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Advantages and disadvantages of borrowing money from family

by admin

Do you want to borrow money from family? Borrowing money does not always have to be done at a bank or other financial organization. For example, it is increasingly common that (especially young people) choose to borrow money from their families. This can not only be about the parents, but also about, for example, an aunt or uncle, an uncle and so on. Borrowing money from family naturally has the advantage that you borrow from someone you trust. If things go well, you can also borrow on financially interesting terms. However, it must also be borne in mind that borrowing money from family is not always interesting. To ensure that you have a clear picture of all the advantages and disadvantages that borrowing money from family brings, we have listed them all extensively on this page for you!

Benefits of borrowing money from family

Benefits of borrowing money from family

The moment you choose to borrow money from family, there is actually a so-called 'private loan'. Such a loan is, as the name suggests, not taken out with a financial institution, but with, for example, a friend or a family member. This brings a number of very interesting benefits that we obviously do not want to withhold from you.

Private loan

In the first instance, borrowing money from family means borrowing money from a person you know and trust. This immediately gives a lot of (potential) borrowers a better feeling than if they chose to use a bank or other professional lender. Moreover, it is not uncommon for a credit agreement between family members to be concluded orally. Despite the fact that this often causes problems in practice (more on this later on this page), it does cause a relaxed feeling. The financial pressure with a private loan between family members is therefore often much less.

The costs are more limited compared to those at a bank

It is often not the intention that the family you grant a loan does to make big profits on the contrary. In the majority of cases, a private loan is concluded between family members as a form of 'goodwill'. The consequence of this is that the costs can be considerably lower compared to a traditional personal loan from a bank. In the most optimal case, it is even possible that the loan you took out with your family will not cost an extra amount. A family member who grants a loan is not legally obliged to make a profit from it. The credit must be repaid at a certain time. If not, there is a gift and there are strict (er) rules attached to it.

For temporary payment problems, high costs are not immediately charged

The moment a family member shows willingness to lend you a certain amount of money, this usually means that he or she has the best intentions with you. It is therefore often not the case that in financially less favorable times large costs will immediately be charged on the private loan that you have taken out. This of course does not mean that you have to abuse the situation. Try to avoid payment problems as much as possible, but if they do occur unexpectedly, you can usually come up with a solution together with your family member. This is usually a lot less simple with a normal bank, certainly when there is a personal loan.

Disadvantages of borrowing money from family

Disadvantages of borrowing money from family

The above advantages will of course sound like music to many potential borrowers. Nevertheless, it is important to bear in mind that there are by no means just advantages to borrowing money from family. In certain cases, things go completely wrong, causing the bond between the two family members to be damaged once and for all. It goes without saying that you will do everything to prevent this. In order to make you aware of all the possible disadvantages associated with taking out a private loan with a family member, we have also carefully listed these points.

Always prepare a written agreement!

It is very common for a private loan between family members to be granted on the basis of an oral agreement. Of course it is normal that you trust each other, but it is and remains a financing. At the moment that something goes wrong, neither party has the possibility to invoke a certain legal basis, on the contrary. This can ensure that agreements made are distorted, causing considerable damage to confidence. Make sure that you both have the necessary security and always record the agreements made in a private agreement. Only in this way will your good (trust) bond always be preserved!

What about financial problems at one of the two parties?

A natural person is not a financial institution. This means that there can always be a certain situation that causes the lender itself to get into trouble. If you then have a written agreement for the private loan, you can rely on it, but fun is of course different. The same applies to the borrower of the private loan. He can also be confronted with extra costs at a certain moment, which could jeopardize the agreed repayment. In both situations this can cause considerable damage to the bond between the two family members. So there is a chance that your relationship will never be the same afterwards.

Conclusion; borrow money from family, do it or not?

Conclusion; borrow money from family, do it or not?

