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Borrow money in corona time: What you need to know

Can you take out a loan for another car or a new kitchen during corona time? Yes, then you can. However, the loan must be justified and lenders have become stricter with new loans proceeds. Conditions for existing loans do not change.

Responsible borrowing

If you apply for a loan via Krediet.nl, our main point of attention is: is it responsible for you to borrow this amount? Responsible borrowing means that you can pay the monthly costs in interest and repayment during the entire term. This certainty is quite high if you are in paid employment and you have a ‘fixed and stable income. How much you can borrow depends on, among other things, the amount of your salary and whether you have other loans. Your partner’s salary can also be taken into account. Your partner will then be jointly responsible for the loan. 

Borrow money with a benefit

Income security is, therefore, an important factor in whether or not to grant a loan. Now our economy is taking a huge hit due to the corona crisis. This can lead to bankruptcies and layoffs. Will you lose your job and will you receive unemployment benefits? Then it becomes difficult to borrow money, especially if there is no additional income such as your partner’s income. If you are dependent on social assistance, you cannot get a loan.

Can you still borrow money?

So if you have a fixed income, can you still borrow money during this corona time? Yes, but the options are a bit more limited. Many lenders have adjusted their acceptance conditions for the next three months. For example, you will not receive a loan if you have a job in a sector that is being hit hard. Think of tourism, aviation, sports, culture, catering, events, and contact professions such as hairdressers and beauticians. But not all financing options have been closed. Do you want to borrow money? Contact us. We always carefully review your application and see what we can do for you.

Borrow money without a permanent contract

Do you have a temporary or flexible contract? Even then you can borrow money in corona time. With a flexible contract, lenders usually look at your average income over the past three years. However, some parties have tightened up their acceptance conditions. They then only include a part of the average income, for example, 70%. The adjustment will in any case apply for the next three months. But some lenders still weigh your average income for 100%. If you want to take out a loan, please contact us. We find out which financing company can make you a good offer.

Will your existing loan change?

What changes if you already have a loan? With a Personal Loan, you have opted for stability and security. Therefore, nothing changes to your loan, your monthly payments and term remain the same. Do you have a revolving credit? Then your costs depend, among other things, on the interest. No one knows whether interest rates will rise or fall due to the corona crisis. But an increase or decrease makes no difference to your monthly amount in interest and repayment. That amount is fixed. However, the duration can change. With a higher interest rate, it becomes longer, with a lower interest rate it becomes shorter. 

Borrow money, do or don’t?

You can also take out a loan at Krediet.nl in times of corona. You will always be advised by us about this step and we carefully consider which loan is justified. We will of course look for a loan with a low-interest rate. And we make sure that the amount and the conditions suit you and your spending goal. You may be hesitant about your expenditure because, for example, it is now difficult to realize a renovation. You don’t have to abandon your plans, but you can always request a quote. This will remain valid for at least one month and that period can be extended if you need it. You can then always decide what to do.

Merging or transferring loans

Have you become more aware of your financial vulnerability as a result of the corona crisis? You can get your finances in order by merging loans or transferring an expensive loan to a cheaper one. Contact us to inquire about your options.

Payment problems due to the corona crisis

Are you experiencing acute problems with your existing loan because your income is falling sharply due to the corona crisis? Lenders have taken various measures to help you. Do not wait for payment arrears, but contact us as soon as you are unable to pay your charges. 

 

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