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Loan Explanations | Payday Loans

As you may have seen, we are in full swing with our series where we try to sort out various misconceptions and inaccuracies about loans, finances, debts and insurance etc. We are still on loan because there are some such to chew through. Today I was going to put some focus on two statements that contradict each other but are not necessarily correct. marthamihalick.com for further clarification

“You should never take out a loan if you have bad finances”

money loan

If your finances are unstable or bad, it is usually not a good idea to borrow money. A loan costs money just like most other services, and even if you get a supplement of money when you take out your loan, you will soon have to repay that money again and you will then also have to pay interest and fees.

A basic rule is therefore not to borrow money if you do not feel confident that you can repay the loan according to what has been agreed with the lender plus that you can also afford interest and fees. Not repaying the loan on time often means expensive extra costs in the form of interest rates and the like, which only makes it worse for someone with a weak economy.

 

There are times when a loan is right after all

credit loan

Although we advise you not to borrow when you have bad finances, there are, after all, occasions when a loan is right. First, bad finances do not mean that you cannot manage your loan. If you are convinced that you can manage the loan (for example, have made a budget where your loan is included and it goes together) then you can of course borrow if you feel it is really necessary.

What I especially thought of for those who have bad finances, however, is the type of loan that is there to help you improve your financial situation. It is then usually about collecting their loans – which means that you take a big cheap loan (usually a private loan or if you can borrow on a home it is preferable) to pay off expensive small loans.

This solution is for those who have accumulated various small expensive loans and credits such as micro loans, smaller private loans and installment purchases that have high costs every month. By taking a single large loan that has a low interest rate, you can repay the expensive small credits and thus free up a lot of money that would otherwise have gone to expensive interest rates and fees every month.

This is a good solution for you with expensive debts but it does not always work. You need to be able to get a big loan first in order for it to go the way and it is not at all certain that a lender will give you a loan if your finances look too bad. You often need a reasonable income, preferably be free of payment remarks etc. There must be a plan for how to solve your financial problems and you have to show your will to be better.

If you can get your loan, it will be possible to pay off the old debts. The goal is to get rid of expensive debts where you pay a lot in interest and fees every month, thus reducing your monthly costs. If you can reduce them, you can then also start saving money and of course take care of the payment of your large loan.

 

“I need to borrow to manage the economy”

payday loan

Sometimes when you have bad finances and the money is not enough, it may feel like the only solution is to take out a loan. What you should not forget is that a loan is often only a temporary help on a permanent problem. It’s like putting a patch on a bullet injury. It may help at the moment but it is no solution in any way.

As I just wrote above, the right type of loan can help you if you have various smaller debts that cost a lot each month but what you shouldn’t do is borrow money just to pay interest on other loans or debts or to use a loan to cover costs and push the problems in front of you. Every time you do something like that, you just dig your pit a little deeper and it will be harder to get out of it again.

Of course, it is sometimes difficult to know what to do when you have problems and the money is not really enough. Borrowing money may be one way to solve an acute money shortage so that one can pay a bill that must be paid, but the solution to the financial problems is usually found elsewhere.

How do you get out of your financial problems?

How do you get out of your financial problems?

It is not easy to say exactly how to go about coping with financial problems because everyone has their own problems and needs their own solution. However, there are various things you can do to work towards a better economy and it is everything from gaining control of your finances with a budget to trying to save money where possible or actually contacting creditors to find a solution. which benefits everyone.

I am not going to try to go through what to do here in the blog post as I would have to write a whole new series just about this topic in that case, but I can link to our section which deals with solving financial problems. There are many good tips that could possibly help you in a better economy. Just remember that loans are usually a bad idea when you have a bad financial situation.

  • Read about Debts, debt restructuring and how to avoid debt
  • Learn about tips to improve your finances and save money

 

Which credit card is best for traveling?

Do you often travel and are you considering thoroughly looking at the payment options? Walking around with cash is no longer of this time. It gives an unsafe feeling and if you are robbed you will be without money. Not advisable. A normal bank card is also possible, but if you do a cash withdrawal, it will always cost you money, certainly abroad. A credit card is another option and actually a good choice. Because there are a lot of benefits associated with a credit card! You will discover them in this article.

