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Further Below: Our Guide To Loans in Belgium, covering everything you need to know.

Loans in Belgium, All You Need To Know:

Get to grips with applying for loans in Belgium. We’re out to avail you of all the information you need to take out a loan in Belgium and how to hire a credit that’s most consistent with your financial situation.

Quick Summary:

  • Online mini loans are a sure and fast way of getting funds during an economic emergency
  • This type of loan grants 300 euros to first-time applicants
  • The conditions of these loans may improve after several on-time loan repayments
  • The reimbursement of the loan happens once and after one month
  • The processing of these loans happens online and in a matter of minutes
  • They should be taken out only when we are sure of our solvency to assume the repayment
  • Online loans allow you to manage your funds online without ever having to step into the entity

 

What you should know about the Belgian financial and banking system

 

  • Being one of the pioneers of the cashless era, Belgium’s banking and financial systems greatly affect Europe’s financial systems. With the systems’ evolution, expats can now get friendly loans that are specifically tailored for them.

 

  • The country’s banking system is modernized to become one of the major financial centers in modern Europe. With 95 banks and more than 3,000 branches all over the country, lending in the country is more diversified and cheaper. Belgium was among the first countries in Europe to embrace mobile banking and has, over the years, established digital banking and improved traditional banking as well.

 

  • All banking and lending services are monitored and regulated by the National Bank of Belgium and the Financial Services and Markets Authority.

 

  • According to the National Bank of Belgium (Banque Nationale de Belgique), the average lending rate in Belgium as of April 2022 was 1.49% which is a 0.08% decrease from the previous month.

 

What are loans and how do they work?

 

Online mini loans were birthed out after the 2008 financial crisis, among the many other financial products that broke into the financial market. Online mini loans are a sure way of getting financing fast. They are most suitable during unexpected economic contingencies that need our urgent attention. 

 

Most people turn to this type of financing due to its fast nature and less strict eligibility criteria. One is able to get financing in a few minutes and the whole application process including placing your signature happens online through online platforms and digital signature. 

 

Online mini-credits provide small amounts to new borrowers but may improve the conditions with older loyal clients. 

 

Note: online mini loans are more expensive than other loan types because of their short repayment periods, high interest rates, and single payments.

 

What we should know about mini-credits

 

  • They are designed to address specific financial needs
  • New applicants can get up to 300 euros
  • Their repayment happens once
  • They have short repayment periods of 30 days
  • They grant the funds in a matter of minutes
  • They have higher interest rates than other types of loans

 

When is it advisable to apply for loans?

 

While it may be easy and fast to get financing through online mini loans, it’s important to look at both sides of the coin and weigh its good side against the bad. In this way, we’ll get a loan that we’re most comfortable with.

 

It is advisable to apply for mini-loans if/if not:

 

  • You have a “once and for all” need
  • Your situation needs an urgent financial injection
  • You can comfortably afford the repayment
  • You do not solicit on a regular basis
  • You know the total amount you’re required to pay back
  • You know all the conditions of the loan

 

  • The purpose is habitual or recurrent
  • The need doesn’t have to be addressed urgently
  • You doubt your ability to repay the loan
  • You would like to request the loan regularly
  • You don’t know the total amount you’ll be required to pay
  • You don’t have a hang of how the loan works

 

The above parameters will help us make better financial decisions when in need of financing. Getting a 360-degree view of these loans helps us avoid gimmicky offers that sink us into unnecessary debts.

 

How much money can I get with mini-credits?

 

Online mini loans are instant and help us to address urgent and unexpected expenses. They have smaller amounts than other loan types and may vary depending on our loyalty levels with the entity.

 

New Clients:

 

Up to 300 euros

 

Existing Clients:

 

Up to 1,000 euros

 

Entities start by providing small amounts to new borrowers and may improve the loan conditions by increasing the amount, extending the repayment period, and reducing the interest rates. This is determined by the client’s behavior in repaying the loan, especially if they make on-time repayments and meet all other requirements.

 

Requirements to access loans

 

Online mini loans have fewer and less strict requirements than other loan types. The application process is completely online, hence, less taxing.

 

  1. Have some form of income. Some entities may set their preferred level of income for their clients while some will just need proof of any form of income.

 

  1. Be of legal age. While some lenders still consider 18-year-olds as minors and start funding clients of age 21 and above, others will start offering loans to 18-year-olds.

 

  1. Be a Belgian resident. This is how your loan is going to be easily approved, whether as a native or an expat. Some lenders will require you to be holding the residence permit for at least 6 months.

 

  1. Have a healthy level of debt. Many companies will assess your income to debt ratio before approving your loan application.

 

We confirm that we meet the above requirements by filling out an online application form before sending it back to the lender.

 

Documents to be submitted when requesting a loan

 

While online mini loans have fewer requirements, failure to meet a single requirement increases the chances of your application being canceled.

 

  • Valid identity card or passport
  • The last 2 or 3 paychecks or income received
  • Bank statements 

 

Some entities may not ask for your bank statements because they verify and analyze our records online through Instantor.

 

How to take out loans online step by step?

 

Steps to contract a mini loan

  1. Choose the amount and term
  2. Fill in the form
  3. Send the documentation
  4. Read and sign the contract

 

The steps to follow while applying for online mini-credits are simple and few because of the completely online application process:

 

  1. Specify the amount and the period you’re likely to take to repay the loan. 

 

  1. You’ll receive an application form. Be sure to fill out all the blank fields with data that corresponds to your bank statements to reduce the chances of your application being dismissed. 

 

  1. The lender will assess your application form details alongside your bank account details, looking out for any conflicting data. If all the information is accurate, the lender will approve the application and send you the contract documents.

 

  1. Read in between the lines of your contract to be well braced for what you’re committing to. If in full agreement, place your signature through a digital signature.

 

The lender will then release the funds in minutes, depending on their terms of operation.

 

About this page, our methodology

 

What this page is for: we’re out to help you get the most compatible financial product to your needs and peculiarities. Hence, we marshal all the necessary information about consumer credits including the best offers in the market, how to compare them and end up with the best offer.

 

Source: the information regarding consumer credits in Belgium and how they are regulated is drawn from the Financial Services and Markets Authority, and the National Bank of Belgium.

 

Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

 

About FUNDGECKO: we are an online comparator website that helps users with little knowledge about financing. We equip the user with the most recent and reliable information regarding consumer credits, how best they can compare them, and end up with the most suitable option.

Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.

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