The credit card grace period

Every self-subscribing bank issues credit cards to its customers. Their main feature is the interest-free or love period of the institution’s use of money or the love period.

The grace period is the period during which the borrowed money from the bank can be returned without interest. The main prerequisite is that this should be in full and before the end of the set period. It seems that the bank is completely unprofitable. Service – grace period. In fact, there are a lot of non-binding people today. It pays interest and sanctions and ensures that banks profit.

What is the real advantage?

What is the real advantage?

The responsible debtor, who wisely weighs all the advantages and disadvantages, easily uses the bank’s funds and earns his money for himself (for example by making a good contribution).

Most consumers of banking services do not always come into question and understand the system of grace. In fact, it is not difficult.

Today, banks divide the grace period into two parts. The first is about 30 days and allows you to make transactions on credit. The second, about 20-25 days, is intended to repay the loan. As a result, the grace period can take up to 55 days (depending on the date of purchase).

There are only two loan options offered by banks: the benefit period starts either from the moment the purchase was registered or from the date the bank established it.

If the discount starts on a date set by the bank

If the discount starts on a date set by the bank

If you have a card with a grace period such as Type typically starts counting from the first day of the month or from the time the card is activated and lasts an average of 30 days. In addition, all transactions are summarized and should be credited to the bank account by the end of the reporting period.

Such privileges are considered volatile, For example, buying closer to the end of the month has a shorter interest-free loan. However, the number of payments per month is the same. For consumers who shop frequently, this option is most appropriate.

Just remember the beginning and end of the grace period and the date of the monthly payment. Usually, banks will, in accordance with the grace period, send a monthly electronic statement or SMS to the client stating the amount of the debt and the date of its deposit to the bank.

If the discount starts from the moment of the transaction

If the discount starts from the moment of the transaction

In this case, everything seems easier. The interest-free repayment period starts on the day of purchase and lasts an average of 30 days (depending on the institution). However, if the cardholder with a grace period makes many small purchases, there is the possibility of simply confusing both the recoverable amounts and the dates. 

They can occur if the client ever forgets to repay the debt or make the required monthly payment. In this case, the bank will charge interest for both the remaining duration of the loan and the preference. You can use one of three ways to pay off your debt:

  1. Enter the amount agreed by the bank at any of its branches.
  2. Deposit cash into the creditor’s bank account.
  3. Replace the wire transfer at any suitable terminal.

One nuance has to be considered here. Only money deposited in the issuing bank (first option) will be credited to the account on the same day. Payments from other banks can take up to three business days.

There is also such a condition the institution has issued a credit card as a mandatory payment. This monthly payment is specified in the contract and usually does not exceed 10% of the loan. Ignoring these payments, even if the borrower pays interest, is subject to penalties and blacklists.

Direct Consumer Credit: what it is and how it works?

You may have heard of Direct Consumer Credit. But, despite the name, it’s not always clear what this type of credit is about, is it? Still, Direct Consumer Credit is extremely popular, being used by a large part of the population, even though many do not even understand how this category of loan works.

Therefore, in this article, you will learn more about what Direct Consumer Credit is, how it works and what are the advantages and disadvantages of this type of financing. So, knowing this type of credit better, you will always be prepared to analyze which is the best option for your moment and what really fits within your finances.

 

Direct Consumer Credit: what is it?

Direct Consumer Credit: what is it?

In a simple way, Direct Consumer Credit is a financing aimed at all consumers; That is, anyone who wants to make purchases and purchases of products, services or durable goods in installments.

The Direct Consumer Credit can be offered by banks and credit providers, or even by stores that allow purchases by credit. Yes, the famous credit card that is widely used by Brazilians, mainly in department stores, is a variation of Direct Consumer Credit.

So, basically, Direct Consumer Credit is a loan with the objective of enabling the consumer to make his purchases, even if he is unable to pay in cash (at the time of purchase).

Most banks still offer another option of Direct Consumer Credit to account holders with a good relationship with the institution. In this case, the credit works like a “common” pre-approved personal loan, which can be used for any purpose and not only in installment purchases.

 

How does Direct Consumer Credit work?

Direct Consumer Credit work?

To understand how Direct Consumer Credit works, in practice, just know that every time you buy a product in installments, you are using the Direct Consumer Credit . If the purchase was made using a credit card, the bank is granting this financing. If the purchase was made through a credit card in the store, it is the store itself that is releasing the financing.

