The Credit Company Financial Reserve At A Glance
Thanks to their Credit company financial reserve, the Stein family is back on the road to holidays.
If the planned acquisition is a little more expensive than originally planned: With the Credit company financial reserve you will receive up to an additional 15,000 GBP without a new credit application. But how exactly does the financial reserve work? Where do I lock it up? When and how do I get the additional credit line? And what about the interest rate? We clarify all questions regarding the Credit company financial reserve using the example of two customers.
From the fulfilment of long-awaited wishes, to necessary investments in your own future, to unplanned expenses: The reasons for taking out a loan are many and varied. But no matter for what the loan is concluded, whether the loan amount covers the total costs of the upcoming investments, is sometimes not foreseeable. Spontaneous requests or even unforeseeable events, such as a car breakdown or a water pipe burst during the repayment phase, cannot be taken into account when taking out a loan. As fair companion Credit company offers here for the customer with the financial reserve an optional credit line as relaxed alternative to the artificial additional sale of credit lines.
More flexibility for the credit is a good companion for the famous case of the cases. The Credit company financial reserve is convincing as a flexible credit extension to increase your own financial freedom quickly and easily. Especially in unpredictable situations, an additional financial buffer that is available immediately, from anywhere and at any time can make life more relaxed. So you can look forward to upcoming purchases in a relaxed manner. Meanwhile, 3 out of 4 customers decide to book the financial reserve when they take out their Credit company – two of these customers are the Stein family and Mr. Pohl, who has chosen the financial reserve in combination with his VR credit card.
How do I order the Credit company financial reserve?
Depending on your credit rating, you can order the financial reserve with up to 15,000 GBP in addition to your credit when you order your regular Credit company. Simply ask your customer advisor about the financial reserve or conveniently book it online during the ordering process. No further credit application is required. This way you can easily secure an additional financing option and are prepared for all eventualities.
If you opt for the Credit company financial reserve with credit card, you can also combine it with your VR Bank credit card independently of an Credit company. In this way, you secure future liquidity with active overindebtedness prevention.
Flexible at all times with the Credit company financial reserve
For the upcoming move, the Stein family has decided to use an Credit company in the amount of 5,000 GBP. With the credit, they have added the financial reserve of 2,000 GBP. They want to use these 2,000 GBP in case they need more money for the move or furniture. Advantage: The Stein family only has to repay their loan of 5,000 GBP at first. And if they need more, they can extend their credit line flexibly at any time at the touch of a button, without any annoying paperwork.
The added security of the Credit company financial reserve
When ordering, the Steins also opt for an optional protection letter for the Credit company financial reserve. In addition to the general Credit company cover letters, one of two cover letter packages can be booked specifically for the financial reserve. During the credit application process, it is easy to select the appropriate variant. In this way, you are covered in case of insolvency through no fault of your own. A cover letter can only be booked when the financial reserve is closed and not when the financial reserve is called. As with the actual Credit company, the booking is optional and has no effect on the credit decision.
The protection letter packages for the Credit company financial reserve
- Income protection certificate: Protected against incapacity to work, unemployment, short-time work and divorce
- Premium cover letter: Insured against incapacity to work, unemployment, short-time work, divorce and death
Financial freedom on demand
To book the financial reserve for this purpose turns out to be a good decision only a few weeks after the move. After the stress of the move, the Steins are planning their annual family vacation in the south of France as a way of recuperation. The family is looking forward to a few relaxing days in their mobile home. But during the journey they stay with their beloved family camper and are forced to be towed to the nearest garage. After the first inspection of the motorhome, the workshop presents them with a cost estimate of 1,200 GBP. This goes beyond the holiday budget of the family of four.
Even if the unscheduled stop delays the onward journey by two days and the trouble about the broken camper is great, the Steins remain relaxed thanks to their financial reserve. Without any annoying paperwork and with just one click they access their financial reserve via the Credit company-App. Since the money is available on the current account in seconds thanks to direct retrieval and SEPA real-time transfer (Instant Payments), they have paid the repair costs of 1,200 GBP in cash on the spot when picking up their camper. Afterwards they are ready to go again and continue their journey south without further incidents.
This is how the direct access to the Credit company financial reserve works
We offer various ways to call up your Credit company financial reserve:
- Calling up by telephone: Very simply and conveniently by telephone with a call to our CustomerServiceCenter on 0911 / 53 900.
