Credit or personal loan: how much can I borrow?

The many projects that we would like to achieve over a lifetime, lead us to contact credit agencies for a loan. The first point that is discussed during a meeting with his creditor is “what is the amount of your personal loan? And “how much can I borrow”?

How much can I borrow for my personal loan?

How much can I borrow for my personal loan?

The range of personal loans of Belgian financial institutions ranges from 2,500 to more than 70,000 depending on your means of repayment. Regardless of the reasons for your personal loan application, you will get an amount based on your financial situation.

The important points of personal credit

The important points of personal credit

The cost of the projects we are considering is 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, borrowing a gargantuan amount from creditors.

Indeed, it must be kept in mind that you will have the DUTY to repay this loan with an interest rate. The latter will vary, of course, depending on the amount of the loan. Which also means that the bigger the loan, the more the monthly payments will be spread over a long period. A detail that must, of course, be taken into account before indicating the amount of his personal loan.

Like any form of credit, a personal loan commits its debtor to monthly charges and an annual percentage rate of charge. The average APR in Belgium is around 5.7 to 15% of the total capital. What will push you to analyze the details, such as: How much can I borrow for a personal loan? A comparison of the bank rate is also strongly recommended for this type of initiative.

How do you get a personal loan?

How do you get a personal loan?

Personal loans are among the most solicited credit types with banks. Financial institutions do not require any specific proof for these forms. However, you have to be eligible for certain criteria to obtain a personal credit. But how much can I borrow?

Filing a personal loan application with your bank is the first step. The credit agency will then analyze your file closely to see if you meet all of their criteria. In other words, check you have the means to repay the entire borrowed capital. In order to better support your file, you can proceed to a careful study of your application by establishing your own financial expenditure table, along with monthly payment reports. This initiative will give you an overview of your current financial situation. From there, if your daily expenses such as bills: energy, fuel and transportation; expenditure on food; the rent; etc. are 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 sum of the loan in general.

As with any file submitted to a financial institution, salaries and title deeds will play a major role. If your financial situation is stable and you have assets that can serve as a pledge, you have positive elements 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

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 obtain their debt ratio.

Besides that, you also need to know the interest rate of the bank of your choice. With an online credit comparator, you’ll 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. In addition, a loan at reasonable rates is the guarantee of a no-break repayment despite the existence of your other loans. In fact, the loans in progress, which you must pay must not in any way interfere with the monthly payments of your personal loan.

You will need to add to your analysis of your financial statement, the monthly payments of loans in progress. Once all the information is collected, the amount of the personal loan will appear without difficulty. It is also possible to use an online credit calculator for other equally relevant details.

Once you have chosen your bank, you will need to make sure you stay on top of your financial state. All these analyzes will have to allow you, to choose the ideal amount, to save money, to regularize your expenses and especially, to honor your responsibilities and engagements towards all your banks.