Best bank for a loan

What is the best bank for a loan? The answer is that this largely depends on your personal situation and income. If you value service, a local branch of the Across Lender or RABO Bank is an excellent choice. The cheapest loans, on the other hand, can mainly be found on the internet. Online banks offer the lowest interest rates but provide little service.



Internet loan

An internet loan can be arranged quickly if the conditions are met. In general, this is a steady income with sufficient room to spend to repay a loan. People with a home have an edge over those with a rental home. After all, they build up capital. One must also be at least 18 years old. If you are older than 65, there are special senior loans.

Applying is easy. You enter a number of personal details and send the online form. The bank checks with the Credit Registration Office whether you have outstanding debts with other banks or companies. This includes credit card debts, overdrafts at the bank and accounts with mail order companies. Your income will also be tested to see whether you can bear the loan.

Apply for a loan online

You can of course submit a separate application to each bank. It is easier to submit a joint application to Bankinfo.nl . Your request will then be sent to various banks who will then issue a personal offer. In an overview you can see at a glance where you can borrow and at what rate. The best bank for a loan often turns out to be a subsidiary of a large bank. These subsidiaries work cheaper because they are active online and do not have to maintain an office network.

Which loan is the best?

The two most important loans are the personal credit and the personal loan. Which one is best depends on your preference. The revolving credit is slightly cheaper and with this loan you always have money on hand. Repayments of this credit may be taken up again. Hence the name 'revolving credit'. In practice, customers regularly withdraw money from the credit, so that it is never fully repaid. With the personal loan you repay a fixed amount every month. Money cannot be withdrawn in the meantime. So you know exactly when the loan expires and how much it costs in interest.



BKR listing and still borrow?

Customers who are two months behind in repaying a loan will receive a negative listing at the BKR. The annoying thing about a negative BKR listing is that it remains for 5 years after repayment of the loan. In those 5 years it is often difficult to take out a new loan from a bank. A few alternatives to borrow money are the Municipal Credit Bank. This social bank is the best lender for a loan. The credit is higher than a mini credit and you pay a reasonable interest. A mini loan does not exceed USD 900 and the customer pays high closing costs (which have been banned since the summer of 2018).