How to cancel a revolving credit?

Here’s how to cancel a revolving loan.

Revolving credit: termination

credit score

A revolving loan (formerly revolving) is a reserve of money made available to the borrower and enabling him to settle consumer purchases. These loans are often based on high rates, sometimes even close to the legal limit of 20%.

There are four ways to terminate revolving credit:

  • Termination during the legal withdrawal period
  • Termination on anniversary date
  • Termination after two years of non-use
  • Termination by credit consolidation

Terminate the revolving loan: legal withdrawal period

 Terminate the revolving loan: legal withdrawal period

The law on consumer credit specifies that borrowers have 14 days to terminate an offer of revolving loan from the signing of the contract. It is enough to send a letter of termination by registered letter during this legal period. Often, the contract provides for a termination letter.

Terminate revolving credit on anniversary date

 Terminate revolving credit on anniversary date

Renewable loans are taken out for a period of one year with automatic renewal, that is to say that without termination action, the contract is renewed for a period of one year. To cancel the loan, it is sufficient to send a cancellation letter by registered letter with acknowledgment of receipt no more than 20 days before the anniversary date. The lender is required to send 3 months before the termination terms.

Terminate credit after 2 years of non-use

 Terminate credit after 2 years of non-use

If the borrower does not use the revolving loan for a year, it becomes inactive but can be activated at the request of the borrower. After two years of non-use, the contract is automatically terminated.

Good to know : payment cards associated with revolving credits offer two payment options, cash or credit (sometimes represented by the number 1 or 2 on the payment terminal). It happens that some consumers mistakenly use the “on credit” mode and therefore activate the money reserve, in this case, just contact the lender to indicate that it is an error, the latter may deactivate the use of the revolving loan.

Terminate revolving loan with credit consolidation

It is not a method of termination but a possibility of settling the revolving loan. Credit consolidation is financing which consists of combining several loans into one. The credits are therefore settled and the remaining capital to be repaid is carried over to a new credit contract which is based on a new term, a new rate and a new monthly payment.

The operation may entail costs and a possible increase in the total cost of the credit.

Remember that before you take out a loan

Many people wonder how it is possible that loans that were advertised as very cheap actually have huge costs for them. In this article, we present a package of the most important information about APRC and RSO – these are two extremely important indicators, thanks to which you can get a lot of information about the cost of a given loan. We invite you to read carefully!

Remember that before you take out a loan

Remember that before you take out a loan

The vast majority of borrowers consider the interest rate on a given product to be the basic criterion before making any commitment. They pay special attention to interest rates. Another value, the APRC, is also very much related to the interest rate. Each bank and non-bank institution is obliged to provide each loan or loan with the offer. Some misidentify the APRC and RSO – these are values ​​that are very different from each other.

So what are the differences between APRC an RSO? How does the lack of one letter “r” translate into the final cost of a loan or credit? How do financial institutions manipulate borrowers to encourage the use of their offer? Below we are unveiling the secret.

Definition of APRC


APRC is one of the most important indicators. It indicates very precisely the total costs of a given loan or loan. The abbreviation for the APRC is the Actual Annual Interest Rate.

This ratio determines the percentage ratio of the total cost of credit to its amount – the sum of money we borrowed from a given bank or non-bank institution. In a situation where we take out a loan of USD 100,000 and all the costs of a given loan amount to USD 10,000, the APRC will also be 10%.

In comparison to the nominal interest rate, which banks usually promote their offers, the APRC includes virtually all fees related to granting credit. The standard nominal interest rate includes only the margin and reference rate. Apart from these two components, the APRC includes cross-selling, commission, and all additional services.

Definition of RSO


RSO is an abbreviation that many people mistakenly identify with the APRC. This value is very different from the Real Annual Interest Rate described above. The whole myk results from the lack of the word “real”. The value of the RSO has virtually nothing to do with the total cost of the loan. The annual interest rate (RSO) is really the value of the interest rate on the loan – the sum of the margin that a given bank or financial institution will earn on our product.

