It is a question that regularly reaches us: How much can you borrow with a payday loan. Now there is an answer to that, because at the time of writing I can give a detailed explanation of the Dutch providers that are currently active. However, changes take place regularly and providers disappear, but new ones are added.
The maximum amount is also changed with the regularity of the clock. For example, there is now the option of paying back in installments where it was previously only possible to repay the amount in one go. Certainly, with the maximum amount of € 1000 at the time, this was sometimes experienced as a problem.
How much interest do you have to pay
Whichever payday loan you take out, you can assume that you always have to pay the maximum interest payment. In most cases, it is just below that legally determined maximum, namely 13.99%. However, since these are relatively low amounts, this is not a huge amount in terms of money. However, you must take that interest into account, because it must be repaid at the same time as the principal amount borrowed. You can see what the interest rate is in the overviews that payday loan providers are required to mention on their website.
How much can I borrow
How much you can borrow is actually quite simple. They are always round amounts, starting at € 100 with a maximum of € 1500. As mentioned, you always have to choose a round amount, so 100, 200, 300 and so on. It is also important to know that you have to repay up to € 500 in one go in 30 days. At € 600 and € 700 you can take a little longer, 62 days. With this option you also pay back the entire amount including costs in one go.
€ 1000 and more
With the choice of € 1000 up to the maximum of € 1500 you have the option to pay the loan amount including costs and interest in two installments. This works as follows: The duration is extended to 62 days. After 31 days you pay back the first part of the loan and after another 31 days you pay back the remainder. This gives you more time to collect the amount you have to pay back and to put it on your account. Certainly because the amounts involved are quite substantial, this is certainly an outcome to be able to meet your obligations in a calm manner.
What can I borrow for the first time?
If you have not used the relevant lender before, you can receive a maximum of € 800 for an initial application. With the proviso that you can also repay the loan properly. If the provider of the payday loan sees a problem, this amount can possibly be reduced. If you pay back the money neatly on time, you can request the maximum amount of € 1500 there next time without any problems.
Which providers can I choose from?
At the time of writing, only two providers are active on the Dutch market. Where in the rest of Europe you can choose from ten providers, the supply in the Netherlands is rather poor. On this website you will find an overview page ‘requesting a loan’ where you will always find the most recent overview of the providers that are currently active. Also with payday loan providers you get a good insight of the possibilities of this moment.
Borrow money without credit check review
The payday loan largely owes its popularity to the fact that no review is carried out at the credit check. Many Dutch people have a registration with the credit check and therefore cannot take out a regular loan, such as a revolving credit. With the option of a payday loan, there is still a door to getting a small amount. That is why it is also important that you meet your obligations properly, otherwise this door will also be closed for you and you will have nowhere to go. Borrowing money without credit check review, despite the costs, there is still an option for some financial room. Think of it as an advance on your salary and after studying all the additional costs you can use it with a good feeling.