Anyone who is told that he or she suddenly has to pay an amount of 5000 euros due to circumstances will more than likely think this is an unexpectedly high amount. I can vividly imagine that you cannot immediately conjure up such an amount without using your savings account, of course if you have a savings account.
So you are going to borrow 5000 euros compare the interest. What is the best thing to do, look at a revolving credit, a personal loan or settle for a lower amount, where the requirements are also a lot less strict. However, then you cannot borrow 5000 euros, but an amount up to around 1000 euros.
What if you have no savings?
If you have no or insufficient savings at your disposal, then there is little else to do than borrow the required 5,000 euros. You have several options for this. In this article we will briefly list these for you. There are a number of conditions attached to doing this successfully, to start with, you must have a regular income of around 1400 euros net per month. However, this is not an absolute amount, because it also depends on your personal circumstances, for example, do you have your own house or a rental property, do you have other loans, etc.
Borrow money from friends
Borrowing money from friends is a possibility. In a modern society, most people are reluctant to do this. Sometimes it happens that friends and family members lend money to each other. Borrowing an amount of 5000 euros is a big step that one may not find so much among friends. However, if you are one of the lucky ones who can go to friends, it is necessary that you record everything (the amount to be borrowed, the installment in installments and a guarantee) in an official document and possibly have it registered with a notary.
Borrow money from the bank
You can also go to the bank to borrow 5000 euros. A personal loan or revolving credit is usually taken out for such an amount. To be able to do this, you must provide a number of data as standard, such as personal data, monthly income and possibly also the data concerning real estate. This way, the bank can check your creditworthiness and / or check whether you may be on a black list. The interest on a personal loan or revolving credit is slightly higher than with a mortgage. In our opinion, you would do well to compare the conditions of the various banks before you take out a personal loan with the bank.
A mini loan for a lower amount
It is quite possible that you need money, but you cannot go to a bank, for example, because you cannot provide the necessary information to borrow 5000 euros. No problem, it is still possible to take out a small loan or a mini loan with another credit institution. Conditions will also be set here and it is therefore necessary to check these and compare them with each other before you take out the loan. These credit institutions will also ask you to provide personal information, but the big advantage is that you can borrow money without BKR review.
Borrow 5000 euros compare the interest
With some lenders it is possible to borrow even if you are on such a BKR list. In any case, it is always advisable when you take out the loan to check whether you are indeed in a position to be able to pay off the loan. Unfortunately, it is usually the case that flexible conditions can be matched by high interest rates, but never more than the legal maximum.
For every loan it applies that unfortunately there is no such thing as ‘free money’!