Advantages of a credit card

Advantages of a credit card

Of course, the most well-known advantage is that you can pay on credit. Buy something now and the money will not be taken from your account until a month later. You will receive a statement from the bank and you will see everything neatly stated on it. Of course, keep in mind that the money will only be withdrawn later. If you also make payments with your regular bank card, the current account position may be lower than expected. That way you have to keep an eye on everything. So that the current account has enough money to pay the credit card expenses.

Another advantage is that you can have cancellation insurance with a credit card. That is mainly focused on travel, so that can be an advantage. Everyone can be seen a few days before you travel. If you cannot cancel at the hotel or travel agency itself, you can still fall back on the credit card. That way you get the money back that you have already spent.

The best credit card of the moment

The best credit card of the moment

To request a credit card you can easily search via the internet. All banks have an extensive website nowadays. There is already a lot of information that you can read. It is also interesting to know how much the costs are for using the credit card. A standard credit card can even be free at some banks. The standard spending limit is also often 1250 euros. Enough to make a lot of purchases per month. If you want extra features such as annual insurance, a higher spending limit, you will have higher costs for the credit card.

You can take a look at your regular house bank to see if there is an interesting proposal there. But you might as well go to another bank. Because you are no longer tied to a bank when it comes to applying for a credit card. You can therefore leave your current account where it is and request a credit card from another bank. The card and your account will then be linked to each other to make the monthly payments.

Looking for the best credit card for long journeys? Then we recommend Beobank’s World Travel credit card. That way you can leave on a carefree journey at any time. With your purchase you will receive 5,000 flying miles as a gift and you will benefit from 7 exclusive insurance policies. Crazy, right?

Payday loan – A traditional loan

Borrowing money with a Payday loan is knowing where you stand. Choose a fixed interest rate and a fixed repayment amount. Apply directly for a Payday loan and receive quotes from credit providers in the Netherlands without obligation. Which lenders offer you the best Payday loan?

The Payday loan is the traditional loan as everyone knows it. You agree on a certain amount that you want to borrow. It is also called a expiring credit because the loan has a clear end time. This is different with a revolving credit , which you never really have to pay off. There are people who are therefore always in debt. With a Payday loan you opt for more clarity and less uncertainty.

Payday loan benefits

Personal loan benefits

The Payday loan is simply the best choice for most people who want to borrow money. It offers clarity and you know exactly where you stand. However, it is mainly the banks that prefer to see you take out a revolving credit. With a revolving credit, more money can be earned by banks.

The temptation is therefore to take out a revolving credit. Many consumers find it pleasant that they never have to repay a revolving credit completely, or always lend something again. They are so used to borrowing money and with the push of a button you can borrow some money so quickly. Handy for when you want to go on holiday, but just do not have enough money. Or if you want to borrow something extra without asking.

Lowest interest Payday loan

Lowest interest personal loan

But this is not the best loan for many people. Before you know it you are stuck with debt all your life. That is not always pleasant. A Payday loan offers more security and security. The interest is often slightly higher than a revolving credit, but that is not so bad if you compare the interest that online providers of a Payday loan offer to those of the well-known banks.

The interest rate of a Payday loan can vary considerably. This depends on the provider, but also on the duration and the amount. For example, the interest will be lower if the amount is higher. The interest will also be lower if you extend the term. But usually it is best to opt for a fixed repayment amount that fits your budget. Moreover, do not opt ​​for too long a term or for a too high loan amount. After all, you never know what the future can bring!

Wanted a loan without a BKR test – take out a loan

The loans without BKR reviews remain unprecedentedly popular. Certainly now that the number of mini-loan providers is on the rise again, and the advertising budgets of these parties also seem to be growing again. The way to the mini-loan is being found more and more. A loan without a BKR assessment remains in demand because people with a negative BKR registration nowadays have virtually no options left to obtain a loan in the regular process.

Why is a loan without BKR review wanted?

Why is a loan without BKR review wanted?

