A specific loan for digital devices!

A personal loan is a loan without accountability that can usually be used for any project. Best Bank distinguishes itself from the competition by offering a credit specifically for the purchase of digital devices.

The amount to be borrowed is limited and the maximum repayment period is relatively short, which makes it possible for Best Bank to offer a more interesting interest rate.

 

A loan intended for digital devices

loan

Do you wish to replace your computer with a more recent model or with a laptop? Do you dream of buying the most recent smartphone? Or do you think it is high time to purchase a tablet for easier surfing? If the answer to one of these questions is yes, then the digital loan is the ideal solution. Thanks to this personal loan from Best Bank , it is easy to purchase your dream device on credit. However, you cannot use the borrowed sum for other purposes: for example, you cannot use the borrowed amount to finance your vacation, but you can use the money to purchase a digital photo device.

 

Limited maximum amount and maximum duration compared to traditional personal loans

personal loans

With a traditional personal loan you can borrow a maximum amount that can range from a few thousand to a few tens of thousands of dollars , with a maximum term of up to 10 years. The maximum amount that you can borrow from Best Bank is 2500 dollars with a maximum term of 24 months. The minimum amount is 500 dollars and the minimum duration is 3 months. These limits are logical since this is a “customized” credit.

 

The result? A personal loan with the best interest rate!

The result? A personal loan with the best interest rate!

By offering a specific loan for digital devices, Best Bank can offer you unusually low interest rates. To better illustrate this, we will now compare the classic personal loan without accountability from Best Bank with the digital loan.

Simulation for a traditional personal loan without justification:

  • Loan amount: $ 1,250
  • Duration: 12 months (1 year)
  • APR: 8.50%
  • Total amount to be paid: $ 1,306.08

Simulation for a digital loan:

  • Loan amount: $ 1,250
  • Duration: 12 months (1 year)
  • APR: 2.40%
  • Total amount to be paid: $ 1,266.12

The result is clear: the APR is three times lower with a digital loan, with a not insignificant difference of $ 40 on the total amount to be repaid.

Merging loans and mortgages: is that possible?

You can combine both mortgages and consumer loans. It is even possible to combine mortgages with personal loans, car loans and credit cards. Even if there is a report on the Cream Bank.

In this article we will go into more detail about merging or centralizing different loans.

As you probably know, there are different types of credit. But according to the law, only two types of credit are made: loans that fall under the Mortgage Credit Act (mortgages) and loans that fall under the Consumer Credit Act (installment loans or LOAs).

 

Merging mortgages

mortgage loan

If you have several mortgages, these can be merged into one new mortgage . It does not matter whether they were entered into at different times. One mortgage can run for more than 10 years and can be perfectly merged with 2 others who have only taken out 3 and 5 years.

When is merging mortgages interesting? There is no fixed answer to this. It depends on various factors: your current interest rate, the new interest rate, but also how long you still have to pay.

 

Merge installment loans

installment loans

Even if you have various credits that fall under the Consumer Credit Act, you can have them merged. This can really involve completely different forms of credit. For example, you have a car loan (financing), a personal loan and 2 credit cards. It is possible to combine these into one installment loan. You can then choose the term within which this new loan will be paid off. Usually your intention here will be to reduce the monthly installment so that you have more budget.

 

Merge mortgages and installment loans

Merge mortgages and installment loans

But is it also possible to combine mortgage loans with consumer loans? Yes, that is perfectly possible. In this case it is therefore possible to have 2 benefits at the same time. On the one hand you could benefit from a lower interest rate to take over your mortgage credit and save on it and at the same time to merge one or more other loans to increase your monthly budget. This is also possible for loans with a notification at the Cream Bank!

Important

What is very important in all these cases is that you get a correct calculation of the acquisitions and a clear representation of the conditions of the new credit. Of course you can contact us for this , also online via Facebook!

How do I apply for a starting independent loan?

Have you started your own business or do you have plans to do so? Then think carefully about how you want to finance those plans. You can turn to friends or family, but in many cases they do not have the money for that at their disposal. In that case you can use a starting independent loan. It is of course important that you provide a form of certainty and substantiation to convince the financial companies that they are making a good investment.

 

Guarantees and certainties

loans

Provide as many guarantees and collateral as possible, as this ensures that a lender has less risk. Whether you want to borrow private or business money, it is always wise to work towards a situation where it seems certain that you will actually pay back the money. Bear in mind that the lender is a risky company. You pay an interest to partially cover this risk, which means that a starting independent loan will be cheaper if your plans are in perfect order.

 

Financial and business plan

Financial and business plan

In any case, make sure that you make a good business plan, in which you indicate exactly what you want to do and in which you are better than other companies that are already active. Combine this with a financial plan to indicate what you will use the money from the starting independent loan for, what the income will be and how you see the future ahead. The combination of these two plans gives the lender a good idea of ​​the plans that you have with regard to the money you want to borrow for them.

 

Taxes and costs

Taxes and costs

Finally, keep in mind that not all income is actually for you. Make sure that you take into account both the VAT, the Rsz and the personal income tax that you have to pay, since that is the only way you can draw up a realistic financial plan. The tax authorities are entitled to part of the money that you earn, which means that this will not remain available within the company and it will not contribute to your options to repay the starting independent credit. On the other hand, you only have to pay these costs as soon as you collect income, so you do not need the credit immediately.

Which criteria are important for a fast credit?

Are you planning to take out a quick credit, for example to buy a new car or a washing machine? Then take the following criteria into account, since they largely determine whether it is wise to take out the loan. A personal loan or a revolving credit can be a great choice to finance your purchase, provided you ensure that the various criteria are consistent with each other.

 

Interest rate and term

Interest rate and term

Obviously take a good look at the interest rate and the term. The moment you take out a personal credit with an interest rate of 7% per year, this basically means that you incur 7% annual costs, compared to a few percent interest that you could have received if you had started saving. For example, a purchase of $ 1,000 with an interest rate of 7% will cost you $ 1,070 after a year. The exact costs of a loan depend on the repayment and the duration. Choose the term preferably not too long, since the costs of the loan as a whole will increase further in this way. On the other hand, do not choose the duration too short, since the repayment may then become unrealistic.

 

Structure of the repayment

Structure of the repayment

In addition, look carefully at the structure of the repayment. Do you opt for a personal loan? Then you make agreements in advance about the repayments that you will make each month, so that the debt is properly repaid at the end of the term. Do you opt for a revolving credit? Bear in mind that the repaid amounts can be withdrawn, so that the structure is less structured. In the case of a mortgage loan, you can even opt for an annuity repayment, with repayments gradually increasing, at the expense of the monthly interest amount.

 

Lifetime of the product

credit score

In any case, try to ensure that the quick credit does not run longer than the expected lifetime of a certain product. For example, are you buying a television? Keep in mind that it can break after 4-5 years or even have to be replaced due to the outdated technology. The moment your duration is longer than the lifetime, you continue to pay for a product that you no longer have. Moreover, it is a lot harder to borrow money again for a new purchase.