This credit is a decent word for all kinds of loans that are taken out for personal use. It is therefore not a mortgage loan; you close that when you buy or build a house, or make expensive repairs. A mortgage loan is often a long history and there are other conditions attached to it. A consumer credit is about a personal, often one-off, expense for which you as a consumer take out a loan. Examples you probably know are a trip around the world, a new car or a tumble dryer. But this form also covers other forms. Because there are various types, we have listed them for you. So you don’t have to look far.

Personal loan

Personal loan

Firstly, there is the personal loan: it has a fixed interest rate and duration, and you know exactly what you pay off each month and when the loan ends. You can also request a revolving credit: that is a loan without an end date. You have a limit and you pay off your loan at a (variable) interest, but you can always withdraw and repay. Another credit is red in your account. This can be practical if you occasionally have problems getting through the month or have to make an unexpected purchase. Standing in red is very expensive, because the bank often calculates the maximum permitted interest; that is the current interest rate (2% in 2017) plus 12%. You can also be charged the same high interest if you buy in installments in a (web) store. You can often choose between different durations.

The credit card offers you the option to purchase flexibly. 

The credit card offers you the option to purchase flexibly. 

The card can be used in the store or online. You can also often pin to receive cash. A limit has been set and the interest is variable. The interest rate is usually much higher than for a personal or revolving credit. Finally, there is the car lease: you pay the leasing company a monthly amount until the car is paid off. You are responsible for maintenance and gasoline. All these forms of consumer credit can usually be taken out online. And that actually only takes 3 steps.

First see who the cheapest providers are. It is a good idea to compare a number of lenders by requesting different quotes. Step 1: go to the website of the provider and use the simulator tool for free. Step 2: enter a number of details, such as the amount and duration. You can see in a few minutes what your monthly repayment will be. Step 3: if the payment fits in with your budget, you can take out the loan directly online. If it concerns a relatively small credit (below 1000 USD), the money is often already in your account within 24 hours. With larger loans it is possible, for example, to email your wage slip. You can usually simply take out a consumer credit from your comfortable seat. Nice right?

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