For many people it is not so much a choice, but rather an obligation to borrow money from their family. For example, they may have a BKR code, which means they do not have the possibility to borrow money from a regular bank. If you are confronted with unexpected, high costs, for example, a private loan with a family member can be a welcome solution. The moment you start borrowing money from a family member, it is always important to take into account the possible disadvantages associated with it. Are you experiencing problems at a certain point, as a result of which you cannot repay the loan amount in accordance with the agreement? That could possibly irreversibly damage the bond between you and your family.

A mini credit via a balance dip

by admin

Eicredit

Eicredit

Eicredit is one of the providers of mini-credits, which can be taken out online or via a text message. The name of the website is derived from the term 'balance dip', which e veryone may experience at the end of the month. The money has run out and the new salary is still waiting. At that time you can use the services of Eicredit, namely borrowing a small amount. A mini loan is in fact no more than a small loan with a very short term.

Eicredit and Zaloan

Zaloan can be considered as the first company that has offered the possibility to provide mini-loans in the Netherlands. They were earlier than Creditmash, Creditmini, etc. Eicredit was founded on the initiative of Zaloan, which has extensive experience in offering mini-loans and flash loans, and Zaloan is therefore not without reason considered to be one of the European market leaders regarding the provision of mini-loans.

Register without obligation at Eicredit

Register without obligation at Eicredit

One of the big advantages of Eicredit is that everyone can register without obligation. This is an advantage, because an application can be processed quickly when it is made. Your data is then already known at Eicredit. Moreover, there are no costs associated with registering, so you only have to pay if you actually use a mini loan. Borrowing money through Eicredit naturally costs money, because there are service costs for the money that is lent.

Mini loan from 50 euros to 500 euros

Mini loan from 50 euros to 500 euros

At Eicredit it is possible to borrow amounts between 50 euros and 500 euros. No higher amounts are provided in the form of a loan, as research has shown that consumers mainly borrow amounts up to a maximum of 500 euros. For borrowing large amounts you can go to regular institutions, which also have a longer duration.

Duration mini-loan at Eicredit

Duration mini-loan at Eicredit

A mini loan at Eicredit of 50 euros has a term of fifteen days. For amounts between 100 euros and 500 euros you have the choice of two durations. In that case you can opt for a duration of the mini credit of 15 days or you can choose a duration of the mini credit of 30 days. The costs of the mini-credit to be charged will be lower with a term of fifteen days than with a term of thirty days. If you opt for the short term, then you will lose fewer costs. Incidentally, for borrowing an amount of fifty euros, you can try out the service of Eicredit for free. No costs will be charged for an initial application of fifty euros. This way you can get acquainted with Eicredit in a non-binding manner.

Mini credit application process

Mini credit application process

If you are already registered with Eicredit you can immediately use the service and otherwise you must first register yourself. The registration will be assessed immediately and if the conditions for acceptance are met, a customer card and pin code will be sent immediately to the address provided. In that case it usually takes a working day to be able to use the services of Eicredit. All the more reason to register in advance, so that you can always rely on the service and receive a mini credit. With the received pin code it is possible to receive money online or via a text message in the bank account. This only requires confirmation of order, after which the desired amount of money is deposited into your bank account. You can do that within ten minutes.

Request mini credit – Compare Mini credit

by admin

 

Do you want to request a mini credit? A mini credit is also called a mini loan and is a financial product that is intended to provide you with a little extra money for a short period. In contrast to a revolving credit or a personal loan, a mini-credit has a short term. In general, this duration varies from 15 to 45 days. Within this period you must have repaid the borrowed money with interest. The higher the amount of the mini-credit, the longer the term.

When to apply for a mini credit?

When to apply for a mini credit?

You can take out loans for various purposes. For example, for the purchase of a new car or for the renovation of your house. In such cases, the amounts involved are considerable and you will need a long-term credit that you pay a lot of interest on. But you can also imagine situations where you temporarily need a few hundred euros extra. Because something has broken in your house, which urgently needs to be replaced. Or because you happen to have an expensive month with many birthdays and you actually can't wait for your next salary. A mini credit can then be a good temporary solution.

