The 10 golden loan rules

Borrowing money is a necessity for you? Please read these borrowing tips first: Borrow consciously or do not borrow.

Borrow Persian money? Then use these loan tips to find the best loan and not fall into the pitfalls. It may not always be the most ideal way to get money, but if you have to or want to borrow, use these 10 borrowing tips. These 10 tips will help you borrow responsibly. We give you the best tip first, save money and avoid having to borrow money while saving.

1. How much can you really borrow?
Take a good look at which monthly costs you can really bear. Of course you can give up your 3rd side job to get a big loan, but realize that you will be in trouble if you lose this side job.

Take a look at the NIBUD site , which consumers want to learn how to handle money responsibly.

Compare all loan types
There are various types of loans, so be well informed about all the pros and cons. Sometimes a private loan can be interesting or a simple revolving credit with your own bank.

3. Compare all loan providers
Just like with many other (online) services, it pays off enormously to compare loan types. In addition to comparing online loan providers, it is also interesting to ask your current bank to provide a quote and compare it.

4. Note the term of the interest rate
A 3%, 4% loan or some other unbelievably low interest rate? Pay extra attention, this is probably only for the start of the loan.

It may also be the case that you have to purchase additional products such as life insurance. For example, use Google to search for lender experiences.

5. Making early repayments can be expensive
When you receive a quote, it must include a credit prospectus and a financial information leaflet. Read these fine print carefully, because what if you are suddenly in a luxurious situation and want to pay off your loan in the meantime? This is usually possible, but at a hefty fine rate.

6. A loan without BKR assessment? Rather not!
The BKR (Credit Registration Office) in Tiel is not there for nothing, if you have a negative registration here, you already have a debt. Think twice if not three times before you take out a loan while you are already known to be negative. Checking your creditworthiness is not only in the interest of the bank, but also in your own interest.

7. Extra (compulsory) insurance often part of a cheap loan
Found a cheap loan, the right interest rates throughout the term? Then there is a chance that you are obliged to take out expensive insurance. Watch out with this, because lenders often earn back the cheap loan with, for example, too expensive life insurance.

8. Check the lender's license
It may sound bizarre, but there are lenders who do not take Dutch legislation so closely and provide loans without a proper license. You can view the permits of lenders on the site of the AFM (Financial Markets Authority).

9. Be honest with possible repayment problems
You can no longer pay off the loan according to the agreed contract? Then ring the proverbial bell in time; NIBUD , the municipal department of Social Affairs or the Dutch Association for People's Credit can help you further and possibly refer you to an agency for debt assistance or debt rescheduling.

10. Borrowing cheaply is and remains an illusion If you consider that your money in a savings account can yield 4%, it is of course not realistic that you can borrow money for interest rates around these 4%.

Every loan for which you borrow at this low interest rate will have to pay for itself in a different way for the lender.

You have been warned!