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Pay attention! Borrowing money, costs money
borrow money responsibly

Date: January 31, 2020

Borrow money as responsibly as possible

Consumers who do not have enough (savings) money to make a larger expenditure, can apply to borrow money. But as we all know: borrowing money costs money. So if you want to borrow money, you prefer not to take it overnight and you are well informed about the risks.

In this article we give 6 tips to borrow money as responsibly as possible.

6 (surprising) tips to borrow responsibly

  1. The very best tip we can give: take the time to think carefully about your decision. Taking out financing does not have to be bad at all, provided you look carefully at the future and your options. There are many aspects to borrowing money, such as term, amount of the loan amount, interest, monthly amount of the repayment, extra repayment and any term life insurance. That is why it is important to have a clear picture of which type of loan best suits your situation and loan purpose. Borrowing money is by definition a decision for the longer term.
  2. Be realistic about your personal situation and any changes. Taking out a loan means that you also have to pay it off; within a number of years. What does that mean for your personal situation? Do you have plans to move house, is there a child on the way, will you soon lose your job or are you going to work more? Can you continue to bear the monthly payments at all times? Responsible borrowing means that you look at your situation with realistic glasses and factor in (financial) changes.
  3. Learn to save. That probably sounds a bit strange for those who want to borrow money because there is currently no own money in the house. But: 'those who cannot save, should not borrow either' is meant by this tip. The idea behind this: if it is not possible to set aside an amount every month, how difficult will it be to meet the financial obligation of the loan every month?
  4. Duration versus user pleasure . Do you take out a loan to pay for a car or an exotic world trip, for example? Make sure that the term of the loan does not exceed the period in which you use the car or go on holiday. Otherwise, you will still be paying off while the car / phone / boat has long since been sold or used up. Or worse: your trip around the world was completed 2 years ago, but the good memories have now been made up by grueling monthly payments. And of course, is the desired purchase really necessary or more of an emotion or impulse purchase?
  5. Avoid an extra BKR registration as much as possible. Anyone who takes out a loan above 250 us dollar is registered with the BKR . That in itself is not a problem. However, as soon as payment arrears arise, you will receive a negative registration that will remain for 5 years. Disastrous for those who want to buy a house, for example: you cannot take out a mortgage.
  6. Compare Loans. Once you have determined that you can bear the monthly burden of a loan, it is time for the next step: comparing loans. With us you will receive in 1 overview an offer of 5 banks, in which all conditions are set out. This way you can compare loans well. One loan is not the other, which is why it is important to know where you can best take out a loan and which conditions best suit your situation. Nibud has a handy checklist for this.

What to pay attention to:

  • Is the lender registered with the AFM? In other words: is the business legal?
  • Request multiple quotes. What are the relationships between the interest, term and the total amount of the loan? Is a fixed rate or a flexible rate more convenient for you?
  • What do the fine print / terms say? Can you repay the loan early without penalty? What do the conditions say about incapacity for work, unexpected high healthcare costs or even death? Can / do you have to take out term life insurance? All these conditions are at least as important as a decent interest.


If you want to borrow money, it is therefore wise to be careful and to take the long term into account. Haste is rarely a good thing, and certainly not when it comes to money.

Have you decided after careful consideration that a loan suits your personal situation and your plans for the longer term? Request a quote here without obligation and receive a realistic offer from 5 banks in 1 overview. The better you can compare loans, the better prepared you will be.

Request a quote without obligation