calculate yourself whether this is advantageous with a simple calculation. The advantage of a revolving credit is that you can repay it free of charge and therefore you can refinance it. You do not have to take extra costs into account. You can calculate the costs of your new loan based on the amount to be borrowed, the interest and the term. You can compare the outcome with what your current revolving credit costs you. Is a new loan cheaper? Then you can better reschedule your revolving credit.

Request a quote

Request a quote

You have now come to the conclusion that you want to refocus your revolving credit. But how are you going to approach? You can request a quote from many lenders. You can also indicate whether it is about the transfer of a loan. With a revolving credit you can indicate what the credit limit is and what amount is still outstanding.

Then enter all your personal details and you can upload the required documents. What you need for your application is a copy of your proof of identity, a bank statement that clearly states your housing costs and a copy of your salary specification. You also need a copy of your current revolving credit. Are you married or living together? Then you also need your partner’s details. When you run a household together, you are also jointly responsible for paying off your loan. You are therefore both liable. This means that your partner must also sign a final agreement.

Free consultation

Free consultation

With lenders such as FortuneNow you also have the option of opting for a free consultation. You will then be called by an adviser. Together with this FortuneNow consultant you discuss your current financial situation and your specific wishes. For example, you can indicate that you want to refinance your current loan and that you no longer want to make use of the flexibility of a revolving credit, which means that a personal loan is cheaper for you. The consultant will then examine with you whether there are other options and what is the best choice in your specific situation. Based on this conversation, the consultant will look at the different providers and send you a quote with the loan that best suits your wishes and situation. The advantage of a consultation is that someone is watching you and you immediately get the best solution for your situation in your mailbox. If you prefer not to have a conversation, you can also indicate this. You then have to make a choice between different loans.

Accept the quotation? Your loan will be repaid immediately

Accept the quotation? Your loan will be repaid immediately

If you agree with the offer that you receive, you must return the signed offer. Then everything is put into operation. You will be tested at the BKR and if no crazy things come out of this, your revolving credit will be repaid with the new loan. You no longer have to take action on this yourself. The only thing you notice is that your monthly repayment has changed. Or maybe you have just decided to keep the monthly amount the same so that you can pay off your loan faster. These are all considerations that you can discuss with the consultant.

Do you have several loans that you want to transfer simultaneously? For example, because in addition to your revolving credit, you also want to transfer a mini credit without a credit card ? Which can. At FortuneNow you can repay several loans at the same time, provided that the total amount you want to borrow matches your income.  

Leave a Reply

Your email address will not be published. Required fields are marked *