More and more Dutch people are taking over their existing loan (s). In this way they benefit from lower monthly payments and more benefits from re-transfer.

Borrowing money becomes cheaper

Not only is the mortgage interest rate falling, but also the interest rate for a consumer credit. This means that you can now borrow money cheaper for a consumer purchase, for example a car. Was the lowest interest rate for a personal payday loan of € 10,000. still at 8.3% in 2011 (source: Moneyview). In 2018 this interest rate fell to 5.1% (source Cratchit family).

Transfer existing loan

Consumers who already have a loan can also benefit from the low borrowing rate. By taking over your existing loan you can reduce the monthly payments or shorten the term. When transferring, you take out a new loan with which you can pay off the old loan on new and better terms.

Just like when you take out the mortgage.

You usually do not pay a fine for transferring a consumer credit. With a revolving credit, overdraft on a payment account, a credit card or a mail order credit you can pay off without penalty. A fine is charged for some personal loans but this may not exceed 1%.

That is different with the penalty interest of a mortgage. In addition, the transfer of a consumer is quickly arranged because there is no advice and notary involved.

Transfer existing loan in 4 steps:

1. Collect the details of your current loan (s). Also consider mail order credits, overdraft and credit cards.
2. Compare all loans and choose a new lender.
3. Request 1 or more quotes for your current loan (s).
4. Choose the cheapest payday loan and save.

Extra benefit with loan refinancing

In addition to lower monthly charges, rescheduling a loan has the following benefits:

• Standing in red, credit card and mail order are expensive loans. A revolving credit is cheaper for extra spending room.
• By combining several (small) loans, your savings will increase. It is also easier to keep an overview with a loan.
• Refinancing offers the opportunity to update the terms of the loan. These too have improved in recent years.
• In general, the older the credit, the greater the chance that you can save on this.
• It is also possible to opt for a longer duration. This can additionally lower your monthly costs.