Loans in Belgium explained
Hey! Have you just moved to Belgium? Well, congrats! But, have you planned your stay in this beautiful country yet? We understand that living far from your hometown is not easy. It needs proper and intelligent financial planning, among which a loan is a primary thing.
So, if you are eagerly waiting for buying something big (like a home or car) for yourself in this new country, taking a loan should be your ultimate solution. So, make sure to read till the end to explore all rules, regulations, types, ups, and downs about loans in Belgium.
List of loan providers in Belgium
All these loans providers offer different rates and options for different prices. Comparing the specifications of each loan provider can be time-consuming. Are you wondering which provider offers the best deals or the best options? We have listed the most reliable loan companies below while using the following criteria:
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Excellent loan provider in Belgium. English-speaking customer service and understandable contracts with no fine print. |
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European loan platform with a broad audience. Same day payouts for customers that are approved. Customer service is not their strong point, however easy to navigate platform. |
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Belgian loan provider that offers fast loans. Contracts only available in Flemish or French. Offers different loans types with fast payout. |
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What is the necessity of loans as an ex-pat or foreigner?
Getting settled in a new land is always one of the most complicated tasks, encompassing lots of hassle. Along with getting prepared mentally, you must think about your financial condition.
However, with a decent credit score, the journey ahead becomes hassle-free. Several banks and private lenders in Belgium provide loans to ex-pats and foreigners as per their terms and conditions. You can borrow money for both commercial and personal purposes in Belgium. For buying cars, apartments, as well as for higher education, and other purposes- banks and lenders in Belgium provide all types of loans.
Keep on reading to explore more about loans in Belgium in detail.
Personal loan
A personal loan refers to a special type of loan borrowed by a person for their individual use, not for any personal expenditure. Academic loans, car loans, home loans are some examples of personal loans.
If you have just moved to Belgium and have plans to stay here for a few months or years, you must require personal loans for buying essentials for yourself. In this country, you can request cash loans allocated to you within a few weeks without collateral. You can apply for a personal loan online or visit your nearby bank.
Car loan Belgium
Borrowing money for purchasing a new or a used car is prominent and widely popular in all countries. Whether you have not brought your old car to Belgium or your family is growing, buying a new vehicle is essential. People who don’t want to invest all their savings in paying for a new car can go for a car loan without hesitation. One out of every six families in this country opts for a car loan for buying new vehicles almost all the time.
Several lenders and banks of Belgium offer loans, not only for new cars but also for used and electric cars. You can easily get financing for an electronic car at 0.69% for a maximum period of 48 months. The rate of new vehicles in Belgium is 0.89%. So, reach your nearby lender, and grab the best deal on a car loan today.
Student loan Belgium
In Belgium, as an international student, you can apply for student loans both online and from banks. The country funds up to the total cost of education for foreigners. You must provide a few documentation and papers for applying, including age certificate, nationality, residential status, etc.
To be eligible for a student loan in Belgium, you have to be a US student and attend an approved school or university in Belgium. The total cost of the educational loan in this country includes boards, tuitions, rooms, and living expenses.
Bank loan
For getting your hands on bank loans in Belgium, you have to provide the banks with residential papers, employment proof, salary slips, and other valid documents that prove your authenticity. Once you have all documents in your hand, you can apply for loans from several banks, including DHB Bank, Cetelem, AXA Bank personal loans, KBC personal loans, Crelan personal loans, etc.
Make sure to visit your bank’s nearby branch to get details of interest rate, repayment method, etc.
Home loan Belgium
Buying a new residence in Belgium as a non-native can be complicated until you thoroughly understand all the Belgium mortgage loan terms and conditions. Then, based on some essential documentation, Belgium banks and private lenders offer mortgage loans to ex-pats.
Banks like ING Belgium, KBC, etc., provide home loans and have the cheapest rate. Furthermore, the repayment period of the mortgage loan in Belgium can be up to a maximum of 20 years.
Advantages of online loans in Belgium
We are moving towards online lending, and the reason for moving online is apparent. The internet has become an integral part of our lives. The available global information makes live a lot easier and offers several amenities. With the help of the internet, applying for a loan has become quite easy, and one can do it in the comfort of their house.
With an online loan, customers will get positive feedback after the application, irrespective of their credit history, position, and job. Students can also opt for an online loan. However, there are certain criteria where people should fall in for the loan.
For the online loan, you will not have to collect various papers. It will be sufficient for you to have the passport and the TIN code. Online money borrowing will provide the whole amount you need to pay off. There are several online loan calculators which you can use to determine the tenure and the repayment amount.
FAQ about loan providers in Belgium
Yes, you can easily repay your loan early if you want to. But, make sure to contact your lender and ask if they allow early payment as per the contract.
If you somehow fail to pay back your loan in time, you should instantly reach your lender without delay. The lender may set a new reimbursement procedure and contract at your convenience.
The full form of APR is the Annual Percentage Rate. As the name implies, APR is the annual percentages rate in which you have to pay back the borrowed money to the bank.
There are several ways of applying for a loan. Firstly, you have to select a lender who provides loans. The lender you choose can be a bank or other loan provider. Make sure to call them, send them emails, apply online, or directly meet them for more information.
Yes, you can. With a bad credit score, you can get a loan. But keep in mind that there will be impediments if your credit score is not good enough. Besides, banks will provide you with limited amounts and set a high interest accordingly. So, with a poor credit history, you are qualified for loans but have to face lots of trouble.
You can take loans for many purposes. For example, some take loans for home improvement or home buying, whereas some purchase cars. On the other hand, you can take loans from different lenders for higher study, business, etc. But, remember, no loans cover your day-to-day expenses.