The many personal projects that we plan to realize lead us to contact the credit agencies for a loan, a personal loan to borrow. The first point that is discussed during a meeting with his creditor is “what is the amount of your personal loan? “.
The range of personal loans of Belgian financial institutions fluctuates however between 2500 to more than 70 000 € according to your means of refunds. Regardless of the reasons for your personal loan application, you are planning to get a better amount depending on your financial situation.
Compare your personal loan
Important points about the personal loan, the personal credit to borrow
The projects and dreams that are contemplated are the first reason for applying for a personal loan. Credit agencies do not ask for any specific proof for this type of loan. This is not a reason to jump into the void by borrowing a gargantuan amount from creditors. Indeed, it must be kept in mind that you will have the DUTY to repay this loan with interest rates. These will obviously vary depending on the amount of the loan. Which means that the more the loan is important, the more the monthly payments will be extended. A detail that must be taken into account before providing the amount of his personal loan.
Like any form of credit, a personal loan then commits its debtor to monthly charges and an annual percentage rate of charge. The average APR in Belgium is between 5.7% and 15% of the total capital. What will bring you to rethink the details on the question: how much can I borrow for a personal loan? A comparison of credit bank rates is also strongly recommended for this type of initiative.
How do you get a personal loan?
The personal loan is one of the most common types of credit at a bank. Financial institutions do not require any specific proof for this form. However, you have to be eligible for certain criteria to obtain a personal credit.
The filing of a personal loan application with your bank is then the first step to take. The credit agency will then analyze your file closely to see if you meet all the criteria. In other words, you have the means to repay the entire borrowed capital. In order to better support your file, you could proceed with a thorough study of your application by establishing your own financial expenditure table with the monthly payment reports. This initiative will give you an overview of your current financial situation.
As a result, if your daily expenses such as energy bill, fuel and transportation expenses for food, rent, etc. are you counted how much will you have left? By deducting all these obligations from your monthly salary, you will get a monthly loan payment option as well as the loan sum in general.
As in any file submitted to a financial institution, the salary and title deeds in its possession will play a leading role. If your financial situation is stable and you have assets that can be used as collateral. This is good for your personal loan application. Since couples usually make personal credit requests, the information on both spouses will also help make the case more eligible for a personal loan.
The precise amount of the personal loan
There are several ways to set the exact amount of personal credit. The first step is to establish a quick calculation of your debt ratio. It’s about averaging all the monthly payments you have to make. There are also free tools that help individuals to obtain their debt ratio.
Besides that, you also need to know the interest rate of the bank of your choice. By using an online credit comparator, you will get the best bank offers at favorable rates. In doing so, you could submit to your creditor proposals for monthly payments that show that you have studied the issue at length.
Plus, a loan with reasonable rates is the guarantee of a no-spit repayment despite the existence of your other loans. In fact, outstanding loans that you must pay must never interfere in monthly payments for a personal loan.
Analysis of financial statements
You should therefore add to your analysis of the financial statements the monthly payments for outstanding loans. Once all the information available to him the amount of the personal loan will appear without difficulty. It is also possible to use an online credit calculator to obtain more relevant details.
Once choosing the best bank at the favorable rate you will have borrowed the requested credit done. You should also make sure you stay on track with your financial statement. All your analyzes should therefore allow you to choose the ideal amount of the personal loan, to save money, to regularize your expenses and especially to honor your responsibilities and commitments towards all your banks.