If we were more honest and open about loans, we should not have asked this question. If you had the opportunity to ask someone with a negative registration what it is like to get a loan, we would immediately know the answer to this question. It is virtually impossible nowadays to obtain a loan with a negative BKR registration with a regular bank. Even a loan without BKR testing from credit brokers is no longer possible. If you would need a loan, and you have a negative BKR registration, it is impossible to take out a loan. So on to a loan without BKR testing and registration.

Where do you take out a loan without a BKR assessment?

Where do you take out a loan without a BKR assessment?

There are a number of providers who do not perform testing and registration with the BKR. The best known of these are the providers of the mini loans. These parties are not affiliated with the BKR and therefore cannot and may not do any testing. In addition, your mini loan is also not registered with the BKR. In addition, you could of course also borrow money privately. In this way you bypass the BKR. Friends or family will not ask you to send the result of your BKR test.

Negative BKR? You will be bothered for a long time …

Negative BKR? You will be bothered for a long time ...

It is not a pleasant comment, but if you have a negative BKR registration, you will be bothered for a long time. A negative BKR registration can be placed if you have two months or more in arrears on a current loan.

The negative BKR registration remains as long as the loan runs. But also afterwards. Even if you have already repaid the loan, this negative registration will still be FIVE! visible for years. A long sentence for an incident. To prevent a negative registration, we recommend that you contact the lender if there is a risk of payment arrears. This is a small effort and can save you a lot of misery. Prevention is and always remains better than cure!

Loan for a study.

Studying again to further develop you? Take a new direction or ensure the deepening of your knowledge? You are never too old to learn, it is always a good idea to invest in the future with a study. Financing that investment with a study loan? It is quite possible to take out a student loan, both on the basis of a revolving credit and a personal loan. Thanks to the low interest rate on the loan for the study, the monthly costs remain well organized so that you can study without worry and focus on the good study results.

Low interest for student loan

Low interest for student loan

Thanks to the low interest rate for a student loan, it does not have to cost much, while you have the option to register immediately and start as soon as possible. A loan for the study makes it possible to pay the registration fee, it is also wise to reserve some resources to, for example, buy books or purchase related materials. Our advisers can clearly indicate what you should take into account when you take a student loan. In addition, they ensure a low interest rate on the study loan, so that you pay a relatively low monthly amount.

Revolving credit or personal loan

Revolving credit or personal loan

The loan for a study can be given shape with both a personal loan and a revolving credit. The personal loan provides the greatest degree of overview of the costs. The revolving credit on the other hand offers more flexibility and generally has a lower interest rate for amounts up to € 5,000. The revolving credit makes it easier to finance additional costs for study materials in the long term. You can withdraw money up to the agreed credit limit and redeem amounts at the time that suits you.

And free advice

And free advice

Do you want advice on a loan for the study, for example to find out which type of credit suits you best or what amount you need for that? We take your situation into account right now and in the future. In addition, you pay a low interest rate for the student loan, so that you can study in an affordable way. Want to know more about the student loan and receive a free quote or advice for free? Contact us via live chat, call us or send us a request online.

Make work on your mortgage now!

 

The interest in buying a home remains high. The demand for suitable real estate is huge. Even without falling interest rates, house prices continue to rise. Logical too, because even now the mortgage interest rate has risen slightly in recent months, the interest rate remains historically low. Moreover, the banks are prepared to accept very low margins on their home loans in order to retain customers for a long time, which means that they ultimately offer much lower rates. So it pays to work on your mortgage now.

Home loan

Home loan

Are you looking for a new home because your personal situation has changed? Or do you rather view it as an investment? In most cases you will have to borrow (a part of) this. The amount that you can borrow naturally depends on your repayment capacity, the equity you want to invest and the value of the property. Once you have mapped yourself, you can start looking for the best provider.

You start best online. Just about every financial service provider has its own website with a home loan simulator today. A credit simulator is a handy calculator that makes it easy to see a complete overview of your options. By bundling all the provisions of the credits, this calculator knows exactly what type of credit you are looking for based on the data you have entered. In addition, it also shows how much credit you can request and what the monthly charges are.

