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Various loans

Through our partners, you can apply for an unsecured loan up to EUR 70 000. However, the loans sometimes go by slightly different names, and there may be slight differences. Here we look at the most common types of loans and their differences, pluses and minuses.

Consumer credit

Consumer credit generally refers to a loan of thousands or tens of thousands of euros, which you can use as you wish. Consumer credit from ordinary banks may be unsecured, or it may require collateral or guarantors.

However, consumer credit granted through our partners is always an unsecured loan. This means that you do not need any guarantors or assets to take out a loan.

An unsecured loan is usually quicker to obtain than a secured loan, as there is no need to make a separate declaration of collateral or guarantors. It is possible to obtain an unsecured loan simply by proving your own income.

Unsecured loans are often used for renovations, buying a car or a home, for example. With a consumer loan, the term of the loan (i.e. the repayment period) is known in advance and is usually between 1 and 15 years.

Unsecured consumer credit can be credited to your account even on the same day. You can apply for consumer credit through our partners from EUR 100 to EUR 70 000.

Quick loan

Quick loan has gained a somewhat dubious reputation in recent years, and not without reason: before the changes in the law that restricted interest rates, the interest rates on fast loans could be thousands of percent per year.

Today, however, interest rates on quick loans are no longer as high. The Consumer Credit Interest Act, which came into force in 2019, limits the nominal interest rate on all consumer credit to 20%. This means that the really expensive fast loans of the past are practically history.

In practice, a quick loan is nowadays an unsecured consumer loan of a relatively small amount and with a relatively short repayment period.

Quick loan

Quick loan is generally not a clear definition - it is used as a synonym for both instant credit and consumer credit generally available online. However, in most cases, the term "quick loan" refers to the same thing as "quick mortgage", i.e. a small unsecured loan.

Flexible credit

Flexible credit is the credit limit within which you can withdraw the amount you need. You can also withdraw more if necessary, if the credit limit is not yet fully used.

You can either withdraw the entire amount of the loan at once, or make several smaller withdrawals. Flexible credit therefore works a bit like a credit card - the only difference is that you can withdraw the money from your account.

Flexible credit is also often referred to by other names, such as flexi-credit, income credit, credit line or simple limit.

Peer-to-peer lending

In practice, a peer-to-peer loan is also an unsecured consumer credit. However, the difference between peer-to-peer lending and normal consumer credit is that peer-to-peer lending is financed by private investors instead of financial institutions and banks.

However, peer-to-peer lending is not usually sought directly from private investors, but through a peer-to-peer lending intermediary. The role of the intermediary is to arrange the lending of money from investors to people seeking a loan.

In practice, there is no difference between a peer-to-peer loan and a consumer loan from the point of view of the borrower. The loan is paid back to the loan intermediary. For a peer-to-peer loan, it is worth checking the interest and charges on the loan, just as for other consumer loans.

Consolidation loan

A combination loan is a single loan used to combine or pay off many smaller bills or consumer loans. The terms "bridge loan" and "loan transfer" are also used.

In practical terms, a consolidation loan is therefore a consumer loan, but the loan must be used to pay off old loans. Often the consolidation loan is not paid to the account of the borrower in the meantime, but the financial institution granting the loan pays the loans to be consolidated directly into the accounts of these lenders.

The reason for applying for a bridging loan is usually that by merging old loans, you can save significantly on the interest costs of the loan. Some companies even concentrate exclusively on providing consolidation loans.

You can also easily tender for consolidation loans through our partners. In many cases, you can get a better interest rate on a consolidation loan than on previous loans if you have managed your finances properly with previous loans.

Terms related to loans

Annual percentage rate of charge on the loan

The annual percentage rate of charge on a loan includes all the costs associated with the loan. The interest on the loan is usually not the only cost - in addition to the interest, other charges may include an opening fee, account management fees and billing surcharges. However, all these costs are included in the annual percentage rate of charge.

The nominal interest rate on a loan, on the other hand, refers only to the interest on the loan, excluding other costs of the loan.

The annual percentage rate of charge (APR) is required by law to be disclosed in the loan information, and is often the most convenient way to compare the total cost of loans.

Loan period

Loan term refers to the repayment period of the loan. Loans through our partners can have a repayment term of between 1 and 15 years. Some vouchers may have a shorter loan term than this.

The duration of the loan always affects the total cost of the loan. If the loan period is longer than necessary, the interest on the loan will have time to accumulate more costs within the loan period. On the other hand, the loan period should be chosen so that the loan can be repaid on time.

However, the loan period does not mean that the loan should be kept for such a long time. If possible, the loan can also be repaid sooner. This will keep the total cost of the loan lower.

Opening fee

The loan opening fee is a charge that may be levied on the establishment of the loan. The opening fee is charged only once for a single loan.

The opening fee is also referred to as an establishment fee, an initiation fee, an arrangement fee, a withdrawal fee and a withdrawal fee. However, they all mean the same thing - a one-off fee for opening a loan.

Account management fee

The account management fee is a loan servicing charge, which is usually levied monthly when the loan is repaid. The amount of the service charge is usually fixed, i.e. the same amount in euros is charged each month.

An account management fee is also referred to as an account management fee.

Loan application

A loan application is basically a form that you fill in to apply for a loan. The loan application is usually filled in with at least your personal details and is usually accompanied by proof of income, such as a pay slip or tax statement.

In many cases, you can also apply for a loan together with another person. In this case, the loan application must of course be filled in by both applicants.

However, you do not need to apply for a loan separately to each financial institution. With our partners, you can compete for loans from up to a dozen different financial institutions with a single application - in just a few minutes.

Unsecured loan

An unsecured loan is a loan that can be granted without collateral or a guarantor. You can easily apply for an unsecured loan online and, ideally, you can get the money in your account virtually immediately after the loan offer is approved.

It is always worth doing a loan comparison

It is always a good idea to do a loan comparison when applying for a loan. When comparing loans, you should pay attention to the following costs, among others:

• Annual percentage rate of charge on the loan

• Loan servicing fees

• Loan opening fees

• Loan invoicing surcharges

• Loan late fees

You should also check the loan for the following:

• Monthly instalment of the loan

• Nominal interest rate on the loan

Loan costs vary significantly, so it is always worth taking a moment to compare loans. Choosing the most expensive loan can cost up to thousands of euros more than a loan found through a competitive process.

If you have already taken out an expensive loan, combining your loans can save you money on future borrowing costs. Loan consolidation is a handy way of competing with old loans. With a consolidation loan, you can pay off your old loans, leaving only a new, cheaper loan to repay.

How to get a loan now

Through our partners, you can get an instant loan on your account (between 7am and 11pm) as follows:

1. Fill in the loan application

2. Choose the best loan offer for you

3. Accept the loan offer

4. You usually get the money in your account immediately

You can also apply for a loan at night and on weekends

You can also apply for a loan through our partners during weekdays and weekends.

Please note, however, that the loan can only be paid into your account between 7am and 11pm on weekdays. Therefore, although you can apply for a loan at other times, the loan will not be paid immediately.

What can a loan without collateral or guarantors be used for?

A loan applied for through our partners can be used for anything - it is not restricted to a specific purpose, like a mortgage.

This makes an unsecured loan a convenient solution for many situations - you can apply for a loan to renovate your home, buy a car, finance a holiday or buy a computer.

Although a financial institution can grant a loan in this way, only apply for a loan in situations where you really need it. For example, you should not apply for a loan of €10 000 without a reason, as it can cost hundreds of euros a month to repay the loan.

Before applying for a loan, you should carefully budget your income and expenditure to avoid any unpleasant surprises.