You have just taken out a consumer loan or a personal loan in Belgium or the Grand Duchy of Luxembourg in one of our agencies. You wonder how long after the money will be in your bank account or if you can receive it directly in cash.
On the other hand, you would like to know from what date you will have to start paying your monthly premium.
Here is a brief article which will provide you with all the clarification on these practical questions.
Always in a current account, never in cash
For obvious security reasons, your lender will never pay you the money in cash in your hands upon signing your credit contract.
Your money is paid to you in the vast majority of cases into a current account opened with your banking establishment.
In certain cases, however, money is paid:
- from your car dealership when it comes to new car financing;
- from your notary if it concerns a mortgage loan;
- with a banking establishment if it concerns credit repurchase or credit consolidation.
After how much time ?
If it is a loan or credit in Belgium, the waiting period is two working days after signing your credit contract.
If it is a payment to be made internationally, the deadline is 3 working days after signing your credit contract in one of our agencies.
As for the response to your credit request, you get it within the day.
After how long do monthly repayments begin?
After signing your credit contract, the funds are paid to your current account within 2 to 3 days.
The lender will then ask you to start monthly repayments within the month following the payment date at the latest.
For example: If the funds are paid into your current account on April 10, you must have paid the first monthly payment no later than May 9 and so on until your credit is paid in full.
Please note, when two monthly payments are not paid, your lending organization is required to cancel the credit contract and file it with the National Bank of Belgium.
Other practical questions?
If you have other practical questions regarding credit, do not hesitate to visit our FAQs on our website. You will find all the practical answers to your questions.