This indicator also includes the reference rate set for a given loan. RSO does not take into account any other costs – we are talking here about foreign currency loan tax, commissions, loan servicing, etc.

APRC and RSO – the number of differences is huge

The differences between the APRC index and RSO is a whole bunch. In the case of some loans, it may even amount to tens of thousands of zlotys. Even in a situation where an institution boasts that its annual percentage rate is 0%, in practice, it can mean great costs for us.

Credit repurchase, under what conditions?


The conditions vary according to the banks and the credit organizations but also according to the profile of the borrower within the framework of a repurchase of credit, here are the main conditions proposed.

Loan buy-back: conditions linked to the transaction

Loan buy-back: conditions linked to the transaction

It is essential to demonstrate that there are two different operations which are however confused by most of the people. The repurchase of credit is the fact of having his home loan redeemed only by another bank. Credit consolidation is the fact of combining several loans into one to generally reduce the monthly payment. The conditions are not the same because in repurchase of credit, the approach is oriented towards a low rate whereas for a grouping of credits, the approach is linked to a reduction in monthly payments. Two different needs, two different offers and therefore different rates, often higher in loan consolidation.

Conditions and fees for credit repurchase

Conditions and fees for credit repurchase

First of all, the lender must prepay the credits in order to be able to recover all the debts and therefore propose to the borrower a new contract. Early repayment indemnities are to be provided, up to a maximum of 3%. Then, the administrative and / or mandate fees can amount to a maximum of 7% or even 8% of the amount financed. Finally, if there is a mortgage guarantee in place, notary fees will be expected, according to a national scale updated each year. In terms of conditions, the rates remain attractive for this type of transaction and it all depends on the profile of the borrower. The higher the borrower’s income and the ability to repay over a short period, the lower the rate.

Credit repurchase: duration conditions

Credit repurchase: duration conditions

On a repurchase or a grouping of mortgage loans, the durations start at 60 months (5 years) and go up to 420 months (35 years), the so-called consumer buy-backs are on shorter durations, from 12 to 144 months ( ie 1 year to 12 years). Beyond that, it is the repayment capacity calculated with the remainder to live and the debt ratio which will make it possible to know if the borrower’s request is admissible or not. Otherwise, the credit buy-back simulation allows you to quickly know if the file can lead to a financing agreement, free of charge and without obligation.

Simulate to know the conditions

Simulate to know the conditionsSimulate to know the conditions

It is clearly impossible to give financing conditions since each situation for a grouping of credits is unique. That said, the simulator makes it possible to obtain an estimate of its future reduced monthly payment for free and without obligation. Just complete the form and then validate it, the result will be quickly communicated with the different funding possibilities and therefore applicable conditions.

A loan without proof is possible!


Obtaining a personal loan without salary or at least a loan without proof of salary is not easy. If the proof (s) of income are not present at the meeting, on the contrary, and it is more often than not the desire that is lacking, however, as a general rule.

Indeed, when we wish to invest / invest in a project that is close to our heart, most often, we are impatient like a child on Christmas Day for whom the time to open his gifts is too long overdue. taste. It is both normal and human and even if obviously there will always be people who are less impatient than the first, we easily understand the others.

Reminder of how loan allocation works

Reminder of how loan allocation works

Already and to start by making a little reminder of the modes of allocation of credit requests, let’s start by indicating that it is possible. Well, after, indeed, it is not the most usual operation and the banks which will agree to make you a loan when you do not present them with proof of income are not legion, but in theory it is everything made possible.
Personal loans belong to the category of consumer credits, a category in which there are several types of credits, assigned credits and unrestricted credits. In the first of these two categories, you find as their name indicates all the forms of credit which aim to meet a clearly defined purpose and to finance something very specific as is the case of a loan auto for example to take a very common and well-known example.

In the second category, that of unrestricted credits. There too, the name is representative of the form of credit and in this, the borrower is free to use the sum lent by the banking organization as he sees fit: travel to a distant destination and bathed in sunshine or snow to offer you an exotic stay, financing the studies of children or grandchildren if the latter decide to continue their post-bac studies in a school whose education is certainly very qualitative but quite expensive, do some work in your home to improve comfort and / or enhance it for future resale, etc. It is in this second category that between the personal loan which is to date one of the only for which you do not have to account for how you will use your silver.

