At that point you will be asked to fill in the application with your data and once uploaded you will get reply immediately. Upon receipt of the approval by Cofidis, the amount due will be debited directly from the customer’s current account in monthly installments – a prepaid or other system cannot be used.
Cofidis will send the debit request to the bank two days before the payment of the first installment. This will be charged on the first day of the month and after at least 25 days have elapsed from the date of shipment. In this way there will be no risk of finding yourself paying for an asset that has not yet been received or perhaps that has gone out of stock or has been renounced.
What documents must be provided
During the registration procedure and the compilation of the request, a series of data will be requested and the uploading of photos of some documents. Specifically, you need to have one identity card or passport issued by Italian authorities, the health card and an Italian IBAN. It is also necessary to have a demonstrable income. Each document can be uploaded in digital form: the photo taken via smartphone will suffice.
Interest rates applied
In loans, interest rates are always declined in TAN and APR, which are respectively the nominal interest rate and the synthetic index of the total cost. Advice? It is the APR that really counts as it also adds expenses to the interest.
Assuming the purchase of a smartphone of 200 euros, the loan in 6 installments will include 5 installments of 34.52 euros plus a final installment of 34.54 euros. With the total amount due € 207.14 in practice, the TAN will be equal to 0% and the APR equal to 12.84%. “In case of first use, the amount of the first installment will be increased by the substitute tax equal to 0.25% of the amount of the credit granted“, underlines Cofidis. The latter is due, is not refundable in the event of cancellation and cannot exceed 3.5 euros.
The only detail to keep in mind is that these conditions will be applied only and exclusively to the first single use. Note for the purchase of one or more goods in the same session. If, on the other hand, you decide to take advantage of the credit line at other times, TAN and APR change and rise respectively to 17.25% and to 19.26% APR.
For example, if in the promotional period you buy a smartphone for 500 euros, the APR applied will be 12.84%, so you will have to pay 564.2 euros in installments. If in a subsequent session you buy another 500 euro smartphone, the APR of 19.26% will be triggered and you will have to pay 596.3 euro in installments. In summary, the first single use is the most advantageous regardless of the number of products chosen.
Cofidis has provided that in the event of cancellation of the order, the repayment plan associated with the item is automatically canceled and the balance becomes available again after one working day on the credit line.