Can I borrow? How do you know if you can get a loan?

Can I borrow? How do you know if you can get a loan?

Sometimes some extra money can be badly needed. Because you have to make a big purchase for example or because you want to renovate the bathroom in your home. In those cases it is useful if you have a bulging piggy bank, but unfortunately that is not always the case and you will therefore have to come up with other solutions. A loan can then offer a solution. But how do you know if you can borrow? How do you find out if you can get a loan? You will discover it in the article below!

Borrowing money, costs money

Of course you already know this, but an extra reminder can never hurt. Borrowing money, costs money. Always and often a lot too. The interest that a lender charges on the loan can be substantial so that you paid a lot more for the expense at the end of the ride than you would if you had done this with your own money. Yet you sometimes can not escape it. The car breaks down and you need a new one to be able to go to work every day. Or the washing machine breaks down and you do not have enough equity to absorb the blow itself. There are 1001 scenarios in which you suddenly need extra money and then it is nice if you have an opportunity to absorb the financial misery.

One of those options is borrowing money. Preferably with friends, family or acquaintances so that (hopefully) you do not have to deal with sky-high interest rates, but unfortunately it is not always possible to obtain the financial resources from your own network and then you are automatically dependent on an external lender. This is usually the bank, but there are also third parties that provide credit. Whether you get the loan you need depends on various factors.

Image result for how to get a loanConditions when applying for a loan

On the one hand, lenders are lining up to provide you with a credit. After all, it is the way they earn money. On the other hand, not everyone can easily obtain a loan. After all, the most important condition is that you are able to repay the provided credit within the period that has been set. You will therefore have to be sufficiently creditworthy to obtain a loan from the bank or another lender. A lender therefore runs through a number of things if you want to take out a loan with them:

  • Income
  • Family composition
  • Housing costs
  • BKR quotation

Income requirement

One of the most important things that a lender will test is of course your income. You will have to earn enough to be eligible for a loan. If you do not earn enough, the whole story will soon stop. You will therefore have to present irrevocable payslips if you decide to request a loan from your bank or another lender. In doing so, it makes a substantial difference whether you have a permanent contract or a temporary employment contract (or an unemployment benefit). After all, the lender not only wants to know whether you can pay off right now, but also wants to know if there is enough certainty that you will continue to do so in the future. A permanent contract always gives a lender more security than an employment that is temporary in nature.

Image result for how to get a loanFamily composition and housing costs

Every household has a certain income, but also certain expenses. The rent or mortgage must be paid, there are municipal taxes and you will have to take care of your food and your dribble every day. All costs that are taken by a lender on the balance sheet. Because you can earn 10,000 euros per month, but if 9,950 euros a month you fly, you are not exactly in the position to repay the contracted loan. A lender will therefore also look at your family composition and your expenses around the home. Do you, for example, have a partner that also makes money? Then this has a positive influence on the amount that you will be able to borrow from the bank or another lender. Do you have 5 children to feed every month? This will also affect the question of whether you can obtain a loan and if so, what the amount of the loan will be.

BKR quotation

Every credit that is taken out in the Netherlands is reported to the Credit Registration Office in Tiel. This happens with personal loans and revolving credit, but also with mortgages or a telephone subscription. There is nothing wrong with a registration at the BKR, provided that it is not a negative BKR quotation. If there is a negative BKR quotation, you have a comment on your name. You are not creditworthy and will therefore not be able to take out a loan with a bank or other lender. Do you have a negative BKR quotation and do you still need (fast) money? In that case, read our article about borrowing money without BKR testing !

Other important points

The above items have a (large) influence on the possibility to obtain a loan and also on the amount of the loan if a lender decides to grant you a loan. There are, however, a number of other important points that influence the question of whether you can obtain a loan.

Image result for how to get a loanOther loans

You may want to take out a loan while you are repaying another loan. This does not necessarily mean that you are not eligible for a new loan. However, the amount of the existing loan, the monthly repayment amount and the punctuality with which you repay the old loan will be examined. If there is an odd doubt for a lender that you will pay back the new loan properly, the lender will not provide you with a new loan. Do you appear to be creditworthy and is your current loan not too high? Then you have a good chance to still be able to take out a new loan.

Wages and / or other debts

Is part of your wages seized by creditors? Then you can actually immediately say a day against a loan. It is a sign on the wall for a lender that your payment morality is not exactly high. The same applies to any debts that you have to companies, authorities, collection agencies and / or bailiffs. All reasons for a lender to doubt your creditworthiness and therefore a valid reason to reject your application for a loan.


If you are divorced, it is not possible to apply for a loan, provided that your future ex-partner wishes to sign the loan agreement. A small chance. After all, you are not in divorce for nothing. In order to be eligible for a loan it is important that you can prove that the divorce has been officially declared by the court, you are registered in the civil registry and that the joint assets, the home and any loans are divided.

Your age

Clear rules are not there when it comes to your age, but if you are too young it will be difficult to get a loan and the same applies if you are already relatively old. A lender ultimately has only one goal with providing a loan: the loan amount + the interest to be paid back. If you are in the last days of your earthly existence, a lender may refuse the requested loan, simply because the lender has no (or very little) confidence that you will complete your time on earth until you have paid the borrowed amount including the associated interest. have repaid. Crux maybe, but something to be reckoned with when you decide to apply for a loan if you are already at age.

How do I know if I can get a loan?

Now that you know what a lender looks for when applying for a loan, the key question remains: “how do I know if I can get a loan?” . With a little common sense, you can check for yourself how creditworthy you are. Do you have debts or a negative BKR quotation? Then you can probably count yourself on 10 fingers that applying for a loan is actually a waste of your time. However, do you have a permanent contract, do you pay your fixed costs every month and is the only BKR quotation that you have your mobile phone subscription? Then the question is not whether you can get a loan, but how high the loan will be.

As said, lenders are happy to provide loans because they simply have their earnings model there. The more credits they provide, the more money they will generate. If you are sufficiently creditworthy, then a lender will simply work with you. It is then only a matter of figuring out how high the credit will be and which lender uses the most favorable conditions. To help you with that, we have the following handy comparator for you, so you can immediately see which lender is most interesting for your loan!

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