How to get a personal loan online quickly.?

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There are many reasons to borrow. As it covers all expenses, the personal loan, or installment loan, is the ideal product. Here, explained in clear and simple terms, the principle of the personal loan, as well as its advantages and disadvantages. We will also let you know when another solution (a line of credit, for example) will be preferable to the personal loan.

How much money do you need?

The personal loan, also called installment loan, comes with a number of conditions – in principle, advantageous, but which can, depending on the circumstances, be considered as disadvantages. If these conditions do not suit you, or do not suit your personal situation, perhaps it is better to give up borrowing and save until you have collected the necessary sum.

You benefit from a fixed interest rate, which does not depend on the evolution of market rates.

It is a less flexible loan, since its amount cannot be modified;

The personal loan being granted for a defined purpose, the sum will be paid to you in one go, without any question of reserve;

The agreed duration cannot be changed;

The monthly payments cannot be increased on the initiative. Higher monthly payments or early repayment are possible, but you will probably have to pay additional fees.

A personal loan is not for you?

The personal loan, also called installment loan, is a loan, in which the desired amount is paid into your account in one go. You then repay it every month, during the period agreed in advance, to the party who advanced the sum: the lender. You pay interest for this. Learn more about what a personal loan is.

What is the personal loan used for?

As the sum is paid in one go into your account, the personal loan is ideal for purchases whose amount is known in advance. Funds can be used for:

What are the terms of such a loan?

Can I take out a personal loan while also having a loan registered with the Central Individual Credit Register?

How much does a personal loan cost?

You know it: borrowing money also costs money. The exact cost of borrowing depends on your individual situation. The amount that you will repay each month (the “monthly payment”) will depend in particular on the duration of the loan. The monthly payment, which is fixed, is made up of a part of the capital, to which is added the interest. The duration of the repayment depends on your choices and your preferences, but also, as required by law, on the amount borrowed.

Can I conclude a line of credit while also having a loan registered with the CCP?

The Central Individual Credit Register (CCP) lists all Belgian borrowers – including, therefore, those who take out a credit line. It is up to the credit agency to see if it is willing to grant the consumer the new credit requested. Learn more about the CCP .

How is interest refunded?

Good – now I know what a personal loan is. But what does opening credit consist of?

The line of credit is also a loan, but with what is called a credit limit, or reserve. The main difference with the installment loan is that you do not get a fixed amount, but a reserve, which you can draw on as you wish.

In addition, the interest rate is, in the case of the opening of credit, variable. The duration is fixed. As for the increase in repayment or the early repayment of the debit balance, they can take place free of charge, that is to say without penalty.

The opening of credit is also characterized by what is called zeroing. Introduced in 2013, zeroing is an integral part of Belgian consumer credit legislation.

When to prefer the opening of credit to the installment loan?

The opening of credit is very practical if you do not know exactly how much you are going to need. Are you doing renovations? Chances are you know how much they are going to cost you, so a personal loan, or installment loan, is likely to be the preferred option. Above all, the opening of credit allows you to have a reserve, which you can draw on according to your needs and which you will repay as soon as you are financially more comfortable. The payment card, also called credit card, which is linked to it for free, is accepted everywhere.

What would happen if suddenly I had difficulty repaying?

No one is immune to a hard blow, likely to lead to repayment difficulties: incapacity for work, job loss, divorce, are all major changes that we do not always control. and which can have a considerable influence on repayment capacity.

It is absolutely necessary, if the case arises, to contact us. As long as you tell us about them, we can always seek, together, a solution to your radical changes in your financial situation.

Very practical, the tool allows you to calculate the monthly payments corresponding to the loan and the desired duration.