Borrowing private money, which is also referred to as a private loan, means that you take out a loan without a financial institution such as a bank, investment company or lender. The main advantage of borrowing private money is that you will not be tested at the BKR in Tiel. This means that you can borrow money directly without BKR review.

Why borrow money privately?

Why borrow money privately?

Borrowing money from a private individual can be a last resort if you can no longer go to regular authorities. For example because of your BKR coding or because you are taxed to the maximum (no extra credit capacity).

If you proceed to borrow money from private individuals, bear in mind that you run additional risk because you actually borrow money above your borrowing capacity. However, there are also situations in which you need extra money very temporarily, which can certainly be repaid. So consider carefully whether you can repay this so-called private loan. An additional advantage is that you can often get a very favorable interest rate (especially through family). With strangers you can often not borrow money cheaply.

Tips for privately borrowing money

Tips for privately borrowing money

We recommend that you first request advice from some providers on this page that you should pay attention to when you proceed to privately borrow money. These agencies help you by first assessing your entire financial situation and that of the private lender. So be well advised and perhaps take out additional insurance through the lender to have covered as much risk as possible. For example, a small loan is more suitable to take out through private individuals since the amount to be borrowed is low. You can borrow 1000 USD quickly through a private individual, but quickly borrowing 25,000 USD is a completely different story!

Borrowing private money? Draw up a contract!

Borrowing private money? Draw up a contract!

It is absolutely recommended to draw up a contract with your lender. Here you must record the rights and obligations of both parties. In case of problems you can always fall back on this contract. You can have this effectuated at a notary into an official document.

However, you first orient yourself on the internet and compare the many very cheap providers before you proceed to privately borrow money. Borrowing money online is very easy nowadays!