On your wish list: living in a nice house, driving a nice car that is also safe or following a new course that increases your chances on the job market. Everyone has different priorities and therefore a different list. One thing remains important for many people: applying for a good loan to make all dreams come true. But how can you best apply for a loan? And where should you pay attention when applying for a loan?
If you can no longer see the forest for the trees, you will find below a handy list of what the options are, what conditions you have to take into account and what the monthly charges are best for you. Stop dreaming and read on!
Step 1: request a quote
You can request a quote in several ways: both by telephone and online. When requesting a quote, you also get the opportunity to be advised to ensure that you make the very best choice. Of course you can also choose to make a choice from the products and offers yourself. Some companies call this “execution only.” The company is then only responsible for the administrative handling of the loan. This is done together with the lender.
Step 2: Send the required information
It is now time to sign the quote and send it together with the necessary information. This is checked for you and forwarded to the lender. You often have a few days to change your mind before you have to sign the quote.
Step 3: receive the money from the lender
The moment your lender approves your request, you will receive a message from the company or the intermediary with whom you work. Here you can read when and how you can access your borrowed money. In the unforeseen event that your application is nevertheless rejected, you will of course also be informed of this.
Important information when applying for a loan
Do not forget to collect all the documents mentioned in a loan offer (payslip, a copy of your proof of identity and bank statement. You must then return it together with a signed loan agreement. Check that the interest rate is correct and that no costs are charged) An example of this is if an insurance policy is taken out.
How much time did you spend applying for a loan?
As soon as the lender has received all the papers, he usually transfers the money within two working days. Are you already dealing with loans that have to be repaid with the amount that you are borrowing? Then the lender pays these to another lender in such cases to repay your old loan in full.
How should you act after applying for a loan?
You have taken out the loan and now have access to the money. It is smart to check the interest on your loan at least once a year now. Check on your statements or by calling your bank if the interest you pay is still (one of) the lowest. As soon as you come across a lender offering a lower interest rate, it is advisable to prepare a new loan offer and to take out the loan. The advantages: you can get rid of your loan faster in this way and you save considerably on interest charges.
You should not forget this when applying for a loan
Applying for a loan consists of a few important steps, none of which you can skip. So don’t forget to: check the final interest in your quotation, determine that you are not borrowing too much (which means that you cannot pay the monthly costs) and check whether or not you have to open a checking account or salary account. Also determine for yourself whether you can pay off a personal loan without fines and whether there are other obligations attached to the loan. This includes a life insurance policy or a disability benefit. Don’t let your attention slip away especially with extra insurance policies. These increase your interest (or the loan amount), so you also have to deal with monthly costs. In some cases it is therefore smarter to take out such insurance separately.