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Revolving credit

  • Characteristics
  • Cost
  • Conditions
  • How does it work

What is revolving credit?

A Revolving Credit is a type of credit where you can withdraw unlimited up to the agreed limit and if you want to make extra repayments on your Revolving Credit, this can be done without penalty. The Revolving Credit gives you optimal flexibility. The agreed credit limit is the maximum amount that you can withdraw.

When you withdraw money, you immediately start paying back. You can simply withdraw the money you paid back later. This way you always have extra money on hand. You only pay interest on the amount withdrawn and you can make (extra) interim repayments without penalty.

When must the revolving credit be repaid?

A revolving credit must be repaid by the time you are 68 years old

How much can you borrow?

You can borrow a minimum of $ 5,000 and a maximum of $ 75,000. The amount for a revolving credit depends on your income, your expenses and your personal situation.

How long do you pay back?

Upon reaching the age of 60 of the first Client named Contractor, the credit limit will be reduced in equal parts on a monthly basis until reaching the age of 68. from that moment on, the credit will therefore be at zero and the credit can no longer be used.
From the moment the credit limit is phased out, an amount of 1.5% of the agreed credit limit is paid monthly.

After death

If you (or your partner) unexpectedly die, the loan will not be forgiven.

Interest

The variable interest can be changed at any time by the lender. When determining the interest, costs, developments in the money and capital markets and the competitive position of the loans are taken into account. The lender will always notify you of a change in the interest rate before the change takes effect. The interest rate is variable. This means that the interest can change. See also the overview of the interest rates .

If the interest rate rises, it will take longer to repay your loan. Your monthly amount remains the same. Your loan will become more expensive because you pay more interest. If the interest rate falls, it will take less time to repay your loan. Your monthly amount remains the same. Your loan will be cheaper because you pay less interest.

How do you pay back?

A current account with a Dutch banking institution is required for payment of your loan and for the collection of the monthly installments due. You pay a fixed amount every month by direct debit. This amount consists partly of interest and partly of repayment (redemption). You only pay interest on the amount that you have withdrawn.

Are there costs if you pay back more?

You can always repay more than your monthly amount. No costs will be charged for partial or full early repayment of the revolving credit.

European standard information on consumer credit

When you borrow money, it is important that you are well informed. So that you know which obligations and risks are associated with borrowing money. And so that you choose the loan that best suits your situation and your loan goal.

European standard information

Findio uses the ESIC, among other things, to inform you properly about your Revolving credit. This abbreviation stands for European standard information on consumer credit. The ESIC is legally required information about the loan that Findio must give to clients. In this way it is possible for you to assess and compare various credit offers in a clear manner. You will receive the ESIC from Findio with the quotation for your Continuous Credit.

Terms and Conditions

Check here the terms credit.

Credit Registration Office

Lenders are affiliated with the Credit Registration Office in Tiel, in short 'BKR'. When you make a loan application, the lender will consult the BKR. If the application is not accepted on the basis of this information, you will be notified. After the credit agreement has been concluded, the loan is registered with the Credit Registration Office. If you are more than 90 days behind with payment, the lender will report this to the BKR.

Is the interest deductible?

The “Act on the revision of the tax treatment of owner-occupied homes” came into effect on 1 January. This law may affect a loan purchased for the improvement or renovation of the owner-occupied home, which now benefits from a tax deduction on the interest paid.

Outline of the law with regard to the deductibility of the Revolving Credit:

  • For amounts drawn before January 1, 2013, the interest deduction remains unchanged.
  • Amounts withdrawn after January 1, 2013 are subject to the new law and are no longer tax deductible.
  • If an existing credit (from before 1-1-2013) is transferred to another credit, the old tax rules remain in effect. Regardless of the new type of credit.

If interest deduction is not used, nothing will change with the introduction of this law.

Terms of acceptance

New World Loans works with a number of banks to provide loans. Each bank applies its own acceptance standards and conditions. To apply for a loan, you must at least meet the following conditions.

  • You are at least 21 years old and at most 59 years old
  • You are employed (permanent or temporary employment)
  • You have income from a WAO / WIA benefit
  • You have income from (Pre) Pension or ANW benefit
  • Income at least $ 1,250 net per month
  • No BKR coding

You can line your revolving credit applications , but how does it actually work? We explain.

You apply for your revolving credit online.

You complete the application form online to apply for your loan. You can also indicate whether you wish to transfer existing loans.

Confirmation of your loan application.

You will be called within 24 hours to confirm your loan application and any additional necessary information will be discussed with you.

You will receive a no-obligation quote.

After receipt of your loan application, your application will be submitted to the banks without obligation. You will then be contacted to discuss your wishes and options and you will receive appropriate and free advice from us, after which we will send you the loan offer by e-mail or by post.

Return the signed quotation.

If you wish to finalize the application for your revolving credit, return the signed quotation, together with the requested documents.

The lender will assess your application.

On the basis of your application and the submitted documents, the lender will reassess your loan application on the basis of the documents you have submitted.

The money will be transferred to you.

As soon as the application for your loan has been definitively approved, the money will be transferred to your account and any loans that you wish to transfer will be paid off.

Calculate your revolving credit

The total credit amount
Installment amount (per month)
Variable debit interest on an annual basis
Annual percentage rate
Duration of the credit agreement
Total amount to be paid by you

Your monthly costs are:

This calculation is a guideline and you cannot derive any rights from it. We assume the lowest interest that we can offer you. The exact interest depends on your personal circumstances and can vary. The minimum term is 6 months and the maximum term is 120 months. The maximum legal interest is 14%.

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