The Personal Loan.
A personal loan is always based on the personal situation of the person applying for the loan. With the personal loan, the amount of the loan is always fixed in advance. No changes will therefore take place between the term of the loan. You know exactly where you stand, because the term is fixed when taking out the personal loan. In addition, the interest on the personal loan is also fixed. This form of borrowing money is therefore very different from borrowing with an Interest Loan.
If you want to take out a personal loan, first request a no-obligation quote. Preferably also with different lenders, so that you can compare the offers. There are many banks that offer the personal loan. The interest rates can differ greatly per loan, as can the conditions per bank. You can compare the different lenders and interest rates per Personal Loan here:
The interest rates for personal loans are usually lower than for revolving credit, because there is no interest rate risk. The interest personal loan, on the other hand, is higher than with a mortgage, because the security is lacking. The interest and term are always fixed when taking out the loan, so you have a lot of security when taking out a personal loan.
With a personal loan you therefore pay a fixed monthly amount. By determining everything in advance, the full amount is also immediately repaid at the end of the loan. The credit with the personal loan is therefore relatively stable. With a personal loan it is therefore very easy to take out products or services of a short or limited life. The term of the personal loan can last as long as the term of the product or service.
With the personal loan you immediately know what money you are going to borrow. So you know where you stand and you will not easily be faced with surprises.
With this form of borrowing, no changes are possible in the interim and the interest is usually higher than with revolving credit.
When a personal loan?
If it is clear in advance which product or service will be used and how long this will take. Be alert when borrowing money from the bank for a personal loan. Do not immediately go for the cheapest personal loan, because the banks that provide these loans usually do not check the personal loan BKR. Always first ask for good Financial Advice about the credit personal loan.
The revolving credit.
The revolving credit is usually used if it is not clear in advance which credit is needed for the loan. It is also agreed in advance what maximum amount may be borrowed, also known as the credit limit. Interest is only charged on the amount withdrawn. If you want to take out a revolving credit, first request a free quote. Preferably also with different lenders, so that you can compare the offers.
Before you take out a Revolving Credit, it is advisable to compare different lenders. There are many banks that offer revolving credit. The interest rates can differ greatly per loan, as can the conditions per bank. With the revolving credit, a fixed monthly amount is then debited. This form of borrowing is very similar to the interest credit and the savings credit. In the meantime, it is possible to withdraw the amounts already repaid. The term of the loan is not fixed and can therefore continue as long as money is always withdrawn and the loan is not repaid.
With revolving credit, the interest rate is not fixed during the loan and can therefore fluctuate. The monthly installment amount remains the same, but the term can be longer or shorter. The interest rate with a revolving credit is generally lower than with other types of loans. The revolving credit, for example, is not applied to a Mortgage Loan.
Interest is usually low and the amounts that have been repaid during the loan can be easily withdrawn.
Borrowing money with the Revolving Credit can be opaque. The actual term of the loan is difficult to determine, since you can always withdraw money in the meantime. This can take longer to repay the loan than planned.
When to take out a revolving credit?
A revolving credit is often useful if it is difficult to estimate in advance what amount of money you need to borrow and how long this will take. Be careful when you are going to borrow money and always look for good financial advice. Always watch out for a negative registration with the revolving credit BKR. So never borrow too much and think carefully before you take out a loan.