The disadvantages of a personal loan without proof

The disadvantages of a personal loan without proof

As you can imagine, if in theory it is possible to obtain a personal loan without salary or income * to justify, as this represents a higher risk for the lending organizations which would be ready to grant it to you, there will necessarily be a consideration. The latter, you guessed it will be on the rate at which the sum will be advanced to you.

The other disadvantage is that as we started to mention above, if in theory this kind of loan is possible, in fact the banks also take advantage of the fact that they themselves are never obliged to grant you a credit under such conditions and that according to their own criteria, they require proof of salary to give a favorable response to your request. Therefore, the disadvantage if you are looking for a personal loan without salary and you risk to multiply the steps with many banking organizations before ending up perhaps having very little incentive conditions.

How else can you try to get the funds?

How else can you try to get the funds?

If you cannot go to your bank or another banking organization without being refused, what are the other solutions available to you? As we will see with the case of stores in the asterisks below, you may be able to get a slightly different form of loan by deferred payment.

If you have another type of need or it is not negotiable, it becomes more complicated, it must be recognized. Therefore, apart from being lucky in the lottery or the skyscraper, we only see the loan made by someone you know and who will agree to do it for you on the basis of the trust they have in you but it is true that it is a situation which can prove to be delicate.

Loans with collection at the post office

Loan companies are introducing various solutions to accelerate the granting of loans. The fastest loans are those whose payment is made to the borrower’s account, and verification of his identity was carried out using the application enabling logging into the account without the need for a verification transfer. What about people who don’t have a personal account or have a shared account? How to take a loan to get money directly into your own hands?

Are the costs of the loan at the post office higher than for regular online payday loans?

payday loans

We have good information for those interested in the cost of loans received at the post office. This is not an expensive solution. The method of collecting money does not significantly affect the costs of payday loans, which is why online ones can cost the same as loans with collection at the post office . The lender does not charge a fee for withdrawing money from a loan granted by bank transfer. It will not charge a fee for issuing a check.

There is a lot of information in the network about the fact that a loan for a GIRO check costs a dozen zlotys more than the one available for a bank transfer. In fact, it is a postage for the check. However, it should be remembered that withdrawals from ATMs are also often payable, especially when using those belonging to other banking networks. Ultimately, therefore, the costs can be very similar. Importantly, the borrower does not always have to have money with him in order to cash a check. In many cases it is possible to add a fee to the entire commitment.

Therefore, anyone who does not use the payday payroll for free will have to bear the costs that are generally associated with:

  • commission,
  • interest,
  • preparation fee,
  • and in the event of late repayment with interest.

What does giro check mean?

The GIRO check (we read as “Dżiro”) is a service provided through post offices, carried out through Bank General. Payment GIRO is a service used by loan institutions to improve financial transactions, including loans. As a result, the borrower can collect money from the lender at a nearby post office or Bank General. The advantage of this solution is a high level of data exchange security.

In practice, the loan company can set up an exchange of data every 15 minutes, which is how much time it can take for the borrower to receive cash. Finally, loans with pickup at the post office require you to go to the right place to collect the money. The GIRO check is a type of document showing that the loan company’s customer is entitled to receive money in a certain amount. This amount appears on the check, as do the lender (the entity ordering the transaction) and the borrower.

The history of checks ensuring non-cash transactions goes back to the beginning of banking. Checks gained the most popularity at the end of the 20th century in North America and Western Europe.

Cashing of the GIRO check

cash loan

After receiving the check, the borrower can cash it almost immediately, and has a maximum of 7 days. He should appear in person at the post office at any time. To withdraw funds from payday loans with pickup at the post office, you must prepare:

  • ID card,
  • GIRO check
  • money to pay the check.

Right Lender charges a fee for cashing a check, which, fortunately, is not high and currently amounts to several zlotys.

