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.

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