How to apply Credit for wedding?

Your own wedding should actually be one of the most beautiful experiences in everyone’s life. After all, you only want to say “yes” once. And this alliance with life partner should be celebrated properly.

But equipping a wedding and finally holding it can be very expensive. A great wedding dress, a beautiful wedding location, the hospitality of the guests, the honeymoon … all this and much more comes to the bride and groom and has to be paid somehow.
Above all, young people have big problems with funding. You don’t have enough financial cushion to pay for the wedding with the savings. Therefore, many newlyweds choose to take out a loan for the wedding.

What can a wedding loan look like?

What can a wedding loan look like?

The plan to take out a loan for the wedding is quick. But putting this loan into practice is a lot more difficult. Because there are some important things to consider and consider in advance.

Every loan comes with a certain loan amount. The bride and groom should therefore know roughly how much money they need for their wedding. Unfortunately, looking into the crystal ball is not enough to predict this. Rather, it is important that the location is set, the costs for the wedding dress and the groom’s suit are known and the honeymoon has already been discussed.

The costs for the food and other can then be agreed individually and can be included in the calculations as a flat rate. However, the rest of the celebration and the associated costs should be known in order to be able to create a reasonably accurate amount for the wedding loan.

Once a loan amount has been determined, the loan can be taken up. The first step here is to determine the right type of loan. With a loan for the wedding, an installment loan is recommended, which can be perfectly adapted to the wedding and which can be repaid to the bank in small installments. Since both bride and groom benefit from the loan, they should take it out together. This increases the creditworthiness and thus the chances of getting a loan on good terms.

What are the requirements?

What are the requirements?

In order to be able to take out a loan for the wedding, the borrower must have a good credit rating. A good credit rating is given if the private credit checker has not saved any negative entries, the income is based on a permanent job and is above the garnishment allowance. In addition, each borrower must be of legal age, have a permanent residence in Germany and be able to show a checking account with a bank based in Germany. If this is the case, nothing stands in the way of a loan for the wedding.

Important tips for borrowing

Important tips for borrowing

Many bridal couples receive cash gifts at the wedding. If you provide your loan with the option of free special repayments, the money from the gifts can be used in full or in part in the loan. This reduces the loan amount in one fell swoop and shortens the term. This has the positive side effect that the loan is paid off faster and the costs are reduced by the interest.

You should also make sure that there is a little time between borrowing and the start of repayment. Anyone who goes straight on their honeymoon after the wedding doesn’t think about financial obligations to a bank. Therefore, the repayment for the loan should only begin when the couple is back from their honeymoon and can personally take care of all financial matters.

Borrowing is not just about finding suitable financing quickly. It is also about taking advantage of cheap financing, i.e. a loan with the lowest possible interest. We therefore recommend comparing different loan offers with one another before the signature is placed under a loan agreement. A comparison is possible, among other things, with a loan calculator, which is available in various forms here on the Internet.

Loan for used cars – it’s that easy!

No matter whether someone wants to buy a used car or a new car today, financing always plays a major role. As a rule, most buyers choose a used car because the loss in value is less and the acquisition costs are lower. Many consider whether they can not get a loan for used cars. Your own funds would be more advantageous, but very few can pay for a vehicle in full. Nowadays, a loan is common and hardly anyone saves before buying something. It is completely normal to buy something first and then pay for it. If you want to make the dream of your own vehicle possible, you will need external funds.

Where can I get a used car loan?

Where can I get a used car loan?

Most car sellers work with a house bank and here there is a loan for used cars. The interested parties must note that this loan does not necessarily have to be the cheapest. Buying a car can be very expensive if there are additional costs and interest. In any case, interested parties should obtain a comparison offer from the house bank. There is often a special loan for used cars from the savings banks and banks. This loan often offers much better conditions, such as when visiting a dealer bank. If a borrower has sufficient creditworthiness, then no further collateral has to be provided. A regular receipt of salary or wages is often sufficient for the loan for used cars.

What if the credit rating does not match?

What if the credit rating does not match?

If a prospective customer has a poor credit rating, additional collateral is required. The borrower can bring a solvent guarantor or transfer the vehicle as security. Whoever brings a guarantor should note that this can then show a good credit rating. Thanks to a transfer by way of security, a lender has the right to sell the vehicle immediately if there is a breach of contract, such as a failure to pay in installments. The outstanding receivables can then be offset against the proceeds from the sale. The borrower can only really use the car and the lender is the owner of the car.