How much can you borrow with a mini credit?

How much can you borrow with a mini credit?

Although the lack of this may feel like a heavy burden, a mini-credit involves relatively small amounts of money. Do you want to request a mini credit for a small amount of money? You have to think about amounts of several hundred euros. With providers like Ferratum you can borrow from as little as 100 euros and with others as little as 50 euros. The maximum loan amount for a mini credit is 800 to 1500 euros. Not huge amounts, but money, that you can give just that little bit of air that you need in expensive periods.

Apply for mini credit from the age of 18

Apply for mini credit from the age of 18

In the Netherlands you are legally mature at the age of 18. From that moment you are also responsible for your finances. This means that you can also apply for a mini-credit from this age. Although a mini-credit is easy to arrange and does not involve excessive amounts, this form of loan is not without obligations. The duration of the mini-credit is short and you must ensure that you repay the borrowed amount within the specified period. If you do not comply with this, you will be fined and your debts will only increase further.

Mini credit without BKR assessment or payslip required

Mini credit without BKR assessment or payslip required

Do you want to apply for a mini-credit without a BKR assessment? In the case of a mini credit it is usually not necessary to provide a payslip. So even if you do not earn much or have no work, you could qualify for a mini-credit. There is also no BKR assessment when applying for a mini credit. This is a big advantage especially for people who are known to the Credit Registration Office in Tiel. Previously they could not go anywhere for a new loan, with a mini-credit a temporary solution is offered for a low amount. Ask for help from an official body such as your municipality or NIBUD.

Global Guarantee or other guarantor

Global Guarantee or other guarantor

Most mini credit providers state in their terms and conditions that you must have a guarantor for the amount to be borrowed. In the unlikely event that you are unable to repay the credit, the guarantor is deemed to do this for you. When taking out a mini-credit you can propose a personal guarantor yourself, but if you do not have one, you can also use an institution such as Global Guarantee, who want to act as guarantor for a fee. In the case of a personal guarantor, this person will also have to submit various details before the mini-credit can be approved.

Costs for the mini credit

Costs for the mini credit

The well-known slogan also applies to applying for mini-credit: Borrowing money costs money. Logically, borrowing money is not free. The lender incurs costs for staff and loses interest by temporarily lending capital. This must of course be compensated. Therefore, a mini credit must always be repaid with a predetermined interest rate. The higher the amount you borrow, the more interest you have to pay. This is something that you have to take into account. Of course, it should not be the case that the interest on the mini-credit will put you in trouble again when paying it off.Financial Markets Authority

The Netherlands Authority for the Financial Markets (AFM) is the independent financial market regulator in the Netherlands. If you want to apply for a mini credit, it is important that you choose a reliable provider for this. A provider that adheres to certain codes of conduct and that is clear in the way it works. This way you know that you are dealing with an honest party and the risks for everyone are limited. Credit providers such as Creditmash, Ferratum and Bankate are examples of such reliable providers.

Inform and request mini credit

Before you apply for a mini credit, be well informed about the conditions and consequences of such a short-term credit. No matter how you get used to it, it remains a loan and you should never think about it too easily. If used responsibly, the mini-credit can be the perfect solution for temporary money problems. If you need a structural solution for the long term, then other products from Creditmash or Bankate may be better suited.

Everything about a payday loan

by admin

Do you want to request a payday loan? A payday loan is a loan that you can take out to make major purchases and expenses. Think of a new washing machine, a car repair or a small renovation of your house. You must then repay the loan amount in specified installments. With a payday loan, everything is recorded in a loan agreement. With a payday loan you have a fixed term, a fixed interest rate and a fixed amount per month for repaying the loan. The monthly amount consists of part of the repayment and interest. Are you looking for a flexible loan? Then the revolving credit meets your needs more. A mini loan can also be interesting for borrowing smaller amounts from 100 to 1500 euros.

