Pay attention to borrowing money costs money

Be careful with borrowing money quickly

Would you like to take out a loan without hassle ? Then pay attention. It is important that you borrow money in a responsible manner and that you comply with the rules of the law on financial supervision .
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The national government supervises financial institutions in order to protect companies and consumers against taking out loans for which they cannot bear the burden.

Need for legislation

In 2007, the Netherlands was hit by the credit crisis . We have become more aware of how vulnerable the financial system can be due to this credit crisis. When one financial institution gets into trouble, it can affect other institutions. Institutions overlap within the financial market. As a result, a crisis can affect other companies much faster. Even companies in other industries.

The stability of the financial system is safeguarded by financial supervision. Financial supervision also ensures that the markets work efficiently and protects consumers against intolerable behavior of a financial institution or even bankruptcy.

Financial sector regulators

  • De Nederlandsche Bank (DNB) : DNB guarantees financial stability.
  • Netherlands Authority for the Financial Markets (AFM) : AFM supervises the way in which financial institutions deal with their customers and the way in which parties interact with each other in the financial markets. The AFM encourages financial institutions to deal fairly and openly with their customers. The AFM is part of the European supervisory authority and its main objective is to create the confidence of consumers and companies that strengthen the financial markets.

Financial Supervision Act

The WFT (Financial Supervision Act) protects consumers against irresponsible borrowing. By means of this law you only take out a loan that suits your personal and financial situation.

After you have applied for a loan, the lender must first assess it according to the legal standard. Lenders and banks are prohibited from advertising with terms such as '' Borrow money within 24 hours '' or '' Borrow money quickly ''.

Note: Borrowing money costs money

The credit warning bar 'Pay attention, borrowing money costs money!' must be placed within each advertisement. Dimension requirements have been set that this warning must meet.

The credit warning bar 'Please note, borrowing money costs money' must be placed within each advertisement. This warning must meet the size requirements that have been set.

Specify the term

The term, day or time within which the loan is paid out or assessed may not be stated within the advertisement.

Do not generate suggestions

It is not the intention to create suggestions that current credit obligations do not play a role in the application.

Risks and legislation

Are you planning to make a major purchase? An attractive option is to apply for a loan. It is important to remember that borrowing money also costs money. An amount must be paid monthly in repayment and interest to the lender. These interest rates may differ per lender.

Risks of borrowing money quickly:

  • You have carelessly read about the monthly charges and conditions by taking out a loan too quickly;
  • You borrowed more than you actually need;
  • You can no longer pay your monthly payments afterwards due to an unclear financial situation. You have to pay off the debt, which may put you in debt further.

Borrow money

Fixed and cheap interest rates
Always pay off penalty-free
Personal contact
From:
3.5%
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