Quick solutions for borrowing a small amount of money

Perhaps you recognize it: the month lasts a little longer than you want it financially. Especially during the holidays, money flies out of your wallet. Of course, you are trying to save and keep in mind that you always have money on hand. What if it’s just a little problem? Then you can borrow a small amount of money. Even borrowing a small amount of money costs money. So be careful, as costs can vary widely.

Choice 1: fast credit

Choice 1: fast credit

To start with the least desirable option: a small amount of online borrowing is directly related to flash / fast / urgent credit. Flash credit is a small loan that you take out quickly and need to repay quickly. In the past, this form of borrowing was outside the scope of the legislation, which meant that providers charged extremely high costs. That has now changed, but you are still paying too much for flash credit. For example, you pay extra for the quick transfer of the loan and if you pay off too late, you risk a high fine. Not to recommend!

Choice 2: be negative on your account

Choice 2: be negative on your account

Being in the red is the (too) easy option in the list of possibilities to borrow a small amount of money. If you need a small amount in the short term, it may be worth spending a little more than your current account. If you receive your salary, it will be refunded to you in no time. But being in the red is an expensive form of borrowing money. You pay a high interest rate on the amount in red. Take into account interest rates of 11% to 14%!

Choice 3: credit card

Choice 3: credit card

Using your credit card is like using your credit card, as if you were in the red on your current account. When you make a purchase with your credit card, you postpone the payment for a period of time. In other words, you can also borrow money in one form or another. If you repay this loan within the set time, there is no problem. If you don’t, you will pay interest. Again, interest rates can reach 14%.

Choice 4: the unrestricted personal loan

Choice 4: the unrestricted personal loan

The most advantageous way to borrow a small amount of money is to take out a personal loan or revolving credit. You will probably have to borrow more than you had in mind, as a personal loan or revolving credit can be taken out from $ 2,500. But you pay much less interest. You can take out such a loan from an interest rate of just 4.5%. You can simply repay the amount of your loan that you do not need.

Getting a full loan to borrow a small amount may seem very complicated, but it is certainly the least expensive method.

Also discover: borrowing money as an independent entrepreneur

Is it possible to make a loan after the age of 60?

After age 60, you can still borrow money or take out an existing loan.

Here is some information to let you know more about the possibilities and points to consider if you want to take out a loan at an older age.

What type of loans can you apply for?

What type of loans can you apply for?

As a person aged 60 and over, you have the choice between two types of loans, a personal loan and a revolving loan. Several banks offer special loans for the elderly. It is often a personal loan.

Personal loans

Personal loans

With a personal loan, you borrow a fixed amount. The duration, the interest and the monthly amount are fixed for the entire duration of the loan. A personal loan is ideal, for example in the event of a renovation.

Interest for the purchase, improvement or renovation of the house is also tax deductible. You can take out a personal loan up to the age of 75. The loan amount must then be repaid within 5 years.

Revolving credit

Revolving credit

With revolving credit, you can withdraw money at any time and in a flexible manner. However, due to the retirement age, the loan must be repaid on time. Do you already have revolving credit? If so, it would be wise to transfer your revolving credit to a senior loan. It is often a personal loan.

In addition, in the case of a revolving loan, banks often increase the repayment to 2% when you are 60 years old and often at a high variable interest rate. It is therefore more difficult for you to repay quickly because of the monthly payments. With a senior loan or personal loan, you pay a fixed amount per month at a low monthly rate and with a fixed term. That way you know where you are.

What will happen to your loan when you retire or die?

What will happen to your loan when you retire or die?

You prefer not to think about it, but it’s still wise: what will happen to your debt if you die? If you take out a personal loan, it is also wise to take out insurance with a credit insurer in the event of death. With this insurance, the payment obligation expires in the event of death. The insured amount will be released in the event of death so that you do not leave your loved ones with your loan.

Also find out how to borrow money without the intervention of the bank.

Credit simulation, loan calculation, loan simulation

 

Taking the time to perform a credit simulation is crucial in order to have all the information in your possession before submitting your credit application online. You will find, on this page, the different simulators available to you in order to perform any type of loan calculation. These simulators cover most of the credits we can offer you.

Credit simulation

Credit simulation

If you cannot find the simulator you are looking for, do not hesitate to contact us in order to obtain a credit offer that meets your expectations and needs. We are at your disposal to help you in your efforts.

Auto credit simulation

If you intend to buy a new vehicle, be it a car, a motorcycle, a motorhome, a caravan,… then we strongly advise you to use our brand new simulator. It will allow you to precisely calculate your monthly payment. Car and other vehicle simulations only take a few seconds, take advantage!

Mortgage credit simulator

Mortgage credit simulator

Becoming a homeowner is an important step in everyone’s life, but not at any cost. It is important to know, from the start, the details of the credit that you will have to repay for 20, 25 or even 30 years. This is the time when ever to become a homeowner, the current mortgage rate we are offering you is very low. A mortgage simulator is at your disposal, do as many mortgage simulations as you want. The tool is there, at your service!