In the case of the Direct Consumer Credit offered by the banks, it is always linked to the service packages of the current accounts, and can be used without bureaucracy and with the total amount of the loan and can be paid in monthly installments automatically debited from the account.

To use this modality, however, the account holder undergoes an assessment by the bank, which includes factors such as the customer’s relationship with the institution and even possible restrictions on the CPF. As a result, Direct Consumer Credit is not always released for use, many times, not even appearing as an option for account holders.

 

How is the interest rate on Direct Consumer Credit?

Consumer Credit?

Like any type of credit, the Direct Consumer Credit presents fees charged by banks, stores and finance companies on the amount of the purchase or loan. But, what is the interest rate on Direct Consumer Credit?

When a purchase is made in installments, that is, using the CDC , the installments suffer an increase in interest. A practical example can be seen when buying a cell phone, which, in cash, would cost $ 1,000.00 and in installments it costs 12 times $ 110.00. That is, whoever chooses to buy the same device paying in installments, will disburse a total of $ 1,320.00.

This difference between the cash value and the installments (also called the term payment) is the interest rate of Direct Consumer Credit.

The amount of these fees may vary depending on the store or financial institution offering the CDC , but they are all specified on the Cream Bank’s website and can be consulted by anyone. It is worth noting that the interest rates for Direct Consumer Credit are lower than for other types of credit, such as overdraft, for example.

Advantages and disadvantages of CDC

First of all, we can say that the main advantage of CDC is the facility to contract it, since Direct Consumer Credit is a financing designed to make life easier for consumers, making it possible to buy even without cash for payment in cash. With this, the customer does not have to wait to make the purchase he wants.

 

Benefits

In addition to being a kind of “easy money”, Direct Consumer Credit also has the following advantages:

  • facility to find and contract credit;
  • flexibility in payment terms;
  • lower interest than overdraft and credit card;
  • different types of credit aimed at specific interests, such as health and education;
  • possibility of anticipating installments and / or paying off the debt

Still, it is important to know that, like any other line of credit, CDC also has its disadvantages. In this case, one of the main ones is the payment of the IOF, the Tax on Financial Operations, which is still an extra amount that ends up leaving the portion higher than it could be.

 

Disadvantages

In addition, we highlight the disadvantages of Direct Consumer Credit:

  • the more parceled the purchase, the higher the final value, which can reach twice the initial price;
  • financial evaluation, in the case of a pre-approved loan by the bank;
  • interest rate higher than savings income;
  • ease of accumulating debt

It is quite common that the accumulation of installments of different purchases ends up causing problems with debts and even joining the list of defaulters, which, by the way, only grows in Brazil.

Therefore, before hiring any type of Direct Consumer Credit (and any other credit), it is important to do financial planning, remembering that the general recommendation of experts is that debts do not exceed 30% of your monthly income.

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How to make your money work for you?

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Learning how to invest your money better and making good investment decisions, according to your personal planning, is the only way to make your money work for you and achieve all of your financial goals.

Do you want to accelerate the achievement of your financial freedom? So click here and learn how to make your money work for you now!

Online microcredit service “e-cabbage”. Microloans in e-cabbage: conditions, reviews

So today we will become familiar with this service “Cabbage”. Creating a micro or internet loan is pretty easy and easy to set up. In any case, the makers and some customers say so.

But is this a reality and not a lie? Can and should this service be trusted? Or is it better not to use microcredit on the Internet? What are the advantages and disadvantages of the offer? What do users think about it? All this and not just further! 

What is

cash

What is ‘cabbage’? A micro-loan, a loan, or simply lending money at some point in the network is not a fairy tale now, but a reality. Finally, our service today specializes in these services. And completely online.

This means that we are discussing a service that allows you to accept microcredit and loans without unnecessary paperwork. Yes, and anytime, day or night.

Quite a good offer if you change your mind. But what do users think of it? Is it possible to believe him? What key points should you pay attention to before taking a loan or a loan from this organization? Numerous user opinions on the company will help to understand all this.

Only recently

cash

Start by “cabbage” (microcredit or credit with it on the network is no longer a problem) – this is a quite new service. It was created in 2012 but still works today. So we can assume that it is not a lie. After all, the scam usually opens quickly, the “bench” closes even faster.

