Borrowing money, costs money

Maximum credit compensation per August 10 to 10%

Maximum interest rate down to 10 percent

August 3, 2020

It was already announced in May, but on August 10, 2020, the time has come: the maximum interest payment will go from 14% to 10%. For whom is that good news? And for whom does this offer great opportunities?

When you borrow money, you pay a certain interest on the loan amount. Now lenders are not allowed to just ask anything; the credit compensation is subject to a maximum. That maximum is the statutory interest (2%) plus a surcharge of 12%, added together 14%. But that will change as of August 10. The legal interest remains the same, but the surcharge may only be 8%. For example, the maximum credit compensation is 10%. Incidentally, this is a temporary reduction until December 31, 2020.

Interest often lower

At present, lenders do not always charge the maximum interest rate. The interest rate is also determined by your loan amount and your term. The higher the loan amount and the longer the term, the lower the interest. With revolving loans and personal loans, it often concerns higher loan amounts that are fixed for a longer period of time. The interest on these loans is therefore usually lower than the maximum credit compensation.

Expensive credits

Other forms of consumer credit have a low loan amount and a short term. Think of debts on the credit card, purchase on installment, overdraft and mini-credit. The lender then earns relatively little on interest costs and therefore increases the interest rate. The reduction of the maximum credit reimbursement to 10% is therefore especially good news for people who use a credit card, mini-credit and installment payments. It is important to know that the interest rate cut only applies to new consumer loans and loans with a variable interest rate. So if you already have a credit with a fixed, high interest rate, your monthly amount will not change.

Pay off debts with a new loan

Does the interest rate cut only benefit you if you buy something again on installment or pay with your credit card? No. You can now repay most consumer loans without penalty. If you have many small and expensive loans, you can take out a loan with which you can pay off all your debts in one go. The interest on your new loan is then a maximum of 10%, lower than that on your old small loans. So you save on your monthly costs. Moreover, one loan with a fixed monthly amount is much clearer than several separate loans. This way you keep a better grip on your finances.

Take out a cheaper loan

Do you want to know what your options are for taking out a loan with a low interest rate? Please contact us on 0318 - 88 88 88 or request a quote . We calculate what you can borrow and how high your monthly payments are and we advise you on the loan form that suits you best. There are already lenders who have lowered their maximum interest rate, so you can immediately take out a cheaper loan.

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