Personal loan
How it works: After signing a loan contract. The bank will transfer the whole amount of borrowed money to your bank account. Every month you have to pay the same amount of money consisting interest and repayment. For a personal loan there is a fixed duration. The duration of this loan is depending on the purpose of it. For a boat or a holyday home it can be up to180 months. For a new car, 60 months and for a second hand car 36 months.Duration and interest: Some people like this kind of loan because the interest and duration are fixed and they know that after the duration all the borrowed money is paid back. With a personal loan It is not possible to withdraw the paid back money and if you want to pay back the borrowed money, you will get a fine. This type of loan is not as flexible as a revolving credit (doorlopend krediet).