What is changed the last couple of years, loans are not easy to get anymore and the reason is this!
Since the WFT, economic crisis and the fall of Dirk Scheringa’s DSB empire in The Netherlands, much has changed when it comes to borrowing money. Previously, you could borrow money indefinitely, with some even more than with others, nowadays money lending is more difficult than ever and there are stricter rules for banks and financial advisors when it comes to lending money to consumers. Especially if you want to choose a minilening zonder BKR you need to be extra carefull.
Getting a loan has become more difficult, but there are also good reasons why you should be able to take out a loan. Think of buying a new car, buying household effects after a divorce, etc.Below are some tips that can help you find a good loan. Use these together with our calculations. Always ask for multiple quotations and compare them well and critically.
Don’t go for convenience
Comfort is almost always a (too) high price.
Do not take out a loan with the purchase of your new car, TV or washing machine. You can be sure that you are paying too much for your loan. Also being in the red on your bank account, credit cards and installment purchases are usually the most expensive forms of credit, sometimes paying up to 10% more interest than on a cheap loan.
- Looking for a cheap loan yourself is usually more rewarding than bargaining well with the purchase.
- Lending money costs money. Calculate the cost of a loan yourself, and compare possible loans with each other.
Don’t borrow if you have savings
- Taking out a loan if you also have savings is almost always unwise. You always pay more interest for your loan than you get on your savings account.
- Only if you want to borrow (very) short amounts of money may it be wise to do so in addition to saving, especially if there are withdrawal costs or a fine if you want to withdraw your savings.
Beware of low interest rates
A low interest rate sounds attractive, but is often a temporary offer. Therefore, ask yourself if the low interest rate is a temporary offer, and what the interest rate will be after the action period.
Check the licence with the AFM
The Netherlands Authority for the Financial Markets (AFM) regularly warns against illegal credit providers. Therefore, always check (if the credit provider is not a known bank) whether the credit provider has an AFM license.
Compare providers of loans on the internet
There are many providers of loans. In addition to all banks, there are also specialised lenders. These lenders are often cheaper than your home bank, or another large bank. Because cheap lenders work a lot over the internet and have less internal overhead, they can often offer cheaper loans. But beware. Not all providers on the internet are good. Always ask for multiple quotations and compare them with the help of our calculations.