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Pay attention! Borrowing money, costs money

Date: February 4, 2019
By: Ronald Gracia

4 Tips for Switching Wisely

Are you considering transferring your loan or merging several loans ? Then pay close attention to the conditions and any costs ( penalty interest ).

Here are 4 tips to transfer (and merge) your loan (s) sensibly:

1. Do the costs of transfer outweigh the financial benefit?

A (somewhat older and longer-term) personal loan is often not repayable without penalty. Check this carefully in the conditions. If you have to pay a fine, determine whether you are ultimately better off making a transfer. At De Nederlandse Krediet Maatschappij you can always repay your personal loans without penalty.

2. A short term is usually cheaper

An additional advantage of refinancing your loan is shortening the term. You can repay faster with a shorter term. After all, the term is shorter and the interest is lower. In the beginning, due to the shorter term, the monthly amount to be repaid will be slightly higher than with your old loan. But because the loan is being repaid at an accelerated pace, this amount drops quickly. A loan with a short term is therefore always cheaper.

3. Easy acceptance of the same loan amount

When refinancing a loan, the lender reassesses whether you can get the credit. Information is requested from the BKR about your payment behavior. In addition, the bank will reassess your application / loan on the basis of your current current income and expenses. If you borrow the same amount (so no higher amount), there is a good chance that you can transfer without problems.

4. Note: often higher interest with a small loan

Do you have several smaller loans? Good to know that you usually pay a higher interest rate for small loans than for larger consumer loans. The best way to save money on all those little loans is to merge. It is possible to merge various types of loans. Think of a personal loan, credit card debt, a revolving credit and overdraft at the bank. Mail orders or store credits are also common credits .

When merging, you borrow one larger amount to pay off all small loans . The advantages are numerous: lower costs and therefore a lower interest rate, a shorter term and much more overview. Do check carefully whether costs are involved, especially with personal loans.

Check out the top 5 cheapest personal loans

Ronald Gracia

Partner and Head of Acceptance

Author: Ronald Gracia

Michel is a real all-rounder. He knows everything about credits. Whether it concerns a personal loan, a revolving credit or a combination credit for consumers, you have to go to Michel. Michel is friendly, patient and always has time for a chat or a listening ear. '

Specialization within Snaploan Online - Acceptance of applications, issuing via e-mail and My SNLO of the overviews containing the possibilities of our partner banks.

'I make sure that you can compare all options at a glance and that you can make the right choice. I think it is really important that you take out a loan that suits your needs. '

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