Sometimes you suddenly need money when it is not in your account. The children are growing up and you want to do a home renovation; your car takes its last breath; or maybe it will be harder to make ends meet in the coming 3 months. A loan is then a good idea, especially at the current interest rate. But you have to prepare, because borrowing from one bank can cost a lot more than from another bank. So you have to do your homework. In addition to banks, there are other credit providers that are happy to offer you loans at competitive interest rates. We have listed a number of providers for you. Curious? Then first go through our comparison page!
The keyword ‘compare’ is for concluding a low-cost loan.
Today there is a very large selection of credit providers available online. That means that you no longer have to wait to execute your plans and you can still live. You often have quick access to a sum of money. It is true that you have to compare the providers to find the cheapest. You must also pay attention to a number of things, such as the APR and the duration. An authorized lender must also be able to prove a Belgian license, so check whether the provider has a license. Most credit providers are very reliable, but you have to know for sure.
First make a list of your monthly income and expenses (including your beer, occasional dinner and a birthday present) and see what you have left over each month. Don’t borrow too much: eating dry bread is… dry, so make sure you can put jam on your sandwich. Now that you know the loan amount, you can start comparing the providers online. Be the first to view their APR, the annual percentage rate. That is the annual interest and the borrowing costs, all in one. Money providers are required to clearly state this percentage of costs on their website, so you will not be faced with any unpleasant surprises. Also read the loan conditions carefully.
Then there is the duration.
The longer the duration, the less you pay monthly. But in the end you will always pay back a larger amount for a 5-year loan than a 3-year loan. So what your term is going to be depends on the loan amount and on what you can pay off each month. Request different quotes and compare them with each other. You can do that very easily, because most lenders offer a free simulation tool on their website. You enter some data, such as amount and duration, and then you know very quickly what your monthly repayment will be. You don’t even have to leave your house, or even your chair, to immediately see what the cheapest loan is for you. There is therefore nothing in your way to score the cheapest loan.