How long does it take to get a giro check loan?

If the payment is made to a GIRO check and the applicant has already been subjected to appropriate verification, then taking a loan in this way may be faster than by transfer. During post office hours, you can withdraw money within a few minutes of receiving a check from the lender.

As you know, posting transfers between foreign banks usually takes more time. It should be borne in mind, however, that taking a loan with a pickup at the post office can be extended if the check reaches the applicant for additional cash in a way other than electronically or by SMS. The paper document sent by courier along with the loan agreement , verification in the presence of the courier means one – longer waiting time for money.

Post office loan – step by step

It is already known that a loan at the post office can be obtained in an easy and accessible way. In order to undergo all procedures more efficiently, it is worth knowing their detailed course. Therefore:

Step 1 Choosing a lender
Step 2 Supplementing the loan application
Step 3 Choosing a withdrawal method
Step 4 Decision from the lender
Step 5 Receipt of check
Step 6 Receipt of funds

As you can see, the third most important step is. It is at this stage that you define the receipt of the loan at the post office. Receipt of funds must be made within 7 days. The borrower may receive the check in electronic or paper form. Regardless of the form in which he got it, he should go with him to the post office, taking his ID card with him.

Loans without BIK can be picked up at the post office

While obtaining a loan without ERIF or KRD is quite difficult, because there is practically no payday loan without this type of verification, finding a loan without BIK to collect at the post office is easy. This offer comes from lenders who either do not check the information available at the Credit Information Bureau or allow small debts in the terms of the loan. To use a loan with a receipt at a post office without BIK, you will need:

  • proof of repayment ability,
  • possession of an ID card,
  • meeting the age criterion,
  • and in some cases additional loan collateral.

You don’t always have to have a bank account.

Loans for people without an account – where to look for payday loans?

Loans for people without an account - where to look for payday loans?

At present, almost all Poles use a bank account, but not everyone has an individual account, and in addition not everyone operates an account via the Internet.

Not only young people benefit from non-bank loans. Non-banking sector entities use various solutions to speed up procedures and make their services available to the largest possible group of consumers. For this reason, the offer includes loans with collection at the post office , which can be used by anyone, including people with a personal account. They are available on the internet.

Loans for people using a shared account

Loans for people using a shared account

Loan companies verify customers through IT technologies checking compliance of the data provided in the application with the data to the bank account. For this reason, you must have an individual account.

In the case of a shared account, the co-owner consent would be required, which would significantly lengthen the procedures and, as a result, complicate them. Online loans are quick and easy procedures, so a joint bill disqualifies the applicant, even if he has creditworthiness. People using a shared account can choose payday loans with pickup at the post office .

How do you get loans with cash at the post office?

How do you get loans with cash at the post office?

Not all loan companies can collect money at the post office. Therefore, before applying for payday loans, make sure that the lender offers you this type of collection. Applying for a loan is similar to fast loans, but here the process will be extended.

The verification of the identity of an applicant without an account cannot be carried out via a bank account, therefore it is necessary to verify the identity by courier. The loan application must indicate the correct method of collecting money. There should be an option to withdraw funds at the post office. This GIRO payday check is not complicated even for older people. The borrower will receive a check with which he should go to the nearest post office for its implementation.

Advantages of loans with pickup at the post office

Although the final receipt of money from a GIRO check loan takes more time than the withdrawal of funds to your account, the GIRO check loan has many advantages. It can be used by older people who do not use electronic banking. They are a solution for people who do not want the loan to be credited to their account.

They allow you to collect money directly in your hand and you no longer have to go to the bank or ATM to withdraw them. There are many branches of Right Lender throughout the country, which is why nobody should have trouble getting to any of them.


What is the difference between a consumer loan and credit?

Often, loans are for larger amounts or longer durations. This term is also readily used for real estate financing.

But what really distinguishes a loan from a consumer loan?

consumer loan

In Swiss law, the loan contract, like the consumer credit contract, is regulated by the Code of Obligations or the corresponding decrees. The loan as a special case of borrowing can be granted against payment (against the payment of interest) or free of charge (without interest).

