Receiving a loan as a single person depends on certain factors. For example, it is quite a difference whether you want to buy a new washing machine or an entire apartment. A loan for a washing machine is cleared quickly; not many questions are asked to get that done. A home is another story, but certainly possible, especially if you are a servant or can prove that you have been able to support yourself as a self-employed person in your main occupation for a few years. And of course it becomes even easier if you expect a windfall in the future or you already have an amount on your savings account.
There are more than 1.5 million people in Belgium who are single.
Did you know that single people apply for more than 30% of all home loans? That is clear proof that it is possible. But the road is a bit harder to walk than for a couple. Banks are wary because they take more risk. The amount to be borrowed is also somewhat lower: a maximum of 30% of the net income (this is 40% for a couple, and more if both salaries are included). If you also have the care of your children, cheap borrowing is crucial.
Yet there are countless lenders who are happy to work with you. There are quite a few differences between all those providers when it comes to monthly payments. You can find the cheapest loan by comparing the providers, because you prefer to keep as much money as possible in your own pocket. The differences in payment are mainly due to the annual percentage rate (APR). That is the annual interest and the borrowing costs that you pay on top of your loan each year. The duration is also important. A long term means lower monthly costs, while with a short term you have to pay more monthly.
Free quote for a loan
For cheap borrowing you have to compare the providers and enter data such as duration and age. Then you can quickly see who has the best APR – the lower the better. Please read the conditions carefully to know whether the percentage is for an entry level campaign and perhaps a little higher. By clicking on the provider, you go to the website of lenders and you can request a free quote for a loan. You do this via the so-called loan simulator. In this way you can find out in no time who offers you the cheapest loan and what you will pay per month. Do this with different amounts to find your limit and do not borrow more than necessary.
Never go to just 1 bank for advice. Talk to different benches and play them against each other. They are always willing to negotiate. So cheap borrowing is certainly possible, but you have to sit down for it. We have already put the cheapest in a table for you. This way you can easily compare and see what your options are with the simulator. And they are probably better than you thought. Try it and find out for yourself.