The personal loan is by far the best known form of lending.
With this loan form you borrow an amount once, the interest payment and repayment is then made according to the guidelines of the lender. In most cases, the interest payment and repayment will take place on a monthly basis, but you can make other agreements with the lender.
The term of a personal loan is generally no longer than 2 years, but the lender can also make exceptions for this. The personal loan is characterized by a fixed interest rate during the entire period, so you do not have to deal with a variable interest rate.
When do I take out a personal loan?
Because the personal loan is a reasonably certain loan, whereby you always know exactly what amount you have to pay to repay and interest, this loan is often taken out for the purchase of a car. The personal loan is therefore also sometimes called ‘car loan’. You can also take out the personal loan if you have to make a one-off (large) purchase, for example for the purchase of a new washing machine.
How does it take out a personal loan?
At the moment you turn to a lender to take out a personal loan, a BKR check will first be carried out. By means of this ‘BKR check’ the lender checks whether you have already had a loan in the past and whether you have repaid it according to the contract. If you have been a defaulter in the past, this will come up during the BKR check.
Assessment of creditworthiness
The next step is that the lender looks at your creditworthiness, for example, your income and job security are looked at. On the basis of creditworthiness, the lender will publish a ‘maximum loan amount’. The maximum loan amount is the maximum amount that you can borrow from the ‘personal loan’ loan form. Do you find the loan amount too low? Then you can also check whether you can borrow more money from other forms of lending, for example with a revolving credit.
Transfer your loan
After you have assessed creditworthiness, the conditions have been established and you have signed for the loan, the amount will be transferred to your account in one go. From that moment on the contract enters, which means that you have to pay interest and repayment.
Cheapest personal loans
The personal loan is among the loan forms that are most advantageous in the long term. The term of a personal loan is usually 1 to 2 years and the interest rate is fixed. With almost every Dutch lender you can take out the personal loan, but the maximum loan amount differs per provider. Below you can find the cheapest providers of personal loans of this moment. You can view directly on the websites of these lenders what you can borrow as much as possible and what the total costs (APR) will be.