If you want to borrow money for a large expense such as a car, a personal loan is an option. This is a consumer loan that is provided by banks and finance companies. This loan has a fixed term and interest. After acceptance you will receive the money on your payment account in one go.
A personal loan is mainly used for large purchases such as car, boat or caravan. Because you make arrangements in advance about the interest and term, you will not be faced with surprises later on and you know where you stand. The alternative is a revolving credit with a variable interest rate.
Comparing personal loans makes sense. If you opt for the cheapest provider you are 901 euro cheaper than with the most expensive provider for a loan of 10,000 euros with a term of 60 months.
|Loan||Interest||Total amount indication|
|€ 10,000||5.1%||€ 11,318|
|€ 10,000||8.5%||€ 12.219|
How does this comparison come about?
Geldreview.nl collects and publishes the lowest interest rates in the Netherlands for personal loans. For this we visit the websites of lenders and comparators. This way you can be sure that you will find the lowest interest rates here.
What interest do I pay for a personal loan?
Lenders publish the lowest interest rates. Note that the interest you have to pay may be higher if you earn little or already have debts.
Lenders often charge lower interest rates if you borrow more, but you are the cheapest when you borrow as little as possible and the personal loan is so fast.
Benefits personal loan
- You pay during the term and fixed amount per month for interest and repayment, so you know in advance where you stand in terms of monthly costs.
- You are protected against interim interest rate increases.
- You can probably borrow more and cheaper than on a credit card.
- You can choose how long you want to pay back the loan. Remember that you are more expensive if you opt for a long term.
- Expensive loans that you have taken out elsewhere can sometimes be transferred to a cheaper personal loan.
Disadvantages personal loan
- Personal loans have slightly higher interest rates than revolving credit.
- Because you sometimes pay lower interest if you borrow more money, you may be tempted to borrow more than you need and are wise.
- If you want to pay faster, extra costs will sometimes be charged.
- Money that you have already paid back can not be withdrawn again.
What to watch with a personal loan
- The interest you pay may be higher than the interest rates that are published. The interest on a personal loan sometimes depends on your personal situation, such as income, family situation and other loans. The lender checks the loan application with the BKR and then decides whether or not to accept an application and at what interest.
- Your application is always checked at the BKR and is not always accepted.
- Advisors may not charge a mediation fee for taking out a personal loan.
- Think carefully about a term life insurance policy. Different banks offer this standard. In other cases you have to pay extra for this. A term life insurance policy will cancel the debt (to some extent) if you die prematurely. This prevents survivors from remaining with a residual debt. Advisors may charge a consultancy fee of up to 500 euros for credit insurance. Such insurance and advice is not mandatory.
- The debit interest rate is the interest rate on an annual basis. The annual cost percentage includes all costs and may be higher.
If you plan to build up capital for later, you better not borrow for things that are worth less, such as a car or boat.
How to get the best personal loan offer
- First compare personal loan interest rates before you request quotes to see which providers offer the lowest interest rates.
- Do not immediately accept a proposal if the quoted interest rate is higher than the published interest.
- Do not ask too many tenders in one go, because every application is registered and can reduce the chances of acceptance and low interest rates.