In addition, users will notice that despite the short project lifetime, it is highly desirable. In fact, you will find many positive reviews about the company’s work on the network. However, there is no substantial evidence of the truth of the project. Maybe we are facing a really good scam or fraudulent organization? Finally, it is hard to believe that a loan or loan can be processed directly online at any time.

Conditions

money

Understand the accuracy of the proposed services, sometimes just look at the terms of their provision. It’s possible there’s a trick. But it is not connected to the e-Cabbage service.

The point is that this project offers favorable conditions for obtaining loans. Moreover, they attract the audience quite strongly. For example, restrictions on lending – from 100 to 15 000 USD. You cannot take more for one application. In addition, loans are granted about a month and the interest rate pleases – only 2.3%. However, this rule applies only to the first week of service. After it is reduced to 1.7%. Very profitable, right? 

“Cabbage” (microcredit is now easier to organize online) helps to calculate the amount you will have to pay when you complete a transaction with the online service. A special calculator is available on the official website. It helps solve problems with interest rate changes quickly. This will please many.

Basically, this is where all conditions end. Remember, however, that you must be 18 years or older to obtain a loan or loan. This means that the service is initially available to adults only. This is a normal phenomenon that inspires public confidence. But is it worth confusion with the project? Or is it better to get around it?

Only this question raises many users’ opinions. It can be difficult to decide here. Some say you should not resort to loans and online loans, some say the opposite. However, the integrity of the project needs to be addressed.

Contacts and addresses

money

You can look at things like address organization and contacts. The site has a telephone hotline that you can always call and ask your questions. In addition, there is also an email in the form of contacts. However, “e-Cabbage” only has an email address. You can’t actually find it on the web. This phenomenon provokes many miracles – is this society so safe? Why doesn’t it have a single address to ask? 

Frankly, this is a suspicious phenomenon. On the other hand, we are only dealing with a virtual project. It does not have to have an address. This is not a reason to refuse to work with the service. The e-Cabbage project has a telephone for communication, mail – no problem, and whenever you have the opportunity to call and talk to operators, ask all your questions. This phenomenon is credible.

Website

True, not everything is so easy and simple. After all, “cabbage” doesn’t get the best reviews. Rather, they are neutral or indeterminate. And users pay special attention to the project.

It does not give much confidence. Why? Outwardly, the service looks as if it did not issue you a loan, but to sell some kind of product. Many ads, positive reviews, as well as a detailed description of the terms of use of services with advertising notes. No significant specifics that could confirm the safety and integrity of the project.

But here you can see what Hotline has for e-cabbage. In addition, you have the right to check their performance at any time. Call for details? Easy! It is this phenomenon that is able to somehow convince an organization in good faith if it is based solely on the composition of the site. Yes, here you will find written information about loans and credits, but everything looks stereotypical. And of course in advertising form. 

Decoration

money

Special attention is paid to the direct registration of services. E-Cabbage can receive a loan or microcredit, as the project creators point out, at any time of the day or night. In this case, you will realize in advance the full amount you will have to pay. As already mentioned, a special online calculator is available to assist you in the calculation, which is available directly on the organization’s home page.

In addition, the “e-Cabbage” application is not only online. It was also checked automatically. In this case, funds are collected when you need to. That is, immediately after the inspection, which usually does not last more than 1 hour. And it doesn’t matter if it’s day or night – you get a loan when you ask for it.

The design itself is without problems. Just include your contact information and choose your withdrawal method. For this service “e-Cabbage” receives very good reviews. After all, you can take a loan (loan) to a card, by bank transfer, withdraw money into an electronic wallet.

Nothing suspicious. After you receive the details for paying off the debt. All this will delight customers – now you no longer have to do extra paperwork! Do you need money? “Cabbage” will give you quickly under favorable conditions!

By the way, you don’t need any documents at all. The application for the issue of funds requires only information from the passport – personal data, registration, date of issue of the ID card. And nothing more. Easy and simple. This is also the reason why ‘cabbage’ (microcredit or loan is no longer a problem) receives positive opinions.

The currency risk when borrowing and investing abroad

Foreign currency loans, i.e. loans taken out in a foreign currency, continue to enjoy unbroken popularity in Germany. This also applies to foreign investments, for quite similar reasons. The focus here is on positive financial aspects, which result in particular from the correlation of the currencies involved.

