Borrow money

We provide personal and social loans. You can Contact Oak Park Financial for a personal loan if you cannot borrow money from a regular bank for certain reasons, for example due to a CRO registration.

Personal situation as a starting point
We look slightly differently at personal situations. For example, age or a CRO registration with us does not have to be an issue for a loan.

Personal loan
We provide loans to people who cannot borrow from regular banks such as Rarebank or other lenders. The amounts that are borrowed are usually lower. We think it is important to give people who belong to this category the opportunity to borrow money.

You can apply for a personal loan from us when you are 18 years or older and, for example, one of the following situations applies to you:

  • You have a low income and do not earn more than 130% of the minimum wage
  • You have a late notification to the Credit Registration Office (CRO)
  • You can (demonstrably) not get a loan from another lender
  • You have debts that you want to refinance
  • You cannot get credit based on your age (e.g. 65+)
  • You have a temporary residence permit

We will then assess whether you can get a loan from us, based on the Consumer Credit Act (WcK) and the Decentral Authorities Financing Act (Fido Act)

The term is fixed for a personal loan. You pay a fixed amount in interest and repayment during a pre-agreed number of months. The interest remains the same for the life of the loan.

Social loans
We also offer social loans. A social loan is an existing provision of municipal special assistance. This means that your municipality will first check whether you are eligible for a social loan. For this your income may not exceed 130% of the minimum wage. The municipality determines the rules for these loans, and the municipality guarantees the loan. For a social loan we use an interest rate that is set by the municipality.

Your municipality determines whether you can apply for a social loan. If you are eligible for a social loan, you can apply for the loan through the municipality.

Apply for a loan

Frequently Asked Questions

Loan

The amount you can borrow depends on various things. Among other things, your family situation, income and the amount of your fixed costs are taken into account. W4AwBank New York can only give an assessment of the amount of the loan if the above information is known.

You can use this application form .

The interest rate depends on the amount that you borrow. You can here a summary view of the interest rates.

In principle, depending on your personal situation, you can also borrow money from us with a negative CRO registration.

With a refinancing, your debts are fully repaid to the creditors in one go. This loan is provided as a solution in a debt counseling process. We carry out this process on behalf of municipalities for residents with debts. With a refinancing, all that remains is to be repaid to us.

With a reorganization credit, your debts are partially repaid to the creditors. This loan is provided as a solution for a debt settlement in which the creditors agree to write off part of your debts. You do not have to repay this amount. This loan is provided as a solution in a debt counseling process. We carry out this process on behalf of municipalities for residents with debts. You repay the loan to us in installments.

We provide these to specific target groups on a project basis. This always involves another party with whom agreements are made to make the loan possible. The loans are intended for people who cannot make use of existing schemes because they do not meet the criteria. Examples are sustainability loans, VVE financing and youth loans.

No, we provide loans without the use of intermediaries or authorized agents.

When applying for a loan you are required to identify yourself. If you have a low income and if that is the reason for applying for a loan from us, you can show through income certificates that your income is lower than 130% of the minimum wage. This could be a pay slip, for example. If you do not have Dutch nationality, you must be in possession of a valid residence permit for the entire term of the loan.

Before we provide a loan, we check your financial details with the Credit Registration Office (CRO). This way we prevent you from borrowing too much money and having problems repaying the loan. We report all loans issued to the CRO. We also report arrears in repaying the loan to the CRO.

We calculate your repayment capacity based on your regular fixed income and your fixed costs. This is the amount that you can do without monthly to repay your loan. If we cannot provide you with a loan, you will receive a written notice of this.

To assess whether we can provide you with a loan, we look at your income, your expenses and your creditworthiness.

Income: The calculation of your repayment capacity is exclusively based on your fixed income. The income of your partner may be included in the calculation.

Expenses: Of course, your fixed expenses are also important. On the application form, you already state a number of fixed costs such as housing costs, energy costs and current obligations.