Generally, a loan consists of the payment of a sum of money with an obligation to repay it, but other goods (eg securities or new mass-produced goods) can also be used. the subject of a loan. In the case of private individuals, a loan only earns interest when it has been agreed upon. In the commercial sector, however, it must be assumed that interest is always due. It is also possible to take out a loan with no fixed term. Such a loan must be repaid within six weeks of the first invitation to pay.

Consumer credits are a special form of financing

Consumer credits are a special form of financing

Not only loans but also payment periods and other financial aid are considered as such, which also include leasing contracts or the use of credit cards and customer cards. A characteristic of the consumer credit contract is that the lender grants these consumer credits in a professional manner (within the framework of the exercise of commercial activity) and that the consumers – that is to say, only natural persons – conclude these credits for purposes which cannot be linked to a professional or commercial activity.
Even if the above conditions are met, we are not in the presence of consumer credit in the following cases:

  • Credits guaranteed by real estate pledge (mortgages)
  • Credits covered by sufficient assets (pledge loans)
  • Interest-free loans
  • Credits of less than 500 francs or more than 80,000 francs
  • Credits to be repaid within three months

The provisions of the Federal Law on Consumer Credit and the mandatory provisions it contains, as well as the regulations aimed at preventing consumer over-indebtedness apply for consumer credit.

In summary, it appears that the loan contract and the consumer credit contract are not opposing legal terms. A loan can thus be qualified as a consumer credit contract insofar as the legal conditions mentioned above are met.

Can you get a credit buy without a deposit?




The deposit is not an obligation in a loan repurchase, it is possible to reduce its monthly payments without this guarantee.

Redemption of credits: with or without deposit?

Redemption of credits: with or without deposit?

When buying back credits , two types of financing are identified: the grouping of mortgage loans and the grouping of consumer loans. These two types of financing can be the subject of a guarantee request , either a mortgage or a deposit.

Thus, professionals (it is simply for information) very often use the terms of mortgage financing and unsecured financing to distinguish the presence or absence of collateral. There are two solutions for not having a surety, either opting for the mortgage guarantee, or asking for financing without guarantee.

Redemption of credits: mortgage rather than surety

Redemption of credits: mortgage rather than surety

The mortgage is a guarantee which guarantees the property, a mortgage registration is therefore necessary and of course, this financing is only for owners. The repurchase of mortgage credit involves expenses of installation and implies to pass in front of the notary to sign the notarial deed.

Unlike the surety, no company is asked to set up the guarantee, only the property is concerned in the event of non-payment of the monthly loan payments. If the borrower does not wish to have a surety or a mortgage, he may possibly request unsecured financing.

Financing without guarantee and without guarantee

Financing without guarantee and without guarantee

It is possible to benefit from a grouping of its credits without guarantee, without mortgage, overall without financial guarantee. It must necessarily be a grouping of consumer loans whose share of real estate outstanding does not exceed the threshold of 60%. Simply, this request for financing does not guarantee the borrower to obtain an agreement since his file must meet the criteria of credit institutions.

A free study request is therefore necessary to ensure that funding is feasible. On the other hand, the lender cannot force a borrower to opt for particular financing if the borrower has the choice. It is the borrower who decides to group his credits.

Simulate online financing

Simulate online financing

It is true that the search for a loan buyout without surety is not an easy thing, it involves canvassing several establishments and systematically requesting an offer of finance without surety. The simulator allows you to quickly know if the loan buy-back project is feasible, just fill out the form and then validate it, the response is quick.

The simulator will allow you to know at first if the grouping of credits is feasible then in a second time if it is possible to obtain it without or with guarantee, without or with mortgage and finally, without or with guarantee quite simply. It’s free and without obligation.

Opinion on mortgage loan brokers

You are about to take out a mortgage for the first time because you are finally embarking on homeownership or you want to renegotiate your current mortgage or even carry out a grouping of credits and you wonder if it is wise for that to call on a broker?