For example, a certain exchange rate ratio between domestic and foreign currencies can have a positive effect on the amount of interest.

However, investors and borrowers pay particular attention to the possibility of so-called currency gains. Currency gains are gains that arise when the exchange rate of the foreign currency in which the loan is taken out or the investment is made increases in relation to the domestic nominal currency.

The investment is worth more after the back-calculation

The investment is worth more after the back-calculation

To the dollar as the base currency. When borrowing, the currency gain arises in this context from the fact that the borrower has to spend less money on the repayment of the loan amount than he was paid.

The profits from these relationships can be considerable and the associated risks outweigh them. Accordingly, foreign investment or foreign currency credit has increasingly come into the focus of private investors, while a few years ago only professionals and companies covered their financial needs using this instrument.

However, private investors in particular often forget that currency gains are a speculative business, which is not luck but does require a lot of economic expertise. Because the risk of currency losses is also a mirror image of the chance of currency gains. In this respect, one speaks of the so-called currency risk. Such currency losses occur when the exchange rate of foreign currency does not increase but rather decreases.

If these exchange rate losses are considerable, the resulting financial losses can assume devastating proportions. If an investment abroad has a 4% interest rate, and the corresponding foreign currency also loses 4% in value, which, given the current unsettled mood on the financial market, should not be very unlikely, the interest gain from a domestic perspective is not more available.

This example shows which dangers can result from currency losses

bank

The same applies, of course, to the foreign loan, where the debt service increases. In this respect, the economically inexperienced investor or borrower should always consider the risk of currency risk when borrowing and investing abroad and should not readily refer to advice from bank employees or investment advisers who recommend certain investments from generally receive high commissions from the relevant bank.

Especially in view of the current exchange rate situation and the steadily rising dollar exchange rate, the risk of a currency loss predominates. Correspondingly, the possible currency gains are higher than ever, but investors or borrowers should only accept the associated risk if they have at least a calculable certainty about the further development of the various exchange rates.

Can you make money on private loans?

Loans offered by loan companies are becoming more and more popular. Taking a private loan is an effective, quick way to obtain additional funds, usually for any purpose.

Many people experience different situations that require you to quickly invest some larger funds. For example – a refrigerator or computer breaks down, which is a work tool. Unfortunately, most people do not have savings, so the best way is to take a private loan.

Most often private loans are offered by private finance companies or by private investors. This means that the terms of the loan differ from those of the bank.

Where to borrow money?

Where to borrow money?

Private loans are a proven alternative to bank loans and non-bank loans. The private loan is distinguished by the fact that the money is obtained from a natural person and not from a bank or non-bank financial institution. It is worth noting that in this case the borrower can also be a company or some organization or even a foundation.

On the internet, you can also see that more and more portals are being created that enable contact between people with capital and potential borrowers. This form of borrowing is becoming more and more popular because the money is transferred without using an intermediary. It is a very convenient and extremely beneficial form of loan. The lender can earn on his free financial resources, while the borrower has the chance to negotiate quite good repayment terms in terms of interest rate, as well as the repayment schedule.

Social loans are loans granted to individuals by other individuals. A lender can be anyone who has some savings and wants to spend them on a loan. The profit from the loan will be for him real earnings.

How much can I earn by borrowing cash?

How much can I earn by borrowing cash?

The main advantage of this financial product will be relatively easy accessibility and considerable flexibility in agreeing the rules. It is worth using the help of special websites that connect people willing to grant loans with those who need such help. It is the easiest way to get a private loan online, especially by people whose applications have been negatively verified in banks or even in loan companies.

Investing in loans is also a new way of earning. Earnings from private loans depend on several factors. You have to pay attention to the amount of the loan we can offer, for how long and of course, what conditions the borrower will negotiate with us. On average, private investors can earn 10% or more on loans, up to 40% per annum – everything depends on our loan offer.

How to choose a line of credit?

Credit has shown historical growth rates in our country in recent years. It is one of the pillars of the current capitalist economic development model, where its expansion allows people to consume more products and services, generating an increase in production in companies and a consequent increase in the level of employment and income… and more credit and more production. and more income and more credit … and so the cycle goes on. Obviously, this can only be sustained by the country continued economic growth.

