Cofinoga revolving credit

Banking institutions are not the only ones to offer lines of credit. From personal credit to auto credit, there are many players in the mass consumption market. And this is even more true when it comes to revolving credits. Indeed, finance companies are also in the game. This is the case here with the revolving credit of Cofinoga, a specialist among others in the financing of consumer loans.

Before going any further, be aware that Cofinoga is an acronym, diminutive of "Compagnie Financière des Nouvelles Galeries". In 1994, Cofinoga was part of the Laser company (a contraction of Lafayette Services). Since 2014, the Laser group has been 100% owned by the BNP Paribas Group. Cofinoga, as a subsidiary of Laser, is therefore a financing company belonging to BNP Paribas.

What does Cofinoga revolving credit offer?

Like all money reserves, Cofinoga intends to provide us with a sum of money that can be used without supporting documents, and ranging from $ 500 to $ 6,000. In fact, in the event of unforeseen events, the possibility exists of being able to draw from a reserve reconstituted by the payment of monthly payments.

Cofinoga also offers to subscribe to various cards. But these cards are more loyalty cards as payment cards. Indeed, they allow you to accumulate points (s'miles) and to benefit from the gifts and / or advantages that result from them. And, although some of these cards may be compatible with the cash reserve, they are not actually backed by it. In addition, these cards can only be used in the Cofinoga network. And, even if this network represents today nearly 10,000 points of sale, it is still too few compared to Izicarte or other Bridgepayday .

Let us therefore consider that Cofinoga's revolving credit is only a revolving credit. That is to say that in case of need, you will have to transfer the amounts to your bank account to use the money.

Characteristics of the Cofinoga revolving credit.

In its offer, Cofinoga proposes a rate that can be revised to 2.75%… During the first three months, but without specifying whether the first day is that of the release of funds, or that of the subscription to credit. Then, then, the revisable rate excluding insurance rises to 19%, with a specific breakdown.

If you unlock up to $ 500, your monthly payment will be $ 22 for a rate of 19%. Between $ 501 and $ 3,000, your rate will always be 19% and your monthly payment will be calculated on the basis of the amount released, up to 4.35% of this amount. Finally, between $ 3,001 and $ 6,000, the monthly payment will be 3.14% of the amount used, for a rate of 13.24%. As you can see, if you really need more than $ 2,500, borrow $ 3,001 instead, it will cost you less ...

In conclusion, we can say that Cofinoga's revolving credit is in all respects similar to those we have already mentioned on these pages. However, it is not backed by a card allowing direct use and immediate need. You have to go through the bank transfer. As for the rate, it is neither higher nor lower than those of the silver reserves that we have seen so far, apart from Bank Postale .