Simulate your personal loan

Simulate your personal loan

Having fun is often good… Whatever the nature of your desire, it is best to know in advance the cost that will generate your desire. To have no surprises, we invite you to consult our simulator where you can perform any type of personal loan simulation. Try all possible combinations and choose the loan that suits you.

Calculate your work loan  

Calculate your work loan  

Ready to embark on renovations or on a larger scale, transformations? If so, do a work loan simulation to see that the rate we offer is one of the best on the market.

Loan simulation

Loan simulation

To go to the desired credit simulator and carry out a loan simulation adapted to your needs, simply click on the “details” link just below the title of the chosen simulator ( see at the bottom of this page ). The simulators are to be used without moderation. Since these are completely free, you might as well take advantage of them!

Loan calculation, user manual

Loan calculation, user manual

Using the credit simulator you have chosen is both extremely simple and intuitive, calculating your loan becomes child’s play, follow the procedure mentioned below and perform your simulation with complete peace of mind:

  1. Choose the vehicle type (only valid for the car loan simulator)
  2. Enter the amount you wish to borrow (for vehicles, choose the type of vehicle first)
  3. Choose the duration
  4. The result is displayed

In this way, you can make your loan request online with full knowledge of the facts.

You will know in advance:

  • The APR (Effective Annual Global Rate)
  • The borrowing rate
  • The monthly payment
  • The total cost of credit

Before its subscription and thanks to the credit simulation, your loan will have no more secrets for you. With Fine Bank, you are guaranteed to take out a tailor-made loan that meets your expectations and that, not surprisingly !

4 great tips for getting a home loan online

Settling the entire procedure for obtaining a mortgage online is not yet possible. In all cases, the credit institution will wish to meet the borrower personally. On the other hand, the latter can simulate his credit online and submit his request via the website of a bank branch. You could have your loan validated, provided you follow the following advice.

Properly assemble the online mortgage application

Properly assemble the online mortgage application

Avoid cheating with your personal, professional and financial information! The bank agent who will be responsible for studying your file is not fooled. He will not fail to check with the sources the information you have sent him. So, in case of forgery, you will be penalized or your online mortgage application rejected. It is imperative to provide accurate and up-to-date information! Generally, your file should include: your net income, your debts, your age, your job, your banking information.

Finding the home to buy before applying for a home loan online

Finding the home to buy before applying for a home loan online

You will have to give the contact details of the property to be acquired to your bank before submitting a loan request. The mortgage is an affected loan! However, you don’t have to have a home for sale because most home loan applications are made to finance a first home purchase. Either way, calculate your borrowing capacity before choosing a property to buy. Or better yet, enlist the help of a mortgage broker to assess the home price you can afford.

Quickly subscribe to an attractive mortgage loan offer because it is only valid for a limited time

Quickly subscribe to an attractive mortgage loan offer because it is only valid for a limited time

The mortgage contract which will be offered to you after acceptance of your request will only be valid if:

  • your professional situation remains unchanged or improves
  • mortgage rates have not decreased
  • prices per m² have not fluctuated too much

Thus, it is possible that you will not get a definitive answer to your credit request until several months after having found the house of your dreams. Fortunately, because the seller is in a hurry to sell your home, you could get the house quickly by showing that you have received a loan proposal.

Simulate your credit to speed up the approval process

Simulate your credit to speed up the approval process

To get a home loan as quickly as possible, start by doing online credit simulations. This will allow you to receive a credit offer adapted to your means in less than 5 minutes. If a loan proposal appeals to you, all you have to do is ask to be contacted by a mortgage broker. The latter will hasten to compile your request file and submit it for approval. You must give him supporting documents such as:

  • your pay slips,
  • your tax notices,
  • copies of employment contract,
  • your banking information,
  • documents relating to your marital status, …

By providing all the required documents, you may be able to obtain your mortgage in just 1 month.

Real estate loan at the best rate: which profile to benefit from?

A bank or financial institution always assesses the credit risk it may run. This is why, the analysis of the profile of the applicant remains a crucial phase before the validation or not of the credit. The borrower must have a minimum of financial stability before being able to take out a loan, especially if it is a home loan. Here are some recommendations for having an adequate profile in order to safely take out a mortgage.

The borrower’s age and professional stability

The borrower

To comply with the expectations of the bank or financial institution, you must be young to start taking out a mortgage. If you are between 25 and 35 years old, you can sign up for an immediate money loan. You will be directly classified among first-time buyers. In some situations, personal contributions will not be required. To this are added regular income as well as an unrestricted bank account. The bank still has a minimum to respect. It is important for this that the borrower has an income of 3500 dollars per month.

Choosing young people as a borrower promotes profitability for banks. Also, in most cases, borrowers are not limited to just a home loan. They also seek to benefit from the other credits which are essential to them in their different project.