However, knowing how to use credit lines can make a big difference between personal financial success and failure.

 

Credit interest

Credit interest

For the financial market, the cost of credit interest goes, among other things, hand in hand with the risk that the borrower has of not honoring with its commitment. It is important to note that this risk is not only assessed in terms of character. This is undoubtedly one of the items, but it is not the only one. Some banks use 7 risk assessment factors when granting credit. A person who has a highly dangerous profession, for example, may have excellent character, be financially organized, but if he is at risk of death in his professional activity, he may leave a hole for the bank in the event of death.

 

And why are interest rates so different across credit lines?

credit loans

In addition to the aspects that influence risk, there is a component related to the urgency of credit. And this urgency is evidenced precisely in the way in which a person contracts a credit line, which can represent more or less risk. An organized and rational person uses cheaper lines of credit, as it is planned for that. A financially disorganized person usually spends a lot of money on interest.

 

Credit card

Credit card

The credit card is a line of credit that can be the cheapest and also the most expensive for the consumer. If the user uses his card limit and pays his bill in full on the due date, it will be the cheapest. In this case, he is demonstrating that he is financially organized and fulfilling his commitment and that is why he has this credit line totally WITHOUT INTEREST.

 

Direct consumer credit (CDC)

credit loans

CDCs may have varying interest rates. Payroll-deductible CDCs, for example, represent a good guarantee for banks, as they are discounted on the sheet. Thus, an eventual financial disorganization of the individual does not compromise the risk of the operation. Other types of CDC, in case of financial uncontrolled or urgent situations of the borrower, may generate default by the bank.

If a customer has two CDC lines available, one with an additional guarantee, which is the discount on the payroll and the other where there is no such guarantee, obviously the second option will have higher interest rates.

 

Financing

Financing

Financing is those lines of credit with specific destination, such as vehicle acquisition, property acquisition, computers, construction material and etc. These lines usually have interest rates close to the CDCs and may be slightly lower in some cases. In vehicle financing, for example, the car itself is an additional guarantee of the operation. It is important to stress that it is an additional guarantee and not a unique one. For the bank, it doesn’t matter to have to take the car back, for example. What he wants is to receive the parcels. So what he really assesses is the borrower’s ability to pay according to his income.

 

Overdraft

credit loan

The special limit of the current account has the following characteristic: the customer simply withdraws the money from the account, uses it as he wishes and has no provision to return it to the bank. Only interest will be charged while using the money. Obviously, this poses a greater risk to the bank than the previous lines. In this way, interest on that credit will be higher.

 

Revolving credit card

Revolving credit card

When a customer makes purchases on the credit card and does not honor the payment of the invoice on the date and in the amount corresponding to the commitment assumed, the risk for the bank becomes extremely high, since there is no established commitment to pay the amount , no there are guarantees of discount on the payroll and the customer, in a way, proved unskillful with his financial control. Obviously the causes of these unforeseen events can be diverse, but in all of them the risk is higher. In addition, the bank WILL HAVE to pay the sales value of the products to the stores where the customer consumed, IMPRETERIVELY. Therefore, the interest rate of the credit card revolving is the highest in the market.

 

Adapting the need to the credit line

credit line

If I intend to purchase a car, the ideal thing is that I seek vehicle financing and not the overdraft or a CDC. It may be that, if I have two lines at my disposal to compare, probably, in this case, the comparison will be between the consigned CDC and the vehicle financing. If I do not have the CDC on record, the vehicle financing rate will certainly be the most appropriate.

If I plan to purchase a television, I can use the CDC. Or installments without interest on the card, as long as I pay strictly on the date. But I must not use the overdraft.

The overdraft and revolving credit card should only be used when the individual DOES NOT have any other line of credit available at that exact moment and in situations of extreme urgency, and must pay it in the LESS TIME POSSIBLE. There may be an urgent situation on a weekend, when it is necessary to use the overdraft and it would not be possible to study a CDC. The right thing to do in these cases is, at the first opportunity, to pay the overdraft, EVEN IF THE CUSTOMER RECOURES THE CDC.

Is it worth borrowing money for the holidays?

June is a month loved by many adults and children. Every year, this month is associated with the end of school and the beginning of vacation. It is the perfect time to go on a dream vacation, because everyone needs a rest, whether from studying, school or everyday difficult work.

