We know well by now how all banking and financial institutions work every day with innovative proposals and products to always attract new customers. From increasingly flexible loans to smart current accounts. However, there is also another tool available to banks to meet customers: bank credit. Let’s find out the characteristics of a Cream Bank loan (the online bank headed by Best Bank) and how much it suits customers.
Difference between credit and loan and Cream Bank credit terms
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Let’s start by saying that a credit line consists of a sum of money that is made available by the bank to its own account holder (private citizen or company) when the latter is in the red! To be clearer, the credit line represents the maximum amount that can be used by a current account holder beyond his / her availability on the current account: for example if I have a credit line of 2000 USD and the account balance is 500 USD, I could use the liquidity on the current account for a total of 2500 USD.
The fundamental difference between the credit line and the loan consists in the fact that in the credit line, interest is paid only on the sums used, and for the period of their use. To these must be added some other items of “expenditure” related to the making available of the credit facility itself. Subsequently withdrawals and payments can be managed freely, always within the limits of that amount.
In the case of Cream Bank, there is talk of a maximum of double the net of the credited salary, up to 5,000 USD . In addition, absolutely nothing is paid for funds availability commissions, as well as for the preliminary and credit renewal expenses. As for the interest rates applied: the Tan is at 4.5%, while the Taeg reaches 4.94%. The request for opening and the granting of the Cream Bank credit will always remain free. To be able to apply for a loan, you do not have to go to a Bpm branch but everything is managed online from the personal area of your bank account, always strictly at a distance, thanks to the use of the digital signature.
Requirements and term of the credit line
To qualify for a Cream Bank credit, certain requirements are required. The main one is to have had a Cream Bank account active for at least 6 months. You must then have ordered the continuous crediting of the salary for at least 3 months.
As regards the duration, then, it is necessary to know that the credit limit remains valid as long as the crediting of the salary is maintained. If you want to give a practical example: if you request a credit line for three months and you take advantage of a sum of about 1,500 USD per month, the sum to be paid will be equal to 16.88 USD.