If you urgently need money, you can turn to a bank, a lender, friends or family.

But what do you need to qualify for a loan?

What should you pay attention to when you take out one, and how do you know it's right?

For example, if you want to make a large expense, borrowing money is a possibility.

But what does a bank need from you before you get a loan?

Hans Sjouke Koopal, spokesperson for ABN AMRO: "When applying for a loan, the bank calculates whether you can pay the costs now, and also in the future. This requires insight into your financial situation, such as your salary, your housing costs, what you may have to spend on childcare and the possible costs of your car. Koopal: "By listing all these income and expenses, it is possible to accurately calculate what you have 'left over' each month and what you could spend on repaying a loan."

If your request is approved, you will receive the quote.

You must sign and return this, possibly digitally.

"You also need documents showing your income, such as a pay slip. If everything is in order, the amount that you are going to borrow will be transferred to you within a few days."

Seductive loan sales pitch

You can also borrow from a lender.

Advertisements are flying around you on social media.

With resounding names, cheap borrowing is promoted as if it were practically given as a present.

But how do you know whether these parties can be trusted?

Yolanda Bieckmann, spokesperson for the Netherlands Authority for the Financial Markets: "We regularly receive reports from consumers about illegal credit providers. Consumers then report that they no longer hear from the credit provider as soon as they have paid administration costs or a so-called insurance premium on request."

“It is not allowed to charge costs in advance.”

Yolanda Bieckmann, AFM

Sometimes the advertiser tries to make consumers pay even more money with an excuse before they get a loan.

In practice, the loan is never given.

"We specifically want to point out to consumers never to pay in advance to get a loan," Bieckmann warns.

"It is not allowed to charge costs in advance."

Checking whether the credit provider or advisor has a license from the AFM or DNB is therefore a good plan.

Calling on friends or family

Suppose: in the worst case, you are not eligible for a loan from the bank or from official lenders.

Is it an idea to borrow from friends or family?

Since 1932, the Dutch association for financial assistance providers NVVK has been the largest industry association for debt assistance and financial services. NVVK spokesperson Auke Schouwstra is not happy about unofficial loans. "Borrowing from friends and family is not a smart move. Try to imagine what will happen to the relationship if you are unable to meet repayment agreements. Is the loan so important that, if you unexpectedly cannot repay , jeopardize the relationship?"

Of course it is not always a choice: sometimes people have to borrow because they do not have a buffer to replace a broken washing machine, for example.

But the most important question that you have to ask before you borrow: do I really need the amount?

"Do not borrow money if there is no urgent reason to do so," says Schouwstra.

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