Self-employed borrowers tops the list

Self-employed borrowers tops the list

The profile qualified as premium with banks is the borrower who practices a liberal profession. In this case, he can apply for a mortgage at a better rate. The most common occupations at this level are: architects, dentists, doctors, lawyers, notaries, etc. Anyone who practices a profession whose targets are large customers have the chance to take out a home loan. As long as she manages her own income, she is indeed the borrower that the bank accepts. A minimum of conditions is however laid down. It is the fact that the professional must have worked in this field for three years. It must also demonstrate the adequacy of its financial resources. Specialized establishments therefore need supporting documents on tax notices and profit declarations, over the three years of the company’s existence.

Medical students, attractive targets for the bank

Medical students, attractive targets for the bank

This profile category is ideal for banking. Indeed, the latter have a profile that can have a stable monthly income that changes over time. The banks thus offer mortgage loans to the latter at better rates. At the same time, they also try to convince the borrower to take out other loans. Their goals is to compensate for this lower rate through the other offers.

Aside from these profiles mentioned above, civil servants are also target customers of the bank. They have stable incomes which could very well repay monthly payments on the mortgage. Faced with this situation, the rest of the world can still enjoy real estate loans. You just need a personal contribution so that the bank can review your situation.

Senior: Tips for getting credit for seniors

A retired person may very well get a loan. Besides, according to the banks, these profiles are much more interesting. As there are different kinds of loans, it should be noted the type of loan available for these seniors. Generally it is the consumer credits that they can benefit from. The mortgage remains a little vague for their situation given that the duration of repayment of this credit is spread over several years. Below are some tips to note in order to have a credit after 60 years.

Simulate the senior loan

Simulate the senior loan

The credit simulation is highly recommended for all individuals who wish to borrow from the bank or financial organizations. The simulator is a tool for comparing credit offers and also a calculator that helps users know their monthly payment and the cost of borrowing. Do not hesitate to see this site to carry out this simulation and obtain a loan with an attractive rate. Aside from the advantage over the rate, also determine all the loan terms if these can suit your situation. The intervention of a credit broker is useful to ensure that the steps are completed as quickly as possible.

Respect the conditions of the loan for seniors

Respect the conditions of the loan for seniors

When the senior contracts a home loan, the repayment duration must not exceed 85 years. This therefore means that if the elderly borrows when he is 60 years old, the duration of the credit does not exceed 25 years. Aside from this condition, the senior must be able to pay 10% of the loan amount. This percentage is equivalent to administration fees, guarantees and transfer rights. Subscribing to borrower insurance is essential before validating your file with the bank. The law does not impose this criterion, but the latter always seeks to amplify the guarantees, hence the need for this form of insurance. Your file will not be validated if this is not resolved. You should also know that if you have medical problems at this age, insurance will not be your ally.

Regarding the personal loan, the conditions remain the same as those with active people. You must have enough income to cover your daily needs. He must also have a stable borrowing capacity to ensure the monthly payments. Moreover, the debt ratio must not exceed 33%. Beyond this ceiling, the bank does not grant the requested credit.

Prepare a convincing case

Prepare a convincing case

A convincing file is a file which proves to the bank that even being a senior, you have no difficulty in repaying your consumer loan on a due date. To do this, give your banker a stable income situation, a bank statement with no trace of overdraft, a guarantee if you have one, etc. Also demonstrate that your previous loans were honored on time and you did not have a problem during the repayment. A solid and complete file is validated quickly then, you have to gather all the documents requested by the bank.

Money reserve, Mastercard and opening of credit

The money reserve is an effective way to protect yourself against the financial contingencies of everyday life. This amount is made available to you without obligation to use, you will not have to reimburse anything until you have used it. The money reserve is also regulated by the law on consumer credit.

Cash reserve: advantages

Cash reserve: advantages

Unlike personal credit, this loan formula offers you several advantages:

  • A refund at your own pace
  • A loan between 1,250 dollars and 2,500 dollars (which can increase to more than 5,000 dollars after 6 months)
  • It costs you nothing if you don’t use it
  • The monthly payment reimbursed is a percentage of the amount used on the reserve (between 4.20% and 5.60%)
  • When you have reimbursed a part, you can again make a withdrawal

The money reserve allows you to manage your money as a good father, whether in terms of use or reimbursement.

Mastercard – credit card

Mastercard - credit card

The Mastercard is the most widely used and well-known credit card in Belgium. It is also considered a cash reserve. Discover our page dedicated to this type of credit: Mastercard – credit card.

Opening credit

Opening credit

Opening credit under legal terms is a credit agreement providing the consumer with a sum of money or a means of payment. For more information, see our dedicated credit opening page.

Representative example

  • Type of credit: opening of credit
  • Indefinite period
  • APR: 14.50%
  • Debtor rate: 13.36% – VARIABLE
  • Amount: 1,250 dollars
  • Monthly payment: 5.60% of the amount used

Mandatory zeroing

Mandatory zeroing

Gone are the days of keeping your money reserve used up for an eternity. The legislator reacted to this scourge by obliging each owner of a credit card to reset his credit opening to zero within a given time. For the date defined in your contract, you have the obligation to reimburse the entire principal due as well as the interest. Once the zeroing is done, a new date will be communicated to you, so you can use your money reserve again.

You can submit your loan request online by forgetting to mention in the comment section that you wish to borrow to obtain a reserve of money.