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By optimizing your loan application for a payday loan direct lender, you increase the chance that you can take out a loan quickly.
Start collecting documents
The procedure that you have to go through to take out a loan will be faster if you provide the most complete file possible from the start. In this way you demonstrate that you are well organized and that you take the application seriously. View the list above and collect all listed documents before contacting the bank. You can consult a financial adviser by presenting your documents to him or her. In this way you already know whether your file is in order and you can obtain further information about the reimbursement conditions even before you submit the application.
Pay close attention to your expenses
Applying for a loan should not be done because of a feeling of despair. You must consider in advance that a loan is a major responsibility, with which you potentially commit yourself for years to monthly repayments. Start tracking your expenses more than six months before applying for the loan, so that the bank can see that you have a good borrower profile.
Start putting aside a little bit of money every month so that you get used to the discipline required to repay a loan. Avoid withdrawing more money than is in your bank account. This shows that you do not live on credit.
Make a personal contribution
If your spending profile does not seem too healthy, you can save to pay for part of the desired project yourself. In this way, the financial institution has more certainty that you will be able to repay the amount and you will have to pay less interest. Your personal contribution will usually take up between 10% and 50% of the loan amount.
Have someone stand surety
You can strengthen your loan profile by letting a family member stand surety for you. This way, the bank knows that you will receive help if you have difficulty with monthly payments. This creates more certainty for the institution that you will repay the loan in time. Discuss this thoroughly in advance with your potential guarantor.
Compare the different loans in Belgium in advance. Thanks to our online comparison platform you can request the right loan, since you know the costs and duration of the loans in advance. A well-informed person counts for two. By comparing loans you can find the most suitable loan for your profile and project. On TopCompare.be you will be referred to the cheapest banks, after which you can apply for your loan directly online. This knowledge of the financial market gives you more negotiating powers and enables you to immediately recognize a poor offer from a bank employee.
Applying for a loan is not a light decision. Make sure you know how you will pay off the loan and how your financial situation can change over the years. In this way you are prepared for difficulties and you do not get into debt. Finally, don’t forget that borrowing money also costs money. You not only have to pay off a part of the loan every month; there is also interest involved.
The intended project
You have a project in mind, but you do not have the financial resources to implement your plans. You are considering applying for a loan at your bank. Before you decide on this, you need to find out which loan exactly matches your project. Therefore, think about your project and specify what it will look like. For example, would you like to adjust your kitchen or install solar panels on your house earlier? Both options require a renovation of your house, but there are different loans involved. In the first example, a renovation loan is the suitable choice, while you can use an advantageous energy loan for the others. It is therefore essential that you obtain sufficient information and thus be able to choose the right financial product.
Then it’s time to estimate exactly how much money you need for financing your project. If you want to take out a loan to purchase a certain good or service or to finance a project, it is best to request a quote in advance so that you know how much it will cost you. You can also look for information online to estimate the price. If you are applying for a loan for all purposes, you do not have to justify to the bank for which you will use the money. It is therefore up to you to decide how much you want to borrow and what you will use for the intended project.
Your financial situation
Before you take a look at all available loans, it is best to first answer a crucial question: how will I repay the loan? Obviously, applying for a loan is not a good idea if you do not know whether you will be able to pay off the loan amount and all related costs. You must also decide what the term of your loan will be. It is impossible to know exactly how you will be financially in 5 or 10 years, but it helps to ask yourself the following questions:
- Am I planning to make a major purchase? (e.g. a car or house)
- Do I still have a permanent contract in the future? Will I change company?
- Will new costs appear that I do not currently have? (for example through the birth of a son or daughter)
If you cannot answer these questions with certainty, you will in any case better understand how you are doing financially. So be aware of the danger that hasty decisions can have on your future.
Find the loan that suits you
You have now decided what kind of project you will finance and you know how you are doing financially. You have carefully considered everything and you have taken the plunge: you are going to apply for a loan! It is now time to find the best financial option so that you can take out the right loan. That is why it is best to first gather some information about possible loans in Belgium. So be patient: before you know it you can apply for a loan!
There are two types of loans:
- The loan for specific purposes, such as a car loan, a renovation loan or a motorcycle loan. This loan makes it possible to finance a specific service or product. You can only apply for the loan if you also provide proof of purchase (eg an invoice or quotation) of the desired product to the lender.
- On the other hand, the loan is for all purposes, often referred to as the personal loan. Applying for this loan is much easier because you do not have to justify the use of the loan amount. You can use the money for everything; such as a wedding, a trip or the renovation of your house.
There are differences between the two types of loans, but the concept of the monthly repayment process (capital + interest) is the same. You can find the specific conditions in the contract for your loan. To find the best loan, we recommend that you simulate your loan online in advance and compare it on OneTopNotch
What you need to know before the application
Apply for a loan? Then keep these points in mind
A loan is a financial product that is adapted to the needs of the borrower. The duration plays a major role in this, since this influences the interest rate and the monthly repayment. The APR or the annual percentage rate of charge consists of the interest rate and all other costs that are charged by the financial institution. The higher the APR, the more expensive the total repayment will be. Remember that a percentage of more than 6% has a high chance of leading to bad debts. Be sure to take a look at our debt guide to find out more about this.
Bad debts are debts for which you take out a loan without actually benefiting from the loan or debts that can even lead to a permanent impoverishment. This concerns unnecessary purchases that are unnecessary and expensive in the long term. This type of debt is often the cause of an excessive debt burden. Therefore, think carefully before applying for a loan so that you do not regret it.
Rights and obligations
Taking out a loan is accompanied by legal provisions that protect you as a borrower. Thanks to these provisions you can consider your options, request additional information, adjust the term or even terminate your loan if necessary.