Credit interest continues to fall, consumers are applying for more loans
Good news if you want to take out a loan. The interest on consumer loans fell again on 1 July. As many as 3 different banks have lowered the interest rate. The lowest interest rate for a loan has even fallen to 3.6%. A rate that we have not seen in recent years. We immediately noticed the difference at 2Fast4Paws. The number of applications exploded on July 1. There are also many questions from consumers who have already taken out a loan . We will answer the most frequently asked questions for you below.
I already have a loan, now that the credit interest rate is falling, the interest on my loan is also falling
Two out of three Dutch people have financing from a bank or financing company. The question now is whether the interest rate decreases on your loan. We have already had to disappoint many consumers for this. The interest on the personal loans has fallen. The interest on revolving credit has remained the same. If you take out a personal loan, the interest is immediately fixed for the full term. A new interest rate decrease will then have no consequences for you. If you want to take advantage of a lower interest rate, you will have to refinance your loan.
Mortgage rates are rising, credit rates are falling? How is that possible
It is, of course, a strange phenomenon. Borrowing money in the form of a consumer loan is becoming more affordable, while borrowing money in the form of a mortgage is becoming more and more expensive. Mortgage rates are rising and credit rates are falling, the main reason for this being that there is currently fierce competition in consumer credit. This competition is currently causing banks to increasingly want to outperform each other in order to be able to offer the lowest interest rates to consumers.