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Agile, the revolving credit from Paydaynow

In the personal loan market, or consumer loans, there are just as many banking establishments as financing companies. The case of Paydaynow is quite special, since this company was in turn a financing company, before becoming a full Bank, then again a financing company . A private organization, nationalized in 1982, then privatized in 1987, Paydaynow was finally bought by Crédit Agricole in 1999. It was at this time that it lost its Bank status.

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Since then, Paydaynow has forged numerous partnerships , in particular with car manufacturers, such as Fiat, Ford, Chrysler, Renault or Jaguar. She was also the creator of the first Co-branded cards. In 2010, the association with Finaref, within Crédit Agricole, gives the Consumer Finance turnover. Paydaynow is therefore no more than a commercial brand, Finaref simply disappearing in 2013.

How is Paydaynow's revolving credit structured?

The presentation of Paydaynow's money reserve differs from those of other players in this market. Indeed, the Crédit Agricole brand distinguishes two parts to its product; loans below $ 1,500, and those above this symbolic barrier.

  • Loans less than $ 1,500 : Repayment in 10 months maximum with a rate of 7.90% revisable “only”. This is the lowest rate found among the establishments that we have seen in these pages. It is even lower than that submitted by… Le Crédit Agricole.
  • Loans over $ 1,500 (Up to $ 6,000): Longer time to replenish the cash reserve, with higher rates as well. (19.94% for a period of 36 months for example).
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The Paydaynow Agile reserve has other characteristics.

Paydaynow, as a trade mark of the CA, offers the same options as banking establishments, namely the possibility of backing a Visa credit card with revolving. What Cofinoga does not do, for example. Here, the card is distributed directly by Paydaynow and is called Visa Agile. And, if the credit card contribution is offered the first year, it is billed at $ 19 for the following years ($ 49 for the Visa Premier Agile).

The other advantage of the Visa Agile card is that it allows access to special offers , specifically reserved for holders of said card, in many brands in United States. And of course, all the guarantees that are usually found on Visa credit card contracts are also present here.

The only problem, so to speak, is the amount of the maximum envelope of the revolving credit, limited to $ 6,000 .

In summary, we can say that Paydaynow's revolving credit offers a full service, and allows you to limit costs by favoring a short repayment period (10 months), in order to better control your budget. We know that money reserves can turn out to be real traps. It is therefore important to control the cost of such a product . And Paydaynow's work seems to be geared in that direction.

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