Exchanging a loan or not?

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Do you have a loan and do you doubt whether it is beneficial to close it? Because of the lower interest rates offered by another provider or when you want to have all the loans you have concluded under a provider. In this article you can read all the advantages and disadvantages of switching a loan.

When you switch to a provider with whom you can transfer a loan at a lower interest rate, that saves a lot in your monthly payments. If you combine several loans with the same provider, you also benefit from lower interest rates. A loan for the purchase of new furniture must sometimes be repaid in installments. Spread payments are becoming increasingly popular in the Netherlands. Not satisfied with your current lender? Then check the possibilities to switch. Sometimes you can repay more money at a time with new providers, so you lose less money on interest.

Cons
Disadvantages of a loan can also be named. Sometimes it is not possible to transfer a loan, there may be a fine on switching, a transfer may entail various other costs or you can only transfer one moment per year to another provider. Check well in advance what applies to your loan.