With a personal payday loan, you agree on a number of things in advance. You are then talking about the term, the interest and of course the amount to be borrowed. This amount is deposited into your account in one go and can be spent freely.
Personal payday loan
Unlike a revolving credit , a personal payday loan always has a fixed term and a fixed interest rate. It is the most popular loan form in the Netherlands. You must answer a number of questions when requesting a free quote for a personal payday loan. This free quote does not oblige you to anything and you will get a good insight into what the monthly costs for your personal situation will be.
Remission in the event of death
In general, with a personal payday loan you will find the clause that the loan will be waived in the event of death and will give you an extra piece of rest. A personal payday loan is especially effective for a large lump sum, such as the purchase of a car or a renovation of your house. But this is of course not necessary, because you can use the amount as you wish, you do not have to account for it. It is usually asked what you will use the money for.
With a personal payday loan you are not free to choose what you want to pay back each month, this is determined in advance. It is also often not possible to repay early without penalty interest, so you must adhere to the agreements made in advance. However, there are providers that allow early repayment. Look in the overview .
Maximum to borrow
The amount and duration of the personal payday loan depend on your income, personal circumstances and fixed costs, the higher the income, the more you can borrow, but usually, the limit is around 50,000 euros. The interest rate of a personal payday loan is currently slightly below 5%. Shopping and requesting multiple quotes can quickly yield a saving, with a saving of 0.3% this saves a slop on a drink at a hefty amount.