What is a payday loan?

What is a personal loan?

A payday loan is a consumer loan that is characterized by a fixed term, a fixed interest rate and a fixed monthly amount for paying off the loan. You can request a payday loan from 1500 euros and the loan amount can go up to 75,000 euros. The term depends on the amount of your loan. For example, with a loan of 1500 euros it is possible to opt for a term of 24 months. You then have 2 years to repay the loan including the interest. If you want to borrow an amount of 50,000 euros, the duration can last 9 years. You then have 108 months to repay the entire loan including interest. The advantage of a payday loan is that you know where you stand. You repay a fixed amount each month, the term always remains the same and the interest remains at the same interest rate throughout the entire period.

Where can I apply for a payday loan?

Where can I apply for a personal loan?

You can request this type of loan from most lenders. It is possible at your bank, at a consumer finance company and at an intermediary who arranges mediation. Bankate is a provider that offers consumer financing. Creditmash, Eicredit are companies that mediate for a certain rate. This means that they request multiple quotes from multiple parties and offer you the most favorable loans. Do you want to request a payday loan? It is a tip to request a free and non-binding quote from multiple parties. This can save you a lot of money in the long run.

How much can you borrow?

How much can you borrow?

You can take out a loan of at least 1500 euros to as much as 75,000 euros. The amount of the loan amount depends on your personal situation and the payday loan provider you choose. You can request a loan from Bankate from € 1500 to a maximum of € 50000. With other providers such as a Creditmash there is a minimum of 5000 euros and with Eicredit you can request a consumer credit from 2500 euros. When determining your borrowing capacity, the following information is always requested:

  • Type of employment
  • your income
  • amount of your rent or mortgage
  • marital status
  • any income from your partner
  • children living at home
  • the product / service for which you want to borrow money
  • your desired loan amount
  • age and living in the Netherlands

It is always important that you are able to repay the monthly amount every month. For this reason, the above information is requested. So you can never take out a loan whose monthly costs are too high. The same applies to the amount of the loan amount. We also look at your BKR registration. If you have too many loans or a negative registration, it is possible that your loan application will be rejected.

Fixed interest

Fixed interest

With a payday loan there is no question of a variable interest, but of a fixed interest, fixed term and fixed repayment amount. This offers you more certainty and less risk. The higher the amount you want to borrow, the more favorable the interest rate is. For example, with a loan of 1,500 euros, the interest rate has been set at 11.90% and with a loan of 5,000 euros between 5.80% and 9.90%. The rule is therefore the faster you pay off the loan, the lower the interest rate. For example, with a loan of 5,000 euros with a term of 24 months the interest rate is set at 5.80% and with a term of 84 months 9.90%. In the case of a payday loan, you may make additional repayments in the interim, most banks will not charge extra costs for this. At some banks or lenders, they do charge costs, which is a maximum of 1% of the loan amount.

An overview of payday loans with Bankate. *

Loan from 1500 euros to 2499 euros.
Interest rate: 11.90%
Duration: 24 to 72 months

Loan from 2500 euros to 4999 euros
Interest rate: 7.60% to 9.90%
Duration: 24 to 72 months

Loan from 5000 euros to 7499 euros
Interest rate: 5.80% to 9.90%
Duration: 24 to 108 months

Loan from 7500 euros to 9999 euros
Interest rate: 5.80% to 9.40%
Duration: 24 to 108 months

Loan of 10,000 euros 50000 euros
Interest rate: 5.80% to 8.70%
Duration: 24 to 108 months

* Look for current interest rates on the Bankate website.

Conditions for a payday loan

Conditions for a personal loan

If you want to borrow money there are a number of conditions that you must meet. Not everyone can borrow money just like that. All these conditions have been drawn up to ensure that the borrower does not run into major money problems and that the lender gets his money back.