Creditworthiness: When assessing your creditworthiness, we calculate the amount that you can miss each month to repay your loan. We base ourselves on the actual data or the standards of the NIBUD. In addition, we ask the CRO whether you have or have received loans and whether you have repaid them properly. We also check whether it is plausible that your income will not decrease during the term of the loan.

Example 1
Household composition: 2 persons
Personal Loan Application: $ 5,000.00
Income Net Per Month (Total Fixed Family Income): $ 1,500.00
Expenses per month for

- Rent: $ 375.00
- energy: $ 225.00
Household Charges: $ 200.00

Since there are no other payment obligations, previous loans are always properly fulfilled and the monthly charge / monthly installment fits within the budget of the applicants, we can provide a personal loan of $ 5,000.00. The monthly installment is $ 157.97 for 36 months.

Example 2
Household composition: single person
Personal Loan Application: $ 3,000.00
Income Net Monthly: $ 1,280.00
Expenses per month for

- Rent: $ 300.00
- energy: $ 150.00
Household Charges: $ 150.00

Since there are no other payment obligations, previous loans are always properly fulfilled and the monthly charge / monthly installment fits within the applicant's budget, we can provide a personal loan of $ 3,000.00. The monthly installment is $ 94.78 for 36 months.

You pay costs for borrowing money (after all, borrowing money costs money). When taking out the loan, we make agreements with you about the repayment of these costs. We do this by agreeing a fixed percentage with you that you pay annually for the total amount you have borrowed from us. We call this the annual cost percentage . This is the same as the interest rate in the tables (link to FAQ loan term and amounts).

The costs of the annual percentage rate of charge include all actual costs, such as the interest that you have to pay in connection with the conclusion of the credit agreement and that are known to the credit provider. With the annual percentage rate you can compare different credit offers.

If we provide you with a loan, you will receive an agreement from us to sign. This also includes our General Terms and Conditions. Before signing the agreement, it is important that you read the Terms and Conditions. We are obliged to point out the existence of the General Terms and Conditions before you sign the agreement. You will receive two copies of the agreement and you put your signature on both copies. You then return one copy to us. We store these in your customer file. The other copy is for yourself.

If you cannot (no longer) pay the monthly repayment, we will contact you. We can charge you a fee for non-compliance with the obligation to pay, this is called a default interest. We may only do this after we have given you notice of default. The default interest is equal to the annual percentage rate as stated in the credit agreement. We do not charge any costs for extrajudicial collection.

You can repay a personal or social loan early. We charge a fee for this. The amount of the compensation for early repayment depends on the moment at which the early repayment takes place and amounts to a maximum of 1% of the extra amount to be repaid.

In a number of cases we may claim the loan early:

  • If you are in arrears for at least 2 months in the payment of an overdue installment amount and, after notice of default, you remain negligent in the fulfillment of your obligations;
  • If you have formally left New York, or it can be reasonably assumed that you will be leaving New York within a few months;
  • In the event of your death, the loan is not waived and we have reasonable grounds to believe that the obligations under the agreement will not be fulfilled by your heirs;
  • If you are in a state of bankruptcy or the debt rescheduling scheme for natural persons has been declared applicable to you;
  • You have obscured the thing connected with certainty;
  • If, with a view to entering into the agreement, you have deliberately provided incorrect information to the Kredietbank of such a nature that we would not have entered into the agreement or not under the same conditions, if the correct state of affairs had been known.

For the personal loans , we follow the interest rates of the personal loan from the Rarebank with a surcharge of 1%. The interest can be changed every year on January 1 and July 1. The interest rates for reorganization credits and social loans are determined by the municipalities for which Kredietbank New York provides the loans.

Yes, we have guaranteed this by means of a Wft certificate for our employees. Wft stands for the Financial Supervision Act. If you work in a position in which you provide financial advice, you must have a Wft certificate. Through this certification, we guarantee that our employees advise you professionally and with integrity. In addition, our employees with substantive customer contact and our policymakers have taken the bankers' oath. The bankers' oath is linked to a code of conduct that stands for integrity and expertise.

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