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How does the personal loan work in Belgium?

Among all the Belgian loans available, it is not always easy to know which one best suits your situation. Here is to inform you an article to know everything about the personal loan in Belgium.

How to apply for a loan in Belgium?

It is quite possible to take out a loan in Belgium. To do this, simply contact banks that specialize in this area. These companies offer different offers that are identical to the usual banks.

It is now possible to apply for a loan with just a few clicks. Many banks allow online application via a form. The bank’s response will depend on your personal situation and your ability to repay; for this type of loan, however, you do not necessarily need to present proof (estimate of funds, invoice, proof of purchase). 
). To increase your chances of getting a private loan from banks, you must meet certain conditions. E.g

  • Be in good standing with your debt repayment:If you already have an outstanding loan (for example for the purchase of your house), make sure you are in good standing with your repayments.
  • Working on a permanent contract: This is an important acceptance criterion because you must be able to pay your monthly payments without interruption and have sufficient monthly income.
  • Take a co-borrower: With two monthly incomes instead of one, you increase your ability to repay, which makes banks more likely to give you credit.

The various personal loans in Belgium

Firstly, there is the installment loan, which is a loan that does not require proof of use of the money. The repayment period and the interest rate are also known in advance. The borrower knows what to expect. Besides, he knows what he’s getting into.

Then there is the mortgage, which is the best support recommended for those who want to invest in Belgian real estate. This loan corresponds to the mortgage loan in France. If the borrower does not really know his ability to repay, he should not start with this personal loan.

Finally, there is the grouping of credits, which is a solution that is ideal for people who want to avoid excessive indebtedness. This practice makes it possible to require small monthly payments and a longer repayment period.

To facilitate the search, it is better to go through credit comparators. These are almost all available online. They are used to sort and compare different existing offers. The comparison is made based on different personal criteria.

After this operation, the credit comparator provides a list of the best offers and you just have to choose!

One thing to consider before getting a personal loan in Belgium is the level of protection you need when taking out a loan. Make sure you are protected by insurance and understand the loan terms.

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