“What should I look out for if I want to borrow money? “I regularly see that question come by. An important question, because you don’t just borrow money. With a loan you usually enter into a commitment for several years. So think about it beforehand. To help you on your way I have collected the best money lending tips 10 tips to make the right choice and to borrow money responsibly.
Borrowing money, costs money
Therefore, consider whether a loan is really necessary. Saving money for an expense is cheaper. Is saving not an option? Calculate how much you can set aside each month for the repayment. Determine your loan amount based on what you can miss every month. Only in this way can you borrow money responsibly.
Are you borrowing for a special purpose or do you need continuous financial support? Every situation requires a different type of loan. So delve into the possibilities, use our loan guide and discover which loan suits you best.
Avoid flash and mini credit
In addition to all tips, a small warning. Watch out for mini and flash credits. With such a loan you can never borrow money responsibly. They are small loans that you sometimes take out within a few minutes at an extremely high interest rate. It seems attractive, but only costs a lot of money. Don’t be tempted.
Compare interest rates
Interest rates often differ per provider. Do you know which loan you want to take out? Then compare the interest rates of several banks. If you request a quote from us, we will send you an overview containing the offers from our partner banks. This way you can easily compare the interest.
The service also differs per bank. The costs associated with this affect the price of your loan. Compare the options and consider what you need. In addition, always check whether the bank is affiliated with the AFM and has additional quality marks. That way you know for sure that you will work with a reliable party.
Select the correct duration
This money lending tip is sometimes overlooked, but I find it very important. When determining the duration, take into account the duration of use of the loan target. For example, do you borrow money for a car? Make sure the credit is repaid before you sell or write off the car.