Borrowing money is possible in various ways. Depending on the term, the amount, the means you have to repay and a number of other factors, your financier will make a proposal for a form of borrowing. Below are the most
Explained common forms of loans and provided tips for cheaper borrowing.
A revolving credit, as the name implies, continuously gives more financial room. The disadvantage is of course that you also pay interest continuously. If you do not need money, redeem!
- Cheaper revolving credit: if you have multiple revolving credit. Then transfer them to one revolving credit, you will always be cheaper!
A personal loan includes a fixed loan amount and also a pre-agreed term, repayment and interest. Personal loans can be repaid early.
- Cheaper personal loan: if you have a high interest rate on your personal loan, it can be interesting to transfer it to a cheaper lender. Pay attention to the small print!
A mortgage is probably the best known form of borrowing. Mortgages are usually taken out on real estate, for example a house. Mortgages often include huge amounts, since houses are not cheap. Thanks to the long duration, usually 30 years, it is important that you keep a close eye on whether it cannot be cheaper during the duration. Your house will be worth more, the interest rate will fall, enough reasons to be regularly advised on your mortgage. And don’t do that with your regular bank or financier, you can gain insight.
- Cheaper mortgage: get informed about the state of affairs every 5 years. Your house is worth more, the interest is lower. These are reasons to adjust your mortgage and to continue living in your house for less money.
Everyone who borrows money will receive a BKR registration, even if you always pay off on time. If that does not work (anymore) and it is a problem between you and the financier, you will receive a negative registration with the BKR. In that case it is often difficult to get a cheaper loan from another financier.
Before you start looking for a new financier who can help you with the refinancing or refinancing of your personal loan, revolving credit or mortgage, it is wise to consider the fact that you have a negative BKR registration. It is difficult enough to maintain a healthy financial position without that situation, let alone with BKR registration. Therefore, always seek advice from a good adviser and try to find it in the ‘regular’ offer. Financers who lend to you without a BKR test usually do not have the best prospects for you.
Debts? Borrowing more is never the solution!
Sounds logical, right? But many people still take out a new loan to pay off their old debts. Unfortunately, this will ultimately only lead to greater financial problems. Settle debts in a different way, for example through a payment arrangement. Fortunately there are also plenty of debt restructuring advisors who can help you with that.