The variable credit contract is the document we send to validate our agreement with you OR the document we send to validate our agreement with our customers. The term “variable credit” is different from the term “term loan”. A credit facility means that our client has access to funds that they can use at their discretion and that the repayment of the amount used can be made early without additional charges or penalties.
A term loan granted by a bank is generally made over a longer repayment period (over several years).
The variable credit contract is the contract by which credit is granted in advance by a merchant to a consumer who may avail himself of it from time to time, in whole or in part, depending on the terms of the contract. The variable credit contract includes in particular the contract concluded for the use of what is commonly called a credit card, credit account, budgetary account, revolving credit, line of credit, line of credit and any other contract of the same nature.