Acceptance criteria for a loan are income and employment

Age
The minimum and maximum age depends on the lender. The legal minimum age is 18 years but many lenders use a higher age such as 21 or 25 years. The maximum age for a continuous loan is between 60-67 years. With a personal loan, the maximum age can be a few years higher.

Credit Bureau
One may not have no negative Credit Bureau listing. This one gets when one stops paying back or if one has a payment arrears of more than two months. If the payment arrears are eliminated, the negative listing will not disappear. The negative listing will remain visible in the database of the Credit Bureau for 5 years. Lenders will not provide new loans or loans in those 5 years. It is therefore very important to avoid a negative Credit Bureau listing.

Income is included for 70%
Permanent work is the norm and counts as 100%. Temporary contract work and a WAI / WAO benefit (which no longer changes) often count for 70%. This means if you earn 2000 euros gross with a temporary job (half year / year contract) that the bank counts this as 70% x2000 = 1400 euros gross.

Documents
– Copy of valid identification
– Copy of salary slip
– Copy of bank statement
– Annual statement with income data (temporary work)
– Declaration of benefits agency

Additional Acceptance criteria for a loan

In addition to the general acceptance criteria for a loan, there are a number of reasons why banks can still refuse a loan. For example if you have always had a small loan (for example 2500 euros) and suddenly want to borrow more. If the loan has been raised once (or more times) recently, this may be a reason for the bank not to honor the application. If you already have another loan with another bank: will you always pay back on time? If you have never had a loan, this may even be a reason for a lender not to provide a loan. Banks find it safe if they can follow someone’s lending behavior so that they can exclude risk as much as possible. If you have already taken out several loans, the bank can decide that the limit has been reached. You have to leave sufficient spending space.

How much you can borrow depends on your income and personal situation. In general, you must have a permanent or temporary job with sufficient loan and no negative Credit Bureau. An application for a loan is free of charge and can be done in a few steps.