Is it your dream to buy your own bank loan in a beautiful holiday park, but do you not have enough savings to pay for this at once? Then we advise you to take out a personal payday loan . You then borrow the amount needed to buy the bank loan and pay it back in installments at a fixed interest rate.
Advantage personal payday loan
The advantage of a personal payday loan is that you know exactly how much you spend each month and what you ultimately pay for the bank loan. So you will not be faced with unpleasant surprises. However, it is important to make a good comparison in advance. This is because there are large price differences between the most expensive and cheapest loans.
A payday loan, what to pay attention to?
When you compare loans, it is important to pay extra attention to a number of things. These ensure that you ultimately make an expensive or a cheap choice!
- Interest – Always choose a personal payday loan with the lowest possible interest. This sounds logical, but many people still just go to their regular bank for a loan. As a result, they often pay far too much. The difference between the highest and lowest lending rates is as high as 4 percent. Comparing really pays off!
- Conditions – But don’t just pay attention to the lowest interest rates. Also take a good look at the conditions that loan providers apply. Favorable conditions make a loan cheap. In particular, look at any penalty interest on conjugated repayments and at a possible remission in the event of death.
- Duration – Always opt for the shortest possible duration. The shorter the duration, the higher the monthly costs, but the less you ultimately pay. Make sure you don’t get into financial trouble by opting for too high monthly payments. Find the right balance here.
How much to borrow for bank loan?
How much you have to borrow to buy a bank loan naturally depends on the type of bank loan you want. You already have wooden bank loans from 25,000 euros, but also stone bank loans from 75,000 or 150,000 euros. It is therefore difficult to give a price indication, since you can make it as expensive as you want.
What you have to take into account are the recurring costs, such as the rent of the lot, building and household insurance, gas, water and electricity and maintenance costs. Don’t underestimate this. These can easily amount to as much as 3,000 euros per year.
Alternatives loan for bank loan
In addition to the personal payday loan, there are of course other ways to finance a bank loan. For example, there is the revolving credit and you have the option of using any surplus value from your first home.
- Revolving credit – A revolving credit is a loan in which you can take out unlimited loans and repay up to an agreed amount. This form of borrowing is useful if you do not know in advance exactly how much the bank loan will cost you. For example, because you have it built and you do not yet have concrete details about how you have it finished. The advantage of this is that you only pay interest on the amount actually withdrawn. If the bank loan is cheaper, then you pay interest on a smaller amount.
- Overvalue first home – Do you have a home with overvalue? Then it is possible to use this surplus value to finance the bank loan. This method of financing does entail closing costs. In addition, it is not possible to repay extra in the meantime.