The conditions:

  • You must be at least 18 years old, in some cases 21 or 25 years old.
  • The maximum age at which you can take out a loan is between 65 and 67 years
  • You must have a stable income.
  • You may not have high debts or very high fixed costs.
  • You may not have a negative BKR registration.
  • You may not receive benefits (WW / ABW / WWB)
  • You must be resident in the Netherlands (nationality)
  • You may not be a single person with temporary employment

Where should you pay attention with a payday loan?

Where should you pay attention with a personal loan?

If you are someone who cannot handle money that well, small amountlenen.nl recommends that you take out a payday loan instead of a revolving credit. With a payday loan, everything is recorded: the interest, the duration and the amount of the repayment amount. That gives more certainty.

If you would like to take out a loan, keep the following points in mind:

  • See if you have to pay a fine if you want to repay more early
  • Borrow money only if it is really necessary, borrowing money costs money.
  • It can take years before you have repaid a loan.
  • Think carefully about the costs of the loan.
  • Read the terms of the loan carefully.
  • Make sure you borrow money legally, so check whether the lender has an AFM license.
  • Find out for yourself whether you can continue to pay the monthly costs for a longer period (permanent job, family expansion, etc.).

Creditmash

Creditmash is one of the largest intermediary in the Netherlands in the field of loans to consumers for the purchase of consumer goods. Think of cars, renovations, caravan, boat etc. Creditmash encourages their customers to borrow money responsibly.
The minimum amount you can borrow is € 2,500. The maximum loan amount is € 75,000. The interest that you have to pay on the loan amount depends on, among other things, your income and the amount. The interest that you have to pay can vary between 4.5% and 14.0%.

Bankate

At Bankate you get free advice about your loan. With 3 simple steps you can apply for a loan with an application form. At Bankate, personal contact and responsible lending are paramount. You can request a payday loan or revolving credit for various topics such as some extra money, a trip or renovation. You can borrow a minimum of € 1,500 and a maximum of € 50,000, although the amount of the loan does depend on your personal situation.

A payday loan with BKR registration

BKR stands for bureau credit Registration. Every lender (companies / banks where you can borrow money) is required by law to register each loan with BKR. If you borrow an amount somewhere, you are of course registered with BKR. Lenders often do a test at BKR when you want to borrow money there. Through the assessment, they can see whether you are already borrowing money elsewhere and how you are financially. A registration with BKR remains for 5 years, even if you have already repaid the amount.
If you have a loan and cannot pay it on time, you can get a negative BKR registration. If this is the case then it is almost impossible to borrow money again in the future.

Loan loan

Have you taken out a loan and find a cheaper payday loan or a possibility to repay for less? In that case you can have your loan transferred to a lender that is cheaper. Your existing loan is then repaid by the new lender and you conclude a new agreement with them. Check in advance whether you can use a switching service and whether you can repay your amount with your current lender without penalty.

Consumer loans pick up 23% in 2014 and increase by more than two billion

by admin

The latest data provided by the Bankate have revealed an increase of more than 2 billion euros in the amount of consumer loans granted in 2014 to Spanish households. The total amount of loans given last year reached 10,447 million euros, a figure that far exceeds the 8,437 million granted in 2013, representing an increase of 23.82%, according to AskCash.

Consumer loans with an initial period of fixing the interest rate of up to one year (this would include, for example, a 10-year loan with an annual reviewable interest rate) have been the ones that have rebounded most with an increase in 28.24% over the previous year. They are followed by loans with terms of more than 5 years, whose amount during 2014 grew by 23.01%, and those granted with terms of between one and five years, which rose by 21.92%.

If we focus on the total money granted, loans with terms of between one and five years totaled a total of 4,616 million euros, those over five years, 3,111 million and those of one year or less, 2,720 million euros.

This is the second consecutive year in which the amount of new consumer credit operations has grown. In 2013, growth compared to the previous year was 6.45%, a figure that has nothing to do with the 23.83% recorded during the past year.

