Who to turn to? | Borrowing money from a bank

Borrowing money from a bank is becoming increasingly difficult. This is the result of the financial crisis and the abuses of recent years, which seriously depressed the banks’ profit margins. But maybe you also have a personal reason not to borrow from your bank? In this case you can use lenders who are not banks. Since the financial crisis that also caused a crisis of confidence in the banks, borrowing without a bank has become more common. In addition, the internet is becoming more secure. This combination of social developments has meant that borrowing money without a bank is the latest trend when it comes to taking out loans.

Popular loan form

Popular loan form

It is a habit that stems from the past: if we need a loan, we approach banks. Many people don’t even get beyond their home couch. Yet there are many lenders that do not offer banking services but specialize in providing loans. People usually focus on the personal installment loan. With this type of loan, everything is determined in advance. Duration, repayment amount and interest rate are all known in advance. This entails less risk for the provider, but also creates more clarity for the borrower.

Comparison is the message

Comparison is the message

Almost every lender does have a site where you can perform loan simulations. You can then make an estimate in advance of how much a loan at that institution will ultimately cost. It is best to perform loan simulations on the website of the provider itself, so you can be sure that the most current interest rates are always used. You can compare loans on the basis of the APR ( Annual Cost Percentage ). The APR includes not only the interest rate but also all costs associated with the loan. In Belgium, it is a legal obligation to state the APR. This makes it much easier for you to compare loans so that you can find the cheapest loan.

Another alternative

Another alternative

Another option is to take out a private loan. For example, you borrow money from a family member, acquaintance or private individual. Making agreements about such an account is very important. If you agree well on what you borrow, when and in what installments the repayment is made and at what interest you can borrow, nothing can go wrong. Everyone knows what is expected of him or her. You can even record this in a contract. To avoid disputes afterwards, it is advisable to let everything go through transfers. Ideally, you should clearly refer to the written loan agreement in the notice. You could also consider having the loan registered at the registration office in your area. You then pay the fixed duty of 25 euros.

Don’t waste time

Don

Do you also want to borrow without the intervention of the bank? Make a request and we will contact you immediately.

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