- Calling up via the Credit company app or customer portal: Call up the financial reserve with just one click and have the amount called up from the available financial reserve on your own current account in seconds. If you are not yet registered, you can obtain the access data from our Customer Service Center or via our customer portal.
- Retrieval in person at your branch: You can also activate the financial reserve with the help of your customer advisor.
- Access by Pay (only in conjunction with a VR credit card): If the monthly turnover of your VR credit card exceeds the specified activation value, the financial reserve is automatically activated.
With the help of these variants, we offer worldwide retrieval at any time of day or night.
Although the Steins had booked a credit extension of 2,000 GBP in total, they can, as in the case of the workshop invoice, also call up only part of the additional credit limit. The remaining amount is not lost, but can also be called up if needed again. Regardless of whether you call in the financial reserve in full or in part: If you draw down the credit line, we will charge you the credit conditions applicable at that time. If the Stein family had not used the financial reserve, they would of course not have suffered any disadvantages. The financial reserve would simply have been available as an optional extension during the term of their original Credit company. The family would not have incurred any additional costs as a result.
How is the financial reserve calculated?
When activated, the amount drawn down is subject to the currently applicable nominal interest rate. In the quarterly letters that each of our clients receives, we inform them, among other things, of any market interest rate adjustments.
This gives our customers maximum transparency with regard to the applicable conditions. The amount drawn down is to be repaid accordingly according to the repayment plan that the stones receive with the confirmation letter after activation of the Credit company financial reserve. This applies both to the complete use of the financial reserve and to several partial calls. The term for an activation is between 12 and 84 months. For the Credit company from the financial reserve, early repayment (unscheduled repayment) is possible at any time. Depending on your choice of service package, this is even free of charge.
In the event of partial activation, all calls from the available credit line are combined in a special account. So if the Stein family would also activate the remaining 800 GBP from their Credit company financial reserve in the near future, this amount will be added to the already existing amount. This means that there will be no further new credit, but a new total credit amount. The interest rate for the new credit amount is formed from the interest rate of the already called amount and the interest rate of the new drawdown. This results in a so-called mixed interest rate.
If more than two partial calls are made, the last unified loan amount is always offset against the new partial amount called. The interest rate is formed from the existing mixed interest rate and the nominal interest rate valid for the new drawdown.
The Credit company financial reserve on your VR credit card
As a clever enhancement, the financial reserve of up to 15,000 GBP can also be combined with the credit cards of participating VR banks. Completely independent of the conclusion of an Credit company. This applies to new cards as well as to existing credit cards. There are also no processing fees and an optional Credit company protection letter can be booked in addition.
This means you always have a payment and financing option with you. You also have access to your Credit company financial reserve for all online purchases, whether via Amazon, PayPal, Apple Pay or in the Google world via the VR banking app “Digital Cards”. And all this without any additional effort, because with the integrated activation function on the credit card you have the financial security and flexibility for new purchases and wishes anytime and anywhere.
When booking the Credit company financial reserve on his credit card, Mr. Pohl specifies an activation value of 1,000 GBP. This value can be set independently in the customer portal. In steps of 500, a value up to a maximum of 5,000 GBP can be selected here. As long as Mr. Pohl’s total monthly turnover of the card is below this limit, the corresponding amount is billed as usual from his current account at the end of the month.
However, when he decides to make major investments in his smart home, he exceeds the fixed monthly value by 400 GBP. This automatically activates an Credit company for the entire monthly turnover of his credit card of 1,400 GBP. At the same time, his financial reserve, which was previously set at 7,000 GBP according to his credit rating, is reduced to 5,600 GBP.
A few months later, Mr. Pohl flirts with a well-preserved Vespa scooter. A long-cherished dream of his. The private vendor wants to have the purchase price of 1,500 GBP in cash. Mr. Pohl has the 1,500 GBP transferred to his current account by direct call via our customer hotline. Regardless of monthly sales and activation value, his Credit company is now extended to 2,900 GBP. At the same time, his financial reserve is reduced to 4,100 GBP.
Simply more in it with the Credit company financial reserve
- Protection against over-indebtedness: Instead of a too high credit line, Credit company offers with the financial reserve an optional credit extension according to your individual credit rating. Financial freedom and overindebtedness protection in one go.
- Greater financial freedom: Activate your financial reserve at any time and from anywhere. Precisely when you need the money.
- Individual desired amount: Determine yourself how much of your individual (available) financial reserve you would like to call up.
- Stress-free and unbureaucratic: Without a new credit decision or tiresome paperwork, you will receive your desired amount in your account immediately after calling up the financial reserve.