ING can assess fully automatically whether we can offer your business a credit facility. Of course, we do not do this without your permission.
Before you give permission, you naturally want to know exactly what it is for. We explain this below.
"}},{"componentType":"sectionTitle","title":"What are we asking your permission for, and why?"},{"componentType":"paragraph","richBody":{"value":"When you apply for a business loan, we assess the creditworthiness of your company. ING uses this assessment to determine whether customers can pay the interest and repayments, and how big the risk is that the loan cannot be repaid.
By assessing creditworthiness, we protect the interests of ING as well as yours as a customer. We want to ensure the borrowed money plus interest can be repaid — and we also want to prevent your company from running into financial difficulties.
We use this for the following purposes:
Based on historical data and experience, our systems automatically estimate your creditworthiness. These systems are tested to ensure they provide accurate results.
"}},{"componentType":"sectionTitle","title":"Rest assured"},{"componentType":"paragraph","richBody":{"value":"Would you prefer not to give permission for an automated decision? Even then, you can still submit an application with us. Your application will then be forwarded to one of our advisors. The advisor will contact you within 2 working days.
"}},{"componentType":"sectionTitle","title":"What do we look at?"},{"componentType":"paragraph","richBody":{"value":"Using the following information, ING will automatically calculate your creditworthiness.
Your financing purpose
Based on your financing purpose, ING determines the appropriate type of credit. For example:
ING also determines the maximum term of the loan.
The loan amount, interest rate, and repayments
The higher the total loan amount, the higher the monthly interest costs and repayments will be. ING determines the maximum term of the loan. If you prefer to repay more quickly, you can choose a shorter term with a higher monthly repayment.
The payment data of your Business Account
We look at:
This information provides insight into your payment behavior and cash flow. It helps determine how much financial room you have to pay interest and repayments.
The financial information of your company
In your online financing application, you fill in details from your company’s profit and loss statement and balance sheet. This gives an indication of your company’s profitability and solvency.
ING will also ask questions about the money you need for personal expenses. Important factors include:
ING verifies this data using your income tax return and by checking the Credit Registration Bureau (BKR).
Based on all the above information, the interest rate for the loan is also determined. ING also considers the value of any collateral provided, costs, and ING’s profit goals.
"}},{"componentType":"sectionTitle","title":"After the assessment"},{"componentType":"paragraph","richBody":{"value":"After the automated decision, you naturally want to know where you stand. There are two possible outcomes:
1. You are approved for financing and will immediately receive an offer.
2. It is not yet certain whether you qualify. One of our advisors will review your request and contact you within 2 working days.
"}},{"componentType":"sectionTitle","title":"Do you have questions?"},{"componentType":"paragraph","richBody":{"value":"If you have questions, please let us know. You can call us at 020 584 81 01.
You can always share your point of view with us and ask for more explanation about how we reached our decision.
You may request at any time that an advisor reviews your application. If you disagree with our decision and want to file an objection, please let us know.
"}},{"componentType":"sectionTitle","title":"How long do we store your personal data?"},{"componentType":"paragraph","richBody":{"value":"How long we keep your data depends on whether a loan is concluded:
· If the loan is concluded: we store your personal data and the offer for up to 7 years after the financing agreement ends.
· If the loan is not concluded: we store your personal data and the offer for 12 months.
If you want to know more about how we handle your data, feel free to call us or check our privacy statement.
"}}]}}}