The insurance companies with the loan for used cars

The insurance companies with the loan for used cars

Most savings banks and banks also offer comprehensive insurance for financing. Banks often also require residual debt insurance to be taken out. This ensures that the payment continues from the borrower in the event of death, illness or unemployment. However, it is still best to ask friends or acquaintances about a loan, or to visit an internet platform for a loan from private to private.

Take out a loan?

Is the purchase of a car, television, travel or wedding party out of your reach? Then taking out a loan is the solution. In the table we summarize the most important information about the currently available Belgian loans. This was sorted from cheap to expensive. So you immediately see:

  • Which loans are available.
  • How much you will have to pay off per month.
  • How much you have to pay to Astro Finance on top of the loan amount.
  • The Annual cost percentage or APR.
  • Which Astro Finance offers the cheapest loan.

These days you do not necessarily have to be a member of the Astro Finance if you want to take out a loan. Many Astro Financeen provide the option to take out a loan online. Most Astro Financeen offer loans for a whole range of amounts and durations, so you are sure to find a loan that fits your purchase.

Benefits personal loan

Benefits personal loan

A loan for the purchase of a car, television or travel is covered by the ‘personal loan’, also known as a consumer loan. The benefits of such a loan are:

  • You can borrow for any purchase: whether it is a computer or a piece of furniture, it doesn’t matter;
  • You can spread the payment so that it weighs less on your budget;
  • With many Astro Financeen you can borrow from as little as 1500 USD or even less.

Please note: on a loan you will always have to pay costs in the form of an interest rate and administration costs. Borrowing is therefore more expensive than paying the purchase at once. Be sure to compare the annual percentage rate and look for a good price before you take out a loan!

Monthly installments

If you take out a loan, you will see how much you will have to pay off each month, as well as how much you will have repaid to the Astro Finance in total at the end of the term. Make sure you can handle the monthly installment. The Astro Finance will also check this: therefore you must answer a number of questions when taking out a loan. How much are your monthly income? Do you already have a loan? What is your marital status?

After a so-called examination of the credit application, the Astro Finance will decide whether you can take out the loan or not.

If, despite the above research, you still encounter problems related to monthly repayments, then immediately talk to your Astro Financeier. In many cases it is possible to spread the repayments a little longer so that they become feasible again. Certainly do not get caught in such a case!

Who supervises and controls online loans?

 

 

With traditional banks, there is no doubt that they all belong to the Bank and that they are heavily regulated. Does the same thing happen with financial institutions that have appeared in recent years and that offer online loans and fast loans? Who controls them? In what ways are we protected as customers and users of your financial services? In this article we will clear these doubts.

The main category of entities: Financial Credit Establishments (EFC)

The main category of entities: Financial Credit Establishments (EFC)

It is evident that, with so many types of loans, amounts, terms, costs and interests, not all entities are equal. However, the vast majority belong to this category: EFCs are private financial entities constituted in the form of a mercantile company before the corresponding Mercantile Registry, and their main business purpose is to grant loans. They do not offer deposits, accounts, or other products: only financing in its different modalities, management or issuance of credit cards, and granting of guarantees.

As such, they respond to the bank , who defines this category and who established it in its day. So they must be accredited against it and answer for what the regulations of the Bank establish. They are regulated in Law 5/2015, of April 27, which establishes creation conditions similar to those of banks, but with lower capital requirements.

On the other hand, there is a law called Law 16/2011, on consumer credit, which regulates the vast majority of loans and credits that these entities offer, their guarantees, and the limits of what entities may or may not do. So, with one law for entities and another for products, all guarantees for the customer are secured.

The mini-credits: a separate case

The mini-credits: a separate case

If the amount granted is less than 200 dollars, private equity entities that offer microcredit must not register as an EFC or respond to the bank . Fortunately, there are very few entities that offer this product exclusively: most offer larger amounts as well, which forces them to register as an EFC so as not to limit their own market. Other specialized ones are as reliable as any other entity.

Many of these entities are also self-regulating through the creation of the Association of Micro Loans, with a code of good practices and principles that allow extending the protection of customers.

Financial intermediaries

Financial intermediaries

There are many pages that allow you to search for loans and others that collect customer data and send you personalized offers through the search for financials on your behalf. This, since it is not a direct financial service, allows the client to deal directly with the entity that lends the money.

They may or may not charge for this service, regardless of whether the client confirms the loan or finally does not.