Personal Loan: A Tailored Lending Solution

Personal Loan: Achieve Your Dreams and Projects!

Whatever your plans, it’s possible to achieve them with a personal loan! Need money to renovate or redecorate your home? Or do you wish to finance your children’s education? The personal loan is the solution!

Do you dream of traveling far and wide and wouldn’t say no to a trip around the world? Don’t have the necessary funds or don’t want to dip into your savings?

And who better than Credafin for your personal loan? Taking out a personal loan or credit through Credafin offers these benefits:

• Borrow at a fixed interest rate
• No need to justify how you use the borrowed funds
• Assurance of enjoying the best rates on the market
• Freedom to choose the repayment period
• Funds released within 48 hours

What is a Personal Loan?

A personal loan, also known as a personal credit, installment loan, or installment credit, is essentially a consumer credit, just like installment selling, leasing, credit opening, bridging loans, or overdraft facilities.

Consumer Credit: Definition

Before diving into details, it’s important to define what consumer credit (or loan) is…

The SPF Économie defines consumer credit as follows: “Consumer credit is a loan granted to a consumer to purchase movable goods (e.g., a car, a television,…), buy a service (e.g., organizing a wedding), or to finance private needs (e.g., paying taxes)”.

Designated by the term “consumer”, and always according to SPF Économie. Any “natural person habitually living in Belgium and acting primarily for private purposes.”

The Peculiarity of a Personal Loan

Although there are many consumer credits, personal credit has a peculiarity. The personal loan is actually described as “non-earmarked”. This means no need to specify the destination of the borrowed sums, unlike earmarked credits. It doesn’t necessarily serve to finance a specific good or service.

Through a personal loan, a defined sum is made available to the borrower, usable at any time and allowing for any purchase(s) of choice.

In a personal credit context, the total amount, as well as the repayment duration and amount of fixed monthly payments, is predefined. No surprises. Legally, the monthly payments can span a period from 12 months (1 year) to 84 months (7 years).

Since amounts borrowed via a personal loan are generally not exorbitant, no need for extensive documentation for approval. Another advantage: early settlement of personal credit without penalties.

However, since it’s not tied to a particular expense, this credit lacks insurance. In other words, if for any reason the goods or services for which the loan was taken are not delivered or are defective, repayment and interest are still due.

Solutions for Every Need

At Credafin, all our clients are handled by specialized experts. Your file will be thoroughly examined by a professional who will guide you from start to finish. Credafin staff is there to advise and assist you in the best possible way.

A question? Let us know without hesitation!

If the Credafin team is fully available to you, know that you can already perform a simulation of your potential future personal loan using the tool above.

Simulate your personal loan online