The top 10 tips on borrowing money.

Is borrowing money really necessary?

Before you borrow, ask yourself carefully whether it is necessary. People often make purchases that they do not actually need, or for which they can also save. So carefully consider whether it is necessary to purchase the product immediately or whether it is best to wait until you can finance it (almost) completely.

You can also borrow from your family.

It may also be possible to borrow money from family, this can also be much cheaper than borrowing money from a lender. Please note that in some cases this can lead to unwanted situations and arguments.

Make a clear overview.

Make a good overview of what you want and what is on offer. Request multiple quotes for this. This often allows you to see at a glance which loan types meet your needs. Do not go overnight either, it often pays off if you are well informed about what is on offer.

Limited borrowing saves you money.

Don't borrow too generously, but not too tight either. A loan that is too large means that you pay a relatively high interest while in reality you could have been cheaper. A loan that is too small can mean that you have to take out or expand an extra loan, which in turn entails costs. So consider carefully how much money you need.

Compare all interest rates.

Take a good look at the interest rates. Low interest rates are attractive, but being part of a variable interest rate can mean that you can pay much higher interest at a later stage. So carefully consider whether you want to take risks or whether you prefer to know where you stand with a stable interest rate level.

Always read the terms and conditions.

Do not only pay attention to the interest rate, but also ask about other conditions for early repayment and death insurance, for example.

What is the purpose of the loan.

Determine the purpose of the loan: Do you want to finance a large purchase and not worry about the repayment? Then a loan with a fixed amount might be something for you. However, if you want to finance 'smaller' purchases more often but can pay them back quickly, a credit card may be more for you, because you decide when you make the repayment.

Determine term.

Check whether you think it is more important to have more space every month with a longer term or whether you prefer to get rid of your debts as soon as possible. With a shorter term, you must take other fixed costs into account. So make a budget and adjust the type of loan accordingly.

Maturity versus lifetime.

See if the term of the loan matches the life of the product. If you take longer to pay off than you use the product, it will not make you happy. So choose a term that suits the product type.

Mortgage interest.

Note that nowadays you can only deduct the mortgage interest from your (first) home from the tax. Other destinations such as cars, boats and equipment fall under consumer credit and are therefore no longer deductible.

Better prevention than cure.

In the unlikely event that problems arise with the repayment of the credit, call for help in time. For example, consult an advisor who knows a lot about this. This way you can still set the sails and prevent worse.

Advice to borrow money

It is important to learn a lot about the different loan forms. As a consumer, it is not surprising not to know what forms of borrowing there are. Nevertheless, it is important to gain some more knowledge about these loan forms. That is why we decided to set up a site that focuses on borrowing money from banks and the forms of credit.

Main loan advice.

There are quite a few loan forms. But the most common loan form is the personal loan. With this loan form, everything is actually already arranged in advance. For example, it is known when which amount must be repaid and there is a maximum that can be borrowed. Another characteristic of the personal loan is that if an amount is repaid, it cannot be borrowed again immediately. So there is really a limit. If you want to know more about the personal loan, we recommend that you take a look at this personal loan page .

In addition to the personal loan, the revolving credit is also common. The revolving credit is very similar to a personal loan, but with the revolving credit it can often be paid off prematurely without paying a penalty. But the biggest difference between the revolving credit and the personal loan is that the revolving credit has the advantage that repaid amounts can immediately be borrowed again. If you would like to know more about the revolving credit, we recommend that you take a look at this revolving credit page .

An increasingly popular type of loan is the mini-loan, also more often called mini-loan. With these loans you can often borrow small amounts without interest and sometimes even free of charge that have a relatively short term. This topic is also discussed on the mini credit page on this site, but we also have additional information on our page about requesting a mini loan .

In addition to these common types of loan, we have also listed a number of things that should be taken into account when borrowing money. This page provides advice on borrowing money, among other things.