The interest rate for your loan depends on your loan purpose, the amount you borrow, whether you own a home, and your risk profile. This profile helps us estimate the likelihood that you may not be able to repay your loan. For the Personal Loan, a fixed interest rate applies. This means your interest rate will not change during the term of the loan. The rate is annual.
"}},{"componentType":"sectionTitle","title":"How do we determine your interest rate?"},{"componentType":"paragraph","richBody":{"value":"When determining your interest rate, ING takes into account both general factors and factors specific to your personal situation.
"}},{"componentType":"accordion","accordionList":[{"title":"General factors","richBody":{"value":"These include developments in the money and capital markets, costs, competitive position, ING’s business model, the desired market positioning of a product, and applicable laws and regulations.
"}},{"title":"Personal factors","richBody":{"value":"These include your loan purpose, the amount you wish to borrow, whether you own a home, and your risk profile.
"}}]},{"componentType":"sectionTitle","title":"What is a risk profile?"},{"componentType":"paragraph","richBody":{"value":"When you apply for a Personal Loan, ING determines your risk profile. Your risk profile indicates the likelihood that you will or will not be able to repay the loan. This profile is created based on your personal data.
Risk profiles help protect both ING’s interests and yours as a customer. We want to ensure the loan is repaid with interest, and we also want to prevent you from facing financial difficulties.
We use the risk profile for the following purposes:
Based on historical data, our system estimates the likelihood of loan repayment by comparing your risk profile with those of other ING customers. If we assess a higher risk that you may not be able to repay the Personal Loan, our costs increase. That’s why a higher risk results in a higher interest rate, and a lower risk results in a lower rate. If your risk is too high for us, you will not be granted a loan. The decision to grant a loan is made automatically.
"},"textLinks":[{"url":"/en/personal/loans/our-loans/personal-loan","text":"Read more about the Personal Loan"},{"url":"/en/personal/loans/information-about-borrowing/processing-personal-information","text":"Read more about how we process your personal data"},{"url":"/en/personal/loans/information-about-borrowing/automated-process","text":"Read more about the automated loan decision process"}]},{"componentType":"sectionTitle","title":"How is a risk profile determined?"},{"componentType":"paragraph","richBody":{"value":"A risk profile is personal. Several factors contribute to determining this profile. We look at, among other things:
1. Product ownership and payment behavior
The products you have with us and how you use them, for example:
2. How long you’ve been an ING customer
If you’ve been a customer for less than a year, we may assess your risk profile as higher.
These two points form your risk profile and influence both the decision on whether you receive the loan and the interest rate you’ll pay.
"}},{"componentType":"sectionTitle","title":"Loan assessment"},{"componentType":"paragraph","richBody":{"value":"If your risk profile is too high, we expect there’s a significant chance you won’t be able to repay the loan. To protect ING’s interests and to help prevent you from experiencing financial difficulties, we will not grant you a loan.
"}},{"componentType":"paragraph","title":"Good to know","richBody":{"value":"The risk profile determined by ING does not always reflect the actual affordability of your personal loan. Even with a lower risk profile, you may still face financial difficulties in the future due to unforeseen circumstances. It’s important to act early to prevent your loan from becoming a problem. Please contact us in time. We’ll be happy to help you find a suitable solution.
"}},{"componentType":"sectionTitle","title":"Applying for a loan together?"},{"componentType":"paragraph","richBody":{"value":"If you apply for a loan jointly, ING will also determine the risk profile of the second applicant and perform a credit check (BKR-check). The second applicant’s risk profile is important for assessing whether the loan can be granted, but it does not affect the interest rate.
"}},{"componentType":"linkList","iconTitle":{"title":"Loans"},"textLinks":[{"url":"/en/personal/loans/what-does-borrowing-cost","text":"What does borrowing cost?"},{"url":"/en/personal/loans/how-much-money-can-i-borrow","text":"How much can I borrow?"},{"url":"https://mijn.ing.nl/banking/loans/personal-loan-apply","text":"Apply for a loan"},{"url":"/en/personal/loans/rates","text":"Current interest rates"}]}]}}}