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 you take 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 Credit.
If you want to take out a personal loan, first request a free quote. Preferably also with different lenders, so that you can compare the offers with each other. There are many banks that offer the personal loan. The interest rates can differ greatly per loan, including 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 the revolving credit because the interest rate risk is missing. The personal loan interest rate, on the other hand, is higher than in the case of a mortgage, because this lacks certainty. The interest and the term are always fixed when you take out the loan, so you have a lot of certainty when taking out a personal loan.
With a personal loan you pay a fixed monthly amount. By determining everything in advance, the full amount at the end of the loan is also repaid immediately. 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 with a short or limited life. The duration of the personal loan can last as long as the duration 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 soon be faced with surprises.
With this form of borrowing, no changes are possible in the meantime and the interest is usually higher than with the 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 go directly for the cheapest personal loan, because the banks that provide these loans usually do not check the personal loan BKR. Always ask for good Financial Advice about the personal loan credit first.
The revolving credit.
The revolving credit is usually used if it is not clear in advance what credit is needed for the loan. It is also agreed in advance which 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 with each other.
Before you conclude a revolving credit, it is advisable to compare different lenders with each other. There are many banks that offer revolving credit. The interest rates can differ greatly per loan, including 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 drawn again and again 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 here, but the duration can become longer or shorter. The interest rate with a revolving credit is generally lower than with other forms of loans. For example, the revolving credit is not applied to a Mortgage Loan.
The interest is usually low and the amounts that are repaid during the loan can easily be withdrawn.
Borrowing money with the Continuous Credit can be opaque. The actual duration of the loan is difficult to determine, since you can always withdraw money in the meantime. The repayment of the loan can therefore take longer than planned.
When do you 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. Pay attention when you 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.