Apply for a loan in 5 steps – Instantly Borrow Money

You don’t just apply for a loan, there is a lot involved. Which type of loan suits your situation best? Which documents do you need to send and how long does it take before you know whether your application has been approved? Just some questions that everyone wants to know the answer to. We explain how you can apply for a loan in 5 simple steps.

Personal loan, revolving credit or mini loan

Personal loan, revolving credit or mini loan

Before you apply for a loan it is of course first the question for which type of loan you want to go. We briefly explain the different loan forms to you.

Personal loan

The personal loan is the most stable form of borrowing money. This is because before you take out the loan you already have certain things fixed. First of all, you are dealing with a fixed interest rate, which can no longer rise or fall during the time that you pay off the loan. Before you take out the loan, discuss with the lender the amount you want to borrow. This amount will be deposited directly and completely into your account. You then pay the same amount in interest and repayment each month. In this way you can also determine the duration of the loan, so you already know when you have fully repaid the loan. Amounts repaid cannot be taken up again later. The advantage of this is that you have actually repaid the loan on the specified date and cannot postpone it. If you borrow the money for a renovation or improvement of your owner-occupied home, the interest is tax deductible.

If you borrow the money for a renovation or improvement of your owner-occupied home, the interest is tax deductible.

Revolving credit

A revolving credit offers you a little more financial room for a longer period of time. You determine a maximum loan amount in consultation with the lender. This amount is not, as with a personal loan, deposited into your account in one go, but can be withdrawn at the time that suits you. Then you only have to pay interest on the amount that you actually borrowed. Note that the interest rate with a revolving credit is variable and can therefore fall as well as rise during the time that you pay off your revolving credit. This form of borrowing gives you extra freedom because it is possible to withdraw amounts that you have already repaid. The disadvantage of this is that you cannot say in advance when you have actually repaid the loan in full.

Mini Loan

There are situations in which applying for a personal loan or revolving credit is very difficult. For example, consider a negative BKR registration that gets in your way or the fact that you have no contract or income at the moment. Fortunately, there is still a possibility to borrow a relatively small amount of up to 1500 euros in the form of a mini loan. You can then also repay this relatively small amount quickly, in a maximum of 62 days. Requesting a mini loan is extremely fast and easy. In 7 minutes you have submitted your application online, without having to send all kinds of documents. If this is approved, the amount will be in your account within 24 to 48 hours. Please note that the interest rates charged for a mini loan may not exceed 13.99%. That is a bit higher than the interest for a revolving credit or personal loan. But if it helps you out at the moment, it may still be wise to take out a mini loan.

Online lenders do not have a large office network, with many employees what needs to be financed. In this way they can offer loans at a lower interest rate than the large, well-known banks.

Apply for a loan in 5 steps

Apply for a loan in 5 steps

Applying for a loan does not have to be complicated if you know what you want to borrow, in what form and for what duration. Applying nowadays is completely online. We find a big advantage. This is now possible on your own time and without the pressure of the credit intermediary across the table. Take advantage of this freedom by taking the time to carefully read and compare different quotes. In addition, online lenders do not have a large office network, with many employees what needs to be financed. In this way they can offer loans at a lower interest rate than the large, well-known banks. Then we will quickly tell you how to apply online for a loan exactly.

Step 1: Are you eligible for a loan?
You are eligible for a loan when you are over 18 years old and not yet 70 years old. It is also important that you can prove that you have an income and that you live in the Netherlands.

Step 2: Apply for the loan
You can choose to apply for your loan entirely online, but in most cases you can always contact us if you prefer personal contact. To apply for a loan you will need the following information:

  • Personal data
  • Income (employment, contract commencement date, net monthly income)
  • Expenditure (housing costs, alimony, other loans)

Are you married in community of property or do you have a registered partnership? Then the loan will be in the name of both of you. There are then two contractors. Both are responsible for the full repayment of the loan.

Step 3: The application is tested
Taking out a loan can only be done responsibly if you have sufficient financial resources now and in the future to repay the loan. The bank takes its responsibility in this regard and therefore checks your personal financial situation with the BKR. Does it appear that the loan does not suit your situation, or that the loan amount applied for is too high? You will then be informed by the bank and the application will be rejected. If your income rises or your fixed costs fall, you can submit an application again. If the application fits directly with your situation, it will be approved.

Step 4: You will receive a quote
After the application has been approved, you will usually receive a quote by e-mail within a few working days. Take plenty of time to go through this quote. If necessary, compare this quotation with quotes that you have requested from other lenders. Are you still unsure or do you not agree with the offer? Then you don’t have to do anything else. Do you want to agree with this offer? Then you can return it signed. You must enclose the following additional documents:

  • Salary specification, which determines your income
  • Income tax return
  • Optionally: financial statements for the past two years if you have your own business
  • Optionally: letter ‘terminate another loan’ when you transfer loan
  • Optionally: residence document for nationalities from outside the EU

Step 5: Check documents
After you have returned the signed quotation and additional documents, these will be checked by a bank employee. You will receive a message within a few working days confirming the approved application. That is the moment you can start using the loan. You can also contact the lender at any time after the application and approval. They will continue to answer your questions afterwards.

