What is personal payday loan?

You have different types of loans that you can take out, but each loan type has its own characteristics. With a personal payday loan you can often borrow larger amounts if you meet certain conditions.

However, you often pay relatively much interest on the loan, so it is best to save. But if you need a larger amount quickly, a personal payday loan is definitely an option.

Personal payday loan conditions

Personal loan conditions

Not everyone can just take out a personal payday loan. To qualify for this, you must meet certain requirements at most banks. Firstly, the bank wants you to be of age and to live in the Netherlands. Many banks also require that you have an account with them that is paid into your income every month.

To ensure that you are able to repay the loan, many banks require a little more insight into your financial position. For example, if you have a permanent contract, what your assets are and so on. You may also not have a registration with the BKR or any other loan that you have taken out. This so that they can identify whether there is a high risk that you will not repay the personal payday loan. If the bank suspects that this is the case, it will not grant the loan.

The term and interest

The term and interest

The terms of the loans vary and most banks allow you to determine this yourself, as long as the loan has been repaid before you are 70. You can also often pay off earlier if you are in that position. So you get a lot of freedom about the loan. Keep in mind that if you choose to continue the personal payday loan for a longer period, you will spend relatively much on the interest that you have to pay. The interest is often viewed per day, and the interest rates can also fluctuate. It is therefore wise to repay a loan as soon as possible and if it is not necessary, it is certainly not recommended to take out a loan.

Applying for the loan

Applying for the loan

Applying for a loan is often easier than expected. Today, most banks offer the option of applying for a loan via the internet. If you prefer more personal contact, it is also possible to arrange this at the counter. Keep in mind that applying for a loan does not automatically mean that you will also be granted the loan. You often have to wait a few days for a loan to be granted, but once the loan has been granted, the money will be in your account within a few days.

In short, if you urgently need a larger amount, take out a personal payday loan with the bank. If you are of age, live in the Netherlands, have a permanent contract and do not have a registration with the BKR, the amount is usually granted within a few working days and deposited in your account.