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 that will provide you with all the clarifications on these practical questions.
Always in a current account, never in cash
For obvious security reasons, your lender will never give you the money in cash directly into your hands upon signing your credit contract.
Your money is deposited in the vast majority of cases into a current account opened with your banking institution.
In some cases, however, the money is paid:
- to your car dealer when it is a new car financing;
- to your notary if it is a mortgage loan;
- to a banking institution if it is a credit buyback or credit consolidation.
After how long?
If it is a loan or credit in Belgium, the waiting period is two working days after signing your credit contract.
If it is an international payment, the period is 3 working days after signing your credit contract at one of our agencies.
Regarding the response to your credit application, you receive it within the day.
After how long do monthly repayments start?
After signing your credit contract, the funds are deposited into your current account within 2 to 3 days.
The lending institution will then ask you to start the monthly repayments within the month following the date of the deposit at the latest.
For example: If the funds are deposited into your current account on April 10, you must have paid the first installment by May 9 at the latest, and so on until the full payment of your credit.
Attention, when two installments are not paid, your lending institution is obliged to terminate the credit contract and proceed with your registration 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.