Send documents

Send documents

All documents at a glance that the lender needs from you, from the application to the approval.

  1. Personal data
    You can show this in the form of a copy of a valid proof of identity. A valid ID includes an ID card, new passport or driver’s license. Don’t forget to send a photo from the back, on which your signature is visible.
  1. Income
    Make a copy of a recent specification, not older than two months, of the main income. You can use a payslip, pension or benefit specification for this. In the case of a payslip, ensure that the following items are visible: the type of employment, the commencement date of the contract and the net monthly income.
  1. Expenses
    Make a copy of a recent bank statement, not older than two months, of a credit of your salary and a deduction of the housing costs. Do you pay alimony or do you have other loans that you paid off? Make sure they are also on the statement. You can also make a printout of internet banking, as long as you download and send it in a PDF format.
  1. Income tax return
    Make a copy of your income tax return for the past year. Do you have your own business? Then you will have to send an annual statement for the past two years.
  1. Letter ‘terminate another loan’
    Do you decide to take out another loan? To confirm this, send a copy of this letter for termination.
  1. Residence permit
    It is necessary to send a copy of your residence permit if you have a Swiss nationality or a nationality from outside the European Union / EEA countries.

Approval loan application

Approval loan application

When you have applied for the loan, you naturally hope that it will be approved as soon as possible and that you can start using the loan. In practice, you will have to wait twice for a number of (2 to 3) working days for the lender. After you have submitted your application, it will have to be assessed. If this is approved, you will receive a quote. Do you then agree with the offer? Then you return the additional information and the signed quote. You then wait a few (2 to 3) working days for the application to be finally approved. If this is also approved, you will receive a confirmation and you can start using the loan.

Apply for the cheapest loan

Apply for the cheapest loan

While you are still looking for a suitable loan, or perhaps you are about to take out one, it is good to check whether you have actually found the cheapest loan. You can do this using the following 5 useful tips.

Tip 1: Compare different offers
We have already mentioned it in the article: the importance of comparing. Only when you apply for a loan from different lenders do you get a fair picture of what an expensive or cheap loan is. With such an application, you state your specific situation and you will be told what interest you will have to pay. This can be compared in a fair way with the interest rate of another loan.

Tip 2: Select the correct conditions
In addition to comparing interest rates, it is also good to read the conditions carefully. It will take some time, but you will also get something in return. Check whether it is possible to repay additional fine without penalty. See if insurance is included in the price, or whether you are required to take out it.

Tip 3: Select the correct duration
If you choose a personal loan, you also choose a term in which you will repay the loan. The longer the duration, the lower the monthly charges. But don’t be fooled by it. Because you take longer to repay, you also pay longer interest costs. This way, the loan becomes more expensive than if you keep the duration as short as possible.

Tip 4: Request with extra interest discount
Are you a homeowner? Then with some lenders you qualify for a discount that only applies to homeowners. You then use your own home as collateral. Often special conditions apply. For example, you may not sell your house without first asking permission from the lender. In other words, you also read in well in this case.

Tip 5: Go and pay extra
A revolving credit may always be repaid early, without incurring a penalty. But nowadays this is also possible if you have taken out a personal loan with almost every lender. The advantage of extra repayments is that you shorten the term of the loan with it. This means you pay less interest costs and ultimately save on your loan.

Don’t fall for these pitfalls


You don’t just apply for a loan. You want to make an informed decision without falling into pitfalls. That is why we list these for you.

    • take your time
      When you are asked if you can come to the office or if someone has to come to your home, never sign a quote immediately. Always ask for such a quote and take at least 7 days to change your mind. If a lender does not agree with this, he may have something to hide.
    • Check for entry rates
      It is possible that there is an entry or temporary interest. This is then incrementally increased. If this is the case, then it is good to calculate what the loan will cost you over the entire term in terms of interest. Only in this way can it be compared to other loans that have a stable interest rate.
    • Insurances
      You may be required to take out a life insurance policy. You will probably pay this price on top of the amount that you are going to pay monthly in interest and repayment.
    • Tax benefit
      Note whether the price calculations are based on a tax benefit of 52%. This tax deduction is only possible if you use the money to improve or renovate your owner-occupied home. If you use it for a different purpose, the prices mentioned are not realistic for you.

Loan loan

Loan loan

Transferring a loan can save you some money on an annual basis. If you have taken out your loan at a high interest rate in the past, you have a good chance that you are currently paying too much for your loan. Reproducing a loan is particularly interesting when a substantial part of the loan still has to be repaid and the term still takes a while. Do you want to know more about transferring your loan?

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