However, remember that when you become the owner of a property, you also have to take into account notary fees, architect fees, registration fees, and so on. Remember this when preparing your repayment plan.

Also watch out for so-called discount rates. A preferential rate is a discount compared to the basic rate (the basic rate). However, this discount depends on a number of conditions. For example, taking out a credit balance insurance with the lender. Or the direct debit of income on a current account at the bank. Or taking out fire insurance with a certain company through the credit company in question. The question is whether such an advantageous rate is cheaper for you?

How to compare mortgages?

How to compare mortgages?

It is therefore important to compare apples with apples. But how do you do that? The percentage that you want to borrow from the purchase price of the property and your monthly net (family) income are, of course, largely fixed. You can get started with interest rates and durations. However, do not limit yourself to these two variables.

It is therefore advisable to compare all conditions and the so-called by – products separately. File costs, debt balance insurance, fire insurance…

As mentioned, the easiest way to start the comparison exercise is online. Do some simulations and compare the APRs (Annual Cost Percentage) purely on the loan, not including insurance, for example. It is best to make a separate comparison exercise for each by-product. Then you add up all the costs and you get the cheapest loan. Or not yet?

Negotiate

Negotiate

If you do nothing, you will get the interest rate that society proposes. If, on the other hand, you are prepared to put pressure on the lender, you can get away with a better rate.
Start your loan application here!

Uncategorized

5 Good Tips Before Borrowing!

People are becoming bolder in borrowing, probably because of low credit rates. You commit to a loan for many years to come, so think carefully about what exactly you need and how you will be able to repay it. In this article, we’ve collected some important tips for successful borrowing.

 

Do You Really Need Credit?

Do You Really Need Credit?

It’s a good idea to think first and quantify if it’s really worth borrowing ?! It is imperative to consider and calculate as a loan is a long term commitment and you need to make sure that you can pay off your installment every month/week safely.

 

Provisioning

Provisioning

Of course, before the loan is disbursed, the bank will check your income statement to calculate the loan amount and installment. It is important that the installment payment is no more than you can actually take. For example, if you pay 50% of your salary, you need to make sure that the remaining 50% covers your daily needs (utilities, bills, food, etc.);

 

It is important that you decide on the overall picture

It is important that you decide on the overall picture

The initial installment, initial cost, APR, interest, etc., are important factors to consider before choosing a loan, but not individually, but together. For example, the interest rate may be favorable over a 3-year period, while for a 10-year period, interest may be up to 2% higher than a home purchase. For a 3-year period, the bank may set a new interest rate every 3 years, but a 10-year interest rate may be safer, but if the central bank base rate and economic indicators are not changing much, a lower interest period may be more favorable. There are also start-up costs that we have to finance in advance and get back from the bank after a successful contract. Therefore, it is important that you decide on the big picture and the factors that are important to you.

 

Awareness of risks

borrow money

It is worth taking out insurance in the event of serious damage to the collateral property, but it is important to insure it (especially for manual workers) in the event of loss of working capacity, health or even loss of life. The devil is not asleep, and anything can happen during the loan term, which is why you should think carefully about it.

 

Take care of your credit!

Take care of your credit!

An old loan may not be the best deal for you in the years to come, so it’s a good idea to open your eyes and look around the market. It is possible that there is a banking product that, if you replace your current loan, can provide you with a better deal and save a significant amount.

5 Good Tips Before Borrowing!

borrow money

People are becoming bolder in borrowing, probably because of low credit rates. You commit to a loan for many years to come, so think carefully about what exactly you need and how you will be able to repay it. In this article, we’ve collected some important tips for successful borrowing.

 

Do You Really Need Credit?

Do You Really Need Credit?

It’s a good idea to think first and quantify if it’s really worth borrowing ?! It is imperative to consider and calculate as a loan is a long term commitment and you need to make sure that you can pay off your installment every month/week safely.