The APR of low consumer loans

The APR of low consumer loans

In 2014, the average Annual Equivalent Rate (APR) of consumer loans was below 9%, specifically 8.55%, according to the Bankate. A difference with respect to 2013 of 0.85 points down, when the APR was 9.40%. If we look at the average TEDR interest, equivalent to the APR, but not including commissions, in 2014 it was 7.57% while in 2014 it stood at 8.58%.

The interest on loans is not the only one that has dropped, so has the interest on deposits, although much higher. If, in the case of consumer loans of Spanish households, the TEDR decreased slightly more than 11% last year with respect to the previous one, the difference between the TEDR of 2014 and the 2013 of deposits was 57% a The decline is 0.64%. Some data that, on the other hand, do not surprise either.

Since the Bankate limited the rates of deposits a couple of years ago and the EB set official interest rates at historical lows, 0.05%, the profitability of deposits has not stopped decreasing. After all, why banks are going to pay high interest to families for their deposits when they can be financed almost "free" in the EB.

Mini-credit companies proliferate

Mini-credit companies proliferate

Private equity companies specializing in the granting of fast loans have proliferated in recent years as a result of increasing difficulties in accessing traditional credit. And it is that when it comes to getting not too high amounts, microcredits, which, on the other hand, are not cheap, have positioned themselves as an alternative to get liquidity. And, in some cases, in almost the only viable alternative, as in the case of people without payroll or included in delinquent records such as Credit Institutions.

Borrow money using mobile-SMS Loan

by admin

Properly, the technology stands for absolutely nothing and does not stop with getting or applying for a loan. Current research has shown that over fifty percent of the visitors looking for credit score do so on a mobile phone or even on a tablet.

That is why it really is of the utmost importance whenever borrowing mobile money which you can use your phone to rapidly navigate to what you are looking for. Obviously, it helps if you know exactly what quantity or credit type you are searching for.

Are you looking for an amount of 1000 pounds then you can type this lookup in Google? Great value is definitely attached by the search engine in order to whether a website on the cellular is doing well.

Borrow mobile money

Money

If we look at this website (where you are now) you will see that over 60% of the visitors work with a device other than a desktop computer or laptop, so we are usually talking about users who visit this web site with a cell phone or capsule. That is precisely the reason that it can be made suitable for visitors who wish to read information from a little screen. Of course, these numbers apply nationally, so it pertains to all websites.

 

What do mobile visitors discover interesting?

Nearly all visitors are looking to lend a small amount up to about 1000 euros, and to a far lesser extent people arrive looking for larger amounts through 2, 500 whereby it is more difficult to orientate a person well because there is so much provide and it turns out to be difficult to create an informed choice. This stated, it usually concerns levels of around 300 euros, where it also appears to be important that simply no credit check assessment is performed, often because many Nederlander people have suffered a poor evaluation in the past.

 

Which usually credits are they exactly?

Cash

By far the most sought after is the small loan where a modest quantity can be borrowed quickly and easily. It really is these companies that offer this which have made it particularly easy for cellular visitors to not only be able to ask for this on a small display, but also to close this, which in turn means sending paperwork, etc.

You can even handle the particular request by making selfies, which usually of course not only you but additionally the documents that you must send out. In other words, made especially user-friendly for those who appreciate mobile cash.

 

Where

Cash

Of course, I also try to allow it to be as easy as possible for the visitors to immediate them to the credit or even insurance they are looking for. Precisely for this reason, I have made numerous overview pages that explain to you clearly and clearly which usually providers are available and which usually conditions and maximum quantity apply. A nice example could be the page for requesting the mini loan if you view it you will find several providers that will assist you on your way.

 

Is the fact that wise then?

Well, whether taking out any kind of credit whatsoever is useful within your specific case, you should initial judge for yourself. But if you are uncertain, it is certainly advisable to visit several websites that can inform you thoroughly whether you are going to do well regarding your decision. Such a website will be, for example, that of the Nibud, here you get independent information regarding borrowing money in general.

