Personal Loan in the Netherlands
A personal loan can give you more financial room or help you with something specific. You can use a personal loan for different purposes, such as renovating your home, buying a car or just to have more financial freedom. There is also an option to combine your existing loans into just one loan and not having the trouble to pay of different parties with higher interest rates.
How does it work, applying for a personal loan in the Netherlands
A personal loan is a type of consumer loan that you can apply for via various providers.The loan has a monthly installment, interest and a fixed term. This is comparable with other loans such as a mortgage or for example a car lease. Witha personal loan the amount that you borrow will be paid out in full to your bank account. The monthly installment will then be transferred automatically form your bank account to the lender.
Interest rates for a personal loan
There are various banks and lenders on the Dutch market that provide a personal loan. The interest rates, however, do vary from lender to lender. The average interest rate is between 5-7%. Just keep in mind the higher the interest rate the more expensive the loan will be eventually. With Financial Consultancy Holland you can compare the different rates and conditions of the banks and lenders that we collaborate with.
Applying and requirements for a personal loan
As an expat you are able to apply for a personal loan, this depends on the following criteria:
- You are working in the Netherlands with a (permanent) contract. In case of self-employment, you need at least 3 years of income history.
- You have no negative loan registrations in the Netherlands and also no issues with the BKR(Dutch Credit Registration System)
- If you don’t have a European passport, you need a residence permit with the following types: I, II, III, IV, V.
Do you meet the criteria mentioned above? Then you are ready to apply and start your new project.
Apply via Financial Consultancy Holland for a personal loan
Applying via Financial Consultancy Holland, you can be sure that we compare a wide range of banks and lenders with the best interest rates and conditions. The amount that you would be able to borrow depends on your financial situation and income. In general, the term to pay back a personal loan is somewhere between 1 to 15 years. In most cases a consumer loan has a timeline of maximum 5 years.
Are you ready to start? Get in touch with one of our experienced advisors and we will let you know what documentation is needed to start the application. There is no need for a collateral and the processing time is roughly between 2 to 4 weeks.