 

Provisioning

Provisioning

Of course, before the loan is disbursed, the bank will check your income statement to calculate the loan amount and installment. It is important that the installment payment is no more than you can actually take. For example, if you pay 50% of your salary, you need to make sure that the remaining 50% covers your daily needs (utilities, bills, food, etc.);

 

It is important that you decide on the overall picture

It is important that you decide on the overall picture

The initial installment, initial cost, APR, interest, etc., are important factors to consider before choosing a loan, but not individually, but together. For example, the interest rate may be favorable over a 3-year period, while for a 10-year period, interest may be up to 2% higher than a home purchase. For a 3-year period, the bank may set a new interest rate every 3 years, but a 10-year interest rate may be safer, but if the central bank base rate and economic indicators are not changing much, a lower interest period may be more favorable. There are also start-up costs that we have to finance in advance and get back from the bank after a successful contract. Therefore, it is important that you decide on the big picture and the factors that are important to you.

 

Awareness of risks

borrow money

It is worth taking out insurance in the event of serious damage to the collateral property, but it is important to insure it (especially for manual workers) in the event of loss of working capacity, health or even loss of life. The devil is not asleep, and anything can happen during the loan term, which is why you should think carefully about it.

 

Take care of your credit!

Take care of your credit!

An old loan may not be the best deal for you in the years to come, so it’s a good idea to open your eyes and look around the market. It is possible that there is a banking product that, if you replace your current loan, can provide you with a better deal and save a significant amount.

Uncategorized

How to improve credit history

There are ways to improve credit history. Thus, when you make the next application for a financial product, a lease or an education loan, you will have an excellent rating.

I recently met a person with a very peculiar financial attitude. He was preparing to ask for a mortgage loan.

Seriously, he was getting ready.

Why? I wanted to receive the best possible rating so that, in this way, the bank will consider the best possible interest rate. That is, he wanted to show that he had a good financial management and therefore did not imply a great risk for the bank.

He knew that, at lower risk, better rate.

And it is true. People who demonstrate low risk do better business : the financial institution will assume the risk rating, among other factors, to calculate the rate. If, for example, you get a “normal” rating, it will imply a better rate , probably, than a person who has a “poor” or “doubtful” rating. The consequence? You will pay less money in interest.

 

Thinking about that is worth it

Thinking about that is worth it

But, in addition, having a good rating in the Credit Bureau makes your life easier . You access – without notice – a cell phone plan, the credit program at the university, a lease agreement for a department and even a new credit card.

Yes, comfort, agility and good name when doing business today is vital. But there is another point on which I want to draw your attention: why pay more if you can pay less?

That is the financial attitude that is needed.

 

What to do to improve credit history

What to do to improve credit history

Of course, the first measure is to fulfill all the commitments acquired, on the dates indicated:

  • Invoices
  • Credit cards
  • Personal credits, free destination.
  • Mortgage credits
  • Public services
  • Mobile
  • Taxes
  • Checks
  • Letters
  • Alimentary pension

Many people have found in the “automatic debit” a good help. It works perfect as long as you have an account balance. (A bank will never automatically pay a bill unless it finds the money!)

The idea is to avoid being reported to the Credit Bureau at all costs . You know, the Ministry of Finance has the obligation to register all the information of the entities it monitors (banks, cooperatives, financial institutions, savings banks). And they have the obligation to report when their customers stop paying credits, cards, or keep accounts in overdraft.

The Chamber of Commerce each time it manages a dispute for non-payment, sends a report to the SHCP. Commercial companies, educational entities, also report.

 

Every time they check your ID, it’s a good business opportunity.

credit loan

Control the expense so that at the end of the month you have a balance in the checking or savings account. Then, you can pass it to the trust account or to the voluntary savings of the Afore or the Pension Fund. Banks make “averages” and if they observe good management, points in favor.

 

As you already have your levels of expenses controlled and you are fulfilling your budget

As you already have your levels of expenses controlled and you are fulfilling your budget

it is time to make a financial move: if you do not already have it, open a checking account. This type of account has a couple of additional services: you can use virtual channels and you will have an overdraft quota.

You may not want to use it at this time, but it works like this: the limit is a kind of credit. If you do not have cash and you must make a payment, you can withdraw money from your account, even if you do not have it. That money generates (expensive) interest and you will have up to 30 days to pay it.

