There are situations where you need money.
For example, you want to renovate because a number of roof tiles have been blown away, or you suddenly have to have a new washing machine. You want to borrow money, but you have to ask yourself: can I borrow money ? And that also includes the question: how much money can I borrow? Before you ask these kinds of questions to yourself, it is important to put a number of things at a glance.
Do I have a negative BKR registration?
If you have a negative BKR registration , it becomes difficult to borrow cheap money. Sometimes you have the question: ‘Can I borrow money?’ do answer with a NO. At least, not through the known ways. If you have a negative BKR registration, you have not paid a loan or paid too late in the past five years. You paid the term of a revolving credit too late. If this backlog is recovering, there is a BKR registration behind your name in the form of an H. This is not dramatic, it indicates that there has been a Recovery. If the backlog still holds, there is an A behind your name. This is worse, and can drastically reduce success on credit acceptance. Such a coding disappears only five years after the successful repayment of the loan. That’s a long time. In the meantime it is therefore difficult to take out new loans. Banks check your BKR listing and see such registration behind your name. This indicates that you are not so reliable.
You can request your BKR registration to see if you actually have such BKR coding . If you do not agree with your coding you can request to delete your BKR . If this fails, you will have to borrow without BKR registration. In addition, the interest on the loan will certainly be higher. Therefore, in some cases you can better wait until your BKR registration is gone. Certainly a renovation can often take a bit longer, just long enough that you have lost your BKR coding.
Does the loan match my income?
Of course, borrowing money also means paying off money. In addition to your income , you also need to look at other factors that influence your monthly income and expenses. A good example is your mortgage interest and your remaining term of the mortgage. This is an important part of your expenses, it is also often a fixed amount. The question ‘can I borrow money’ is never so important, the question is how much money you can borrow.
Do I not have too many other loans?
Other outstanding loans are also important. If they have a BKR registration , you can not borrow too much. Note: this does not have to be a negative BKR registration. If you take out a loan with BKR, you will receive a BKR registration. Nothing to worry about until you can no longer meet your obligations. Then it becomes a negative BKR registration. The fact that you can not borrow too much is also exactly the intention of the BKR system: it protects the consumer against taking out too many loans. Actually the BKR system protects the consumer against himself. If you already have too many loans open, monthly repayments can claim too much of your monthly budget. The question ‘can I borrow money’ must then be answered with a NO.
If the question ‘can I borrow money’ can ultimately be answered with a YES, you should check which loan suits you best . For example, it is useful for a renovation to have a continuous loan, while for you perhaps a personal loan is more convenient. If you still need money, you may need to take a private loan or another loan without BKR registration. But this is certainly not recommended.