The personal loan is more popular, more popular than the other well known credit product, revolving credit. While revolving credit has been viewed for years as the product of credit in the consumer credit market, personal credit has gained tremendous popularity in recent years.
Where consumers have often borrowed money to obtain additional financial space several years ago, more and more loans are being provided for specific groups and credit objectives.
Previously, we presented the report “the most personal loan to the elderly” of our partner Crediterioler Personal Finance – a personal loan suitable for the elderly. There are also personal loans for consumers with their own home.
Supervision of financial authority
The (new) policy of the Dutch Financial Markets Authority is another important reason for the decline in the popularity of revolving credit. In simple terms, the financial authority finds in many cases a personal loan more suited to a revolving credit. The main reason is the fact that a personal loan is repaid, while the amount refunded can be withdrawn with a revolving credit.
Transfer a credit in progress to a personal loan
Do you have a revolving credit and are you curious if it can be transferred to a cheaper personal loan? Request a free quote. Our loan experts will then examine the options available to you.