 

What is interesting

What is interesting

Part of the evaluation made by the entities is the relationship between the available credit quotas and the use you give them. Under the use of overdraft translates into “good management” and therefore the rating will be good.

In that same order, increasing the limit of your card or requesting a new one will affect the relationship between credit/use of credit. It’s sending a message to the bank: I don’t need that money, I’m fine.

The idea is not to use 100% of your credit rating or 0%. The idea is to show that you are a good payer, a good customer. Therefore, use your cards wisely.

If, for whatever reason you are reported, be a little calmer. The record is deleted in a variable number of years, it can be 3 or 5. Meanwhile, it demonstrates discipline in money management.

How to improve credit history

There are ways to improve credit history. Thus, when you make the next application for a financial product, a lease or an education loan, you will have an excellent rating.

I recently met a person with a very peculiar financial attitude. He was preparing to ask for a mortgage loan.

Seriously, he was getting ready.

Why? I wanted to receive the best possible rating so that, in this way, the bank will consider the best possible interest rate. That is, he wanted to show that he had a good financial management and therefore did not imply a great risk for the bank.

He knew that, at lower risk, better rate.

And it is true. People who demonstrate low risk do better business : the financial institution will assume the risk rating, among other factors, to calculate the rate. If, for example, you get a “normal” rating, it will imply a better rate , probably, than a person who has a “poor” or “doubtful” rating. The consequence? You will pay less money in interest.

 

Thinking about that is worth it

Thinking about that is worth it

But, in addition, having a good rating in the Credit Bureau makes your life easier . You access – without notice – a cell phone plan, the credit program at the university, a lease agreement for a department and even a new credit card.

Yes, comfort, agility and good name when doing business today is vital. But there is another point on which I want to draw your attention: why pay more if you can pay less?

That is the financial attitude that is needed.

 

What to do to improve credit history

What to do to improve credit history

Of course, the first measure is to fulfill all the commitments acquired, on the dates indicated:

  • Invoices
  • Credit cards
  • Personal credits, free destination.
  • Mortgage credits
  • Public services
  • Mobile
  • Taxes
  • Checks
  • Letters
  • Alimentary pension

Many people have found in the “automatic debit” a good help. It works perfect as long as you have an account balance. (A bank will never automatically pay a bill unless it finds the money!)

The idea is to avoid being reported to the Credit Bureau at all costs . You know, the Ministry of Finance has the obligation to register all the information of the entities it monitors (banks, cooperatives, financial institutions, savings banks). And they have the obligation to report when their customers stop paying credits, cards, or keep accounts in overdraft.

The Chamber of Commerce each time it manages a dispute for non-payment, sends a report to the SHCP. Commercial companies, educational entities, also report.

 

Every time they check your ID, it’s a good business opportunity.

credit loan

Control the expense so that at the end of the month you have a balance in the checking or savings account. Then, you can pass it to the trust account or to the voluntary savings of the Afore or the Pension Fund. Banks make “averages” and if they observe good management, points in favor.

 

As you already have your levels of expenses controlled and you are fulfilling your budget

As you already have your levels of expenses controlled and you are fulfilling your budget

it is time to make a financial move: if you do not already have it, open a checking account. This type of account has a couple of additional services: you can use virtual channels and you will have an overdraft quota.

You may not want to use it at this time, but it works like this: the limit is a kind of credit. If you do not have cash and you must make a payment, you can withdraw money from your account, even if you do not have it. That money generates (expensive) interest and you will have up to 30 days to pay it.

 

What is interesting

What is interesting

Part of the evaluation made by the entities is the relationship between the available credit quotas and the use you give them. Under the use of overdraft translates into “good management” and therefore the rating will be good.

In that same order, increasing the limit of your card or requesting a new one will affect the relationship between credit/use of credit. It’s sending a message to the bank: I don’t need that money, I’m fine.

The idea is not to use 100% of your credit rating or 0%. The idea is to show that you are a good payer, a good customer. Therefore, use your cards wisely.

If, for whatever reason you are reported, be a little calmer. The record is deleted in a variable number of years, it can be 3 or 5. Meanwhile, it demonstrates discipline in money management.