If you have a consumer loan in the form of a revolving credit, then you are dealing with a variable interest rate. You pay this interest on the withdrawn amount of the revolving credit. So it is not known in advance how much your actual costs are. Lenders may temporarily increase the interest on this revolving credit to a reasonable maximum. Nowadays it appears that this does not happen. Some lenders sometimes increase interest rates by 6% for various consumer loans within the same company.
Case: switching from a loan provides a significant interest reduction.
The Dutch advance bank went wrong with this and has to pay back the overpaid interest to a consumer. In 2007, the consumer concluded a revolving credit with the bank, a part of the Crédit Agricole. Two years later, the consumer closed a credit within Crédit Agricole itself.
During this period, the consumer received an interest rate rise of 8.9% to 10.6%. Due to the BKR registration it was not possible to transfer the loan, but when it had expired it appeared that the consumer could transfer his revolving credit to a society within the Crédit Agricole for a loan with a 5.9% interest. This is a difference of 4.7%! According to complaints institute Kifid this should not be allowed.
Lower the interest on your current consumer loans
From the case above, it is clear that the transfer of your current consumer loans can result in considerable savings . Staying connected to large banks or larger credit companies does not work in your favor either. Consider transferring your current consumer credit to another company, even if you are currently connected to a major bank. It is wise to always look further than the known lenders in the Netherlands despite the fact that it feels safe. Smaller companies can offer lower interest rates, maturities or even both at the same conditions.
Our credit specialists will be happy to discuss with you the possibilities for the transfer of your current consumer loans to reduce interest and / or maturity. They are there for you every day and are happy to give you more information about this. Can they lower the interest and / or duration for you? Then they arrange this for you from A to Z.