Consumers with a low income of up to 25,000 euros on an annual basis often have the option of applying for a social loan. That is possible at one of the fourteen banks that are affiliated with SB. This abbreviation stands for Social bank
Social Banks the Netherlands
A social loan can be classified as one of the cheapest loans and is specifically intended for low-income consumers. Banks and other commercial lenders are often less keen on low-income consumers who want to take out a loan. This group of consumers is therefore perfectly eligible for a social loan with one of the so-called social banks in the Netherlands.
Purpose of the loan
When applying for a social loan, the purpose of the loan is considered. After all, it is not the intention, for example, to take out a social loan and then use the money to book a holiday abroad. The purpose of the loan can be, for example, the purchase of a home or durable goods, which are of great importance to the consumer.
By making cheap borrowing possible for households with a lower income, essential goods such as household appliances can be purchased as a washing machine. When taking out a social loan, insight is provided into the term, interest and repayment, so that every consumer gets a clear picture of the financial picture.
SB is an organization to which fourteen social banks are affiliated, who are willing to provide a loan to consumers with a low income at an attractive rate. The term social loan is used to reinforce the idea behind this credit, such as solidarity and social involvement.
Low interest rate
Low-income people can supplement the budget with the help of a social loan in order to create more spending space for the purchase of important goods. Offering a social loan with a low interest rate naturally also prevents consumers from having to take out loans with a high interest rate, as a result of which financial problems occur earlier.
If you want more information about a social SB loan or would like support in managing your budget, you can go to one of the social banks to get professional advice.
Social loan for single people
A single person also has the option of applying for a social loan, but a more limited amount can be borrowed based on an income. The conditions of a social loan for a single person differ little with regard to the social loans for two partners.