There are various loans in the Netherlands. On this page you will find useful information to discover which loan form is most suitable for you. A few types of loans have been compared below. Benefit directly from the handy comparison that we have made per loan.
A personal loan
means that you borrow a fixed amount and pay a fixed interest on it every month. It is not possible to withdraw extra money in between, something that is possible with a revolving credit. A big advantage of a personal loan is that the interest is agreed in advance and does not change during the term of your loan. That way you know exactly where you stand.
Advantages of a personal loan:
- Fixed amount that you borrow
- Fixed interest per month
- Borrow a large amount once
Disadvantages of a personal loan:
- Not possible to borrow in the meantime
- Early repayment is fined because the lender loses money from the interest of the term
- Interest is often higher than with a revolving credit
A revolving credit
means that you agree on a certain credit limit, on which you pay a fixed percentage every month. However, this payment can fluctuate because the interest is variable over the term. Usual interest rates are between 1 and 3%.
Advantages of revolving credit:
- Borrow a fixed amount, but also the option to borrow money in the meantime
- Low interest compared to a personal loan
- Borrow money flexibly
Disadvantages revolving credit:
- Interest is variable (sometimes higher than expected)
- You never know what the total interest cost will be
- Revolving credit requires discipline to repay
A mini loans
(also called microcredit, flash loan
or payday loan)
is a loan that can quickly shut. You can often borrow
a small amount
that is quickly in your account. A big advantage for you is that you can borrow money quickly and easily. The disadvantage of this, however, is that there is a high interest rate and that the loan must be paid off in the short term, sometimes within a few weeks. Read the other advantages and disadvantages of a mini loan below.
Advantages of the mini loan:
- Fast money on your account (sometimes within 10 minutes)
- No BKR review
- Small amount, so the debt is not too high
Disadvantages of the mini loan:
- High interest
- Fast repayment (sometimes within a few weeks)
Borrowing money, costs money. Always consider whether you need the money. It is often wiser to save for a large purchase or wait for your salary.