Many people need good financial support to go on their dream holidays. Currently, extra non-bank companies that specialize in providing short-term loans as well as installment loans provide additional money for any purpose.

Before you decide to take out a loan from a non-bank company, you should think about whether you can definitely pay it back. What’s more, it’s also worth recalculating whether our creditworthiness is large enough to bear another commitment.

Holiday loan

Holiday loan

We usually have longer holidays once a year. So the rest of the year can be used to save money for a holiday. However, theory and life.

A longer rest from work, combined with a change in the environment, is highly recommended by psychologists and occupational hygiene specialists. When planning a trip to the sea, to the mountains, or to another place of rest, some people are thinking about taking out a loan for this purpose. However, before we apply for a specific vacation loan, we must carefully plan how much we want to spend on the trip.

If it is a small amount, not exceeding 1000-3000 USD, it is worth considering a payday loan – a loan which is payable within 30 days. If we take advantage of the promotion of the first free loan available in some companies, we can borrow money for USD 0. Then taking a vacation will not cost us anything.

If our trip costs more or we are not able to cope with all the repayment at one time, it is worth checking installment loans. They are available in both banks and loan companies. At a non-bank company, we can borrow from 1,000 to 25,000 USD with a repayment period of up to 48 months. Such a loan will not burden our budget too much and we will pay the debt in convenient installments.

After returning you have to pay back …

After returning you have to pay back ...

After a year of work, each of us is entitled to two weeks’ vacation. When neighbors leave, friends from work and friends need to rest more and more intensifies. The desire to rest is understandable, but we should think carefully about holidays on credit.

People willingly take out loans for any purpose. Before entering into a commitment, however, it is worth analyzing individual offers and choosing a loan that will avoid financial problems in the event of an unforeseen accident. Installment holidays are still not a particularly popular feature when it comes to non-bank loans. This solution allows for temporary suspension of loan repayment – from one to several installments.

Vacation loans can be used once or several times during the loan period. Everything depends on the loan company’s offer. Suspension of loan repayment is an option usually available to credible and reliable clients of loan companies. People with a positive credit history have the best chance of using such a product. Timeliness is also important. If they have settled their previous financial obligations in a timely manner, they are more likely to benefit from repayment holidays. The use of credit holidays, unfortunately, must involve additional costs.

A renewable loan line is a product offered by banks and loan companies

Non-bank companies, meeting the needs of their clients, are constantly offering new solutions. Currently, you can reach for the popular payday loan, installment loan or loan in the form of a renewable credit line. The renewable line is an unusual offer on the quick loan market.

The renewable line is a novelty on the loan market that gives you a lot of freedom in managing the money awarded. A revolving loan line works similar to a credit card. When choosing a loan with a certain limit, we choose the amount that we will be able to have.

It is tailored to the client’s individual financial capabilities. He can withdraw money from his account at any time and in any amount. However, it may not exceed that indicated in the documents. This means that we can finance additional activities for children, pay for car repairs or go on vacation.

What is a renewable line?

bank

The offer consists of granting the borrower a certain amount of money, which he may or may not use. The limit is specified in a special agreement. The customer decides when and how much to pay. It can do this at any time.

For example, if we decide to take out a USD 5,000 loan and use USD 1,000, the available limit will be USD 4,000. When we settle our debt, we will still have USD 5,000 at our disposal. The maximum duration of a renewable financial line is agreed upon with the lender. The most important, however, is to pay back the debt on time.

A renewable loan line is an alternative to payday loans and installment loans, which are a form of consumer credit. The renowned loan company Good Finance proposes the revolving line.

How to use a renewable line?

money

Anyone who meets the conditions required by the loan company can apply for a loan with a renewable limit. One of them is the right age. It depends on the company’s policy. The youngest lender can be 18 years old. It is also important to have a positive credit standing. It will be checked by analyzing debtors’ registers.

The borrower must also have a stable income. It should be documented. The money received must allow for full repayment of the limit used.

A loan line application is identical to a normal short-term loan. On the lender’s website, you must register together with the required documents. The form should include personal data and basic financial data. In addition, the company also checks applicants in the following database.

Many companies also require proof of identity by means of a verification transfer or by quick identification. If all goes well, a renewable line will be granted.