Borrowing money, costs money

What does the bank want to know from me?


23 August 2019

If you borrow money, you have to pay off the loan amount step by step and pay interest every month. The bank runs a risk if that goes wrong and therefore attaches conditions to loans. There are conditions for the loan itself . But also conditions that you must meet before you receive the loan. These are the ten most important.

1. A steady income
To be able to get a loan, you must have a 'steady and stable' income, preferably in the form of a salary that you earn as an employee. You cannot usually get a loan with social assistance benefits. Even with unemployment benefits, this can be difficult if there is no additional income, such as the income of your partner. A pension or disability benefit does not necessarily have to be a problem for obtaining a loan. Are you an entrepreneur or flex worker? Then it is less easy to get a loan.

2. Level of income
Your income must be high enough to bear the monthly costs of the loan. The central question is: how much do you have left over once you have paid your fixed costs and fulfilled other payment obligations? Rule of thumb: the higher that amount, the more you can borrow. But even with a good income, there is a limit to the loan amount. The maximum loan amount depends on the lender, but varies from € 50,000 to € 75,000 .

3. BKR listing
If you already have a loan, this can affect your new loan. That is why the lender always consults the Credit Registration Office (BKR). At the BKR, credits are registered above 250 us dollar and with a term of more than 3 months. Naturally, it concerns a credit card, a revolving credit, a personal loan and the possibility of being in the red. It is less well known that an installment purchase, a private lease scheme or a telephone subscription that includes the costs for the device are also known to the BKR.
There are negative and positive BKR registrations. If you have always paid properly, you have a positive registration. A positive registration can be seen by banks as proof of good behavior and does not stand in the way of a new loan. If there have been or have been problems with payments, you will receive a lighter or heavier negative registration, depending on the seriousness of the problems. If you have a negative BKR listing, you cannot take out a loan with

4. Other Financial Obligations
Are you divorced and do you have to pay maintenance? Or do you have a student debt or tax debt? These are financial obligations that the lender takes into account in the decision about your loan.

5. Living situation
The bank also wants to know whether you have a rental home or an owner-occupied home. Why? An owner-occupied home provides more security, especially if the value of the home is higher than the mortgage. There are also sometimes possibilities to borrow extra money within the mortgage. And with a mortgage you can often secure your monthly payments into the distant future. That provides more financial security than a rent that goes up every year. The bank therefore also asks about your rent or mortgage payments.

6. Family situation
If you live together or are married, you usually have to take out the loan together. You are then both responsible for the payment. Because two people with a fixed income provide more security than one person with a fixed income, you can often borrow more. Or you benefit from a lower interest rate. The bank would also like to know if you have children. Because that has major consequences for your expenses and then there is less room for the extra monthly costs of a loan.

7. Age
You can only borrow money when you are of age, so you must be at least 18 years old. Some lenders have a higher minimum age, for example 21 years old. But there is also a maximum age. Depending on the lender, this is between 67 and 75 years. If you are older, borrowing is often no longer possible. The bank's risk then increases, because the chance is greater that you will die before the end of the term. For the bank, the question is whether your next of kin will take over your debt.

8. The purpose and term of your loan
The term of your loan must match the spending goal. It takes ten years to pay off a new car. But a loan for a laptop must be paid off much faster.

9. Living in the Netherlands
To get a loan you must live in the Netherlands and have a permanent residence permit.

10. Dutch bank account
You must have a Dutch bank account.

How much can you borrow? Request a quote .

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