What is REVOLVING CREDIT and how does it work?
First and foremost, a revolving credit facility is not a loan in the broadest sense. You do not have a set amount delivered into your bank account. You are not charged interest on any agrred amount that will be made available to you, and there is no annual interest charge.
You do however, have access to an agreed amount, but this isn't given directly to you. You have access to parts of it, or even the full amount should you require. You can use as it as when you need. Interest payments are calculated on what you use, not the full agreed value, so if you only use £12,000 of the funding, you only pay interest on that.
Bad credit can apply as long as any CCJ'sor an IVA has been satisfied. Property is needed for security with LTV as low as 95%
A super quick decision on funding guaranteed.
Not only have we designed this form of financing to be as flexible as possible, we have tried to make decision of acceptance fast and access to the facility almost instantaneous. For example, one process that really speeds things up, is no physical valuation needs to be undertaken.Adesktop valuation using the likes of Zoopla are how we conduct this. No fees unlike the £300.00 you have to pay with a normal secured loan.
Adverse credit, non status, IVA and CCJ settled are welcomed to apply and be accepted online if there is a property or land to use as security.
Only pay interest on what you actually not what you borrow.
As far as security for the advance is concerned, you can use:
- End or mid terraced
- Semi detached
- Land with or without planning permission
- Flats or apartments
- Any type of commercial property
Please be advised that a property or land is required as security on bridging loans over £25,000.00 and it is liable for repossession should you default on the interest repayments or fail to clear the full amount within the specified time frame. Make sure you understand all the terms and conditions.