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Revolving loans info & tips

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What are Revolving Loans?

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Revolving loans are also called Evergreen Loans. This type of loan allows the borrowed amount to be withdrawn and repaid in any manner the borrower desires until the lending arrangement expires. Examples of this loan are credit card loans and overdrafts.

Also in revolving loans, you can use the credit line within the limit whenever the need calls for it. Once the loan amount has been paid, the credit can be withdrawn again. You can write a cheque up to the current credit limit and pay only the interest of the amount used. The unpaid amount becomes a part of the outstanding amount of the following month.

According to MoneySense, a national financial education programme in Singapore, the characteristics of Revolving Loans are as follows:
• Loan tenure: Short term-revolving
• Interest rate type: Can be fixed or variable
• Interest rate: Usually higher than a term loan
• Loan can be tapped on after payback: Yes
• Fixed Installment payments: No
• Recallable on demand: Yes
• Repay anytime: Yes

Benefits of Revolving Loans:
• The loan amount is readily available as long as the arrangement term ends
• Accessibility of the funds (But you have to pay at least 15% of the loan)
• An option of debt protection as a result of death or permanent disability
• Pay only a minimum monthly fee when you utilize the loan
• Transfer funds from revolving loan to personal cheque account (ATMs, mobile banking, online banking, or banking app)