This can actually be a wise decision and save you both time and money. Only how to make the right choice and how to choose the right broker among all the brokers on the market who are likely to meet your expectations? You must first make your opinion on a broker and his performance in your case (is it essential?) And if you make the decision to actually use a brokerage service, which we have said can be a good idea, how to get advice on mortgage brokers or whatever to choose the right one.

Do you really need a broker in your opinion?

Do you really need a broker in your opinion?

You have heard many times about all the advantages you can enjoy by using a brokerage service that the broker (s) will make you enjoy. Indeed, if you are dealing with a good broker (or good brokers) they will be able to save you money by managing to obtain a better rate than the one that you would have had you or even to save you maximum time in the search for the best rate and in all the procedures and all the papers that this represents.
Only is it essential in your case?

For example, if you have decided whatever to keep your current bank because you are nearby or otherwise, your broker will have a little leeway. If necessary, you might as well go directly to your bank advisor and negotiate directly with him.
Another example, you want to take out a loan of a very small amount.

As the brokers remunerate themselves partly with the banks and partly with you, the lower the amount of the credit and the less the profitability will be at the rendezvous knowing that there will always be incompressible costs such as filing fees or others or still telephone, email, and other exchanges. In cases like the ones we just discussed, using a broker may not always be a good idea.

How to benefit from opinions on brokers?

How to benefit from opinions on brokers?+6

The need to take out a mortgage leads to asking a lot of questions because it is a substantial financial investment and that one does not a priori do all of it in a lifetime. It is therefore important not to miss and be able to benefit from the best rate possible whenever you have to get started in this operation.

In addition to the advice that we will give you right below and which will allow you to be sure of the seriousness of the interlocutor that you have in front of you, one of the best ways to have opinions on the mortgage brokers or brokers, for that matter, will be going to consult if there are any opinions on the Internet.

Obviously, the opinions that you can find on the Internet give you, in theory, an overview, but you still have to use common sense in relation to this because it will sometimes happen that false testimonies emitted by competitors in the field of brokerage do not tarnish the reputation of someone who is however perfectly honest and efficient. Conversely, dithyrambic testimonies may also put you on the ear if they are not sufficiently supported by examples that prove that they are indeed concrete cases.

Sometimes in all-star rating systems of this type, third-party organizations certify the validity of customer reviews. Brokers are obviously no exception to the rule, so do not hesitate to look for this kind of organization so that the opinions on a broker that you are consulting are as representative as possible.

Another technique, much more reliable and on which you can rely, your loved ones. Do not hesitate to ask them if they have ever dealt with a broker and ask them what they thought of the brokerage service so that you can rely on echoes in which you have blind confidence. After it’s always the same, the people who work in the brokerage service or the manager of it may have changed in the meantime, but this scenario can hardly be anticipated. The solution may be to call on an individual broker, whatever their status, but whose person you will be dealing with will always be the same and there you will be sure of yourself.

How to get a reliable opinion on a broker?

How to get a reliable opinion on a broker?

You have found a mortgage broker or an insurance broker for example and you want to know if it can be a reliable provider to be able to take care of your file? Here are a few tips that we are going to give you on Miss Marple and that could serve you well if necessary.

Any good broker who respects himself must study each file carefully because it is by doing this that he can best adapt the loan offer between the different possibilities of banking organizations and your situation. For example, maybe you are eligible for the zero rate loan or other forms of advantages which can only be known by knowing your file properly.

A good way to probe the seriousness of the broker you are about to call and ask him specific questions that you have prepared beforehand and seen the answers he provides. The difference between a broker and a trader who is also led to taking care of your financial transactions in another form is that the first of the two must offer you easy contact and is there to answer all your questions. questions and guide you step by step until you get your loan.

Even if the profession is sometimes very technical, it does not mean that it should not be transparent. So, if you ask questions to get your opinion on a broker, the latter must give you an answer. You may not have mastered all the elements and there are probably things that will seem complex at first glance that is a matter of course, but you should not feel your interlocutor fleeing in his answers.