Additionally, you will find a risk meter to get borrowing, you can then state your earnings and expenses, after which recommendations are given as to whether or not you can borrow wisely delete word. I would definitely visit this before you make a choice, because….. Funding money always costs cash.

Request your own BKR

by admin

 

Can you request your own BKR?

You can request your own BKR from the Credit Registration Office. Registration with the Credit Registration Office in Tiel has a negative connotation for most people. People associate it with poor creditworthiness and something you should avoid at all costs. It is not known that everyone who takes out a loan (whether it is a telephone subscription with an installment device or a mortgage) is registered. Nor is there a difference between positive and negative registrations. Do you want to know how you are listed in Tiel? Then you can request your details from the BKR.

The importance of the BKR

The importance of the BKR

Credit providers are legally obliged to report everyone taking out a loan to the Credit Registration Office in Tiel. The importance of such a database is twofold. On the one hand, it ensures that lenders do not lend you irresponsibly much. On the other hand, a positive registration with the BKR is proof that you are creditworthy and that you always meet your financial obligations properly. This gives credit institutions confidence when you request a new loan. In general you can say that national credit registration ensures a financially healthy society, in which consumers can borrow money quickly, cheaply and responsibly.

Who needs your information?

Who needs your information?

If you are planning to buy a house, your mortgage application will first be checked by the bank at the BKR. After all, a mortgage is also a loan and the lender naturally wants to know that you are able to repay the outstanding amount. This is visible if you have other credit facilities in progress or have had payment arrears in the past (up to 5 years ago). Your financier can then decide to refuse your mortgage. That depends entirely on your current financial situation. Perhaps you have started earning more. Or do you now have a partner with an income. Then it is quite possible that, despite your credit history, you are still considered creditworthy and can take out a new loan.

View your own data

At the BKR you are entitled to view your own data. It can be useful to know which loans are registered with your name when you plan to apply for a new loan. You can then better assess yourself whether the new loan will be granted to you. In addition, this way you can check whether all registrations are correct. It sometimes happens that you have received a negative registration incorrectly. If you can prove this, your data will of course be corrected. You can request your data online at the BKR site. You pay a few euros for a one-off paper inspection. But you can also choose to take out a subscription, which you can use throughout the year. In addition, you can then see who has requested your information and you will be notified of any changes to your registration.

Request data for someone else

Request data for someone else

The financial registrations stored at the BKR in Tiel are subject to strict privacy legislation. Your data can therefore only be viewed by yourself, your administrator or by the lenders who are members of the BKR. This also means that you cannot request information from someone else. Also not from your adult children or your parents. You are of course allowed to provide your own data to third parties. This will be necessary, for example, if you want to apply for a mortgage and have hired a consultant for that. He can only advise you properly if he has all your financial information, but is not entitled to request this from the BKR.

How long is your data stored?

Your data will remain visible during the term of your loans and five years after they have ended. Even if you have paid off all your debts, you are still registered with the BKR. This is necessary to provide lenders with information about your credit history. When you apply for a new loan, it must be clear what credit you have already received and whether you have always made your repayments on time. If that is not the case and you therefore have a negative BKR registration in your name, you may still have five years of it. On the other hand, a positive registration can also work to your advantage. Lenders see that you are a reliable party that has never incurred payment arrears. They will then be more inclined to grant you a new credit.

Borrow money with or without BKR registration

If for some reason you are in urgent need of money, you can take out a loan. You have several options for this. If the amount is not too large, consider asking a family member or close friend for help. With clear agreements, whether or not on paper, this does not have to lead to problems. If you prefer to go to an independent party, you can contact your bank or another lender. In most cases this will result in registration with the BKR, but this is not something you should stop. On the contrary, a credit registration ensures that you cannot borrow more money than is justified in your situation. Moreover, the lenders who are affiliated with the BKR are reliable institutions, which apply clear conditions.