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What to check to better choose a loan ?

What to check to better choose a loan ?

We support you to keep a clear head in checking credit viability before choosing credit and before signing a contract. We are not a broker and can not advise on specific loans but support you to be more critical and to assess your real financial capacity.

Before choosing a credit 

  • Understand your current situation in terms of revenue and cost (including existing loans) as well as historic using the budget tool
  • Challenge commercial offers mainly seen on TV
  • Clarify the real rate called APR and compare versus other banks but compare apples with apples
  • Do not forget the additional costs due under the loan agreement that are not known to the Bank and which are not included in the total cost of the loan like : 
    •  The relevant notarial fees due on the establishment of a mortgage in favor of the Bank;
    •  The relevant notarial and state fees due for renewal and cancellation of the collateral established in favor of the Bank;
    •  Assessment of the property.
  • Formalize your repayment schedule and clear monthly costs and plan your rest of living with support of the budget tool 

Before signing a contract

  • Check if the following information is clear and legible :
    • The identity and address of the contracting parties (the lending institution and yourself);
    • The type of credit;
    • The total amount of the loan and the conditions for making the funds available;
    • The duration of the credit, the amount, the number and the frequency of repayment dates;
    • The borrowing rate and the conditions applicable to that rate;
    • The annual percentage rate (APR) and the total amount due;
    • repayment terms;
    • The conditions of acceptance or withdrawal of the credit contract;
    • Information relating to the performance of the contract (early repayment, termination of the contract, default, late payment compensation, etc.);
    • Information relating to the processing of disputes