When you take out a loan, you are pretty well informed. What are the conditions, the full costs, …? At Good Finance we are transparent about our loans. We protect the consumer and provide extensive information. In this blog, for example, about payday loans and the centralization of loans.
For loans there is the ‘Consumer Credit Act’ . This states what is possible and what is not possible with loans. The purpose of this is to guarantee transparency and to protect the consumer when taking out a loan. As a credit broker we do this too. If you take out a loan with Good Finance, you know what to expect.
What is a payday loan?
With a payday loan or an installment loan you can borrow a fixed amount that is immediately available to finance your personal purchases or projects. It is usually a relatively small amount. Consider, for example, a budget for a trip, party, car, smartphone, garden or home refurbishment, …
What are the benefits of a payday loan?
Thanks to a payday loan you do not have to pay everything at once and you keep a clear overview of your expenses. That way you know exactly what you pay and when your loan is repaid. Every month you repay a fixed cost (interest and repayment) at a fixed interest rate over a fixed term . You do not have to own any property for a payday loan.
What are the conditions?
To get a payday loan you must have a fixed income , be a natural person , be at least 22 years old and be able to prove that you are making the application . The capacity of your loan is also very important. Is your income in balance with the expenses? In other words, do you have enough capital to repay your loan ? Take the total costs into account ! Please note, borrowing money also costs money!
Please note: lenders are required to check your borrowing history at the CKP. The government protects consumers because a maximum interest rate has been set.
Centralization of loans
You can have multiple loans, which means that you have to pay multiple personalities. Eventually this can become a lot and unclear. And the ratio between income and repayments is out of balance. Then they sometimes propose a centralization of loans . All your credits are then merged into one loan . You pay one monthly amount, have a fixed interest rate and you can reduce your costs. Remember that the duration is extended !