{"id":6774,"date":"2026-05-06T20:55:46","date_gmt":"2026-05-06T19:55:46","guid":{"rendered":"https:\/\/www.credafin.be\/personal-loan\/which-consumer-credit-formula-should-you-choose"},"modified":"2026-05-06T20:55:46","modified_gmt":"2026-05-06T19:55:46","slug":"which-consumer-credit-formula-should-you-choose","status":"publish","type":"post","link":"https:\/\/www.credafin.be\/en\/personal-loan\/which-consumer-credit-formula-should-you-choose","title":{"rendered":"Which Consumer Credit Formula Should You Choose?"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>In Belgium, there are various consumer credit formulas that are not always easy to differentiate. Here is the guide.<\/strong><\/p>\n<p style=\"text-align: justify\"><!--more--><\/p>\n<p style=\"text-align: justify\">Consumer credit is a type of credit granted by banks to individuals to finance the purchase of goods and services that require significant expenses. Thus, you can apply for consumer credit when you want to buy a car, equip your home, or simply go on vacation.<\/p>\n<p style=\"text-align: justify\">Consumer credit differs from mortgage credit through its lower amount, shorter repayment period, and the nature of the guarantees required.<\/p>\n<p style=\"text-align: justify\">In Belgium, consumer credit encompasses different types of credits. Let\u2019s look at the differences.<\/p>\n<h2 style=\"text-align: justify\">Personal Loan<\/h2>\n<p style=\"text-align: justify\">A personal loan, <a href=\"https:\/\/www.credafin.be\/en\/personal-loan\">also known as an installment loan<\/a>, is consumer credit granted to individuals to obtain a movable good or service.<\/p>\n<p style=\"text-align: justify\">The uniqueness of a personal loan lies in the fact that it is considered &#8220;<strong>unallocated<\/strong>.&#8221; Indeed, the individual does not need to specify the purpose of the borrowed amount. Additionally, since the borrowed amounts are not exorbitant, it is not necessary to put together an extensive file.<\/p>\n<p style=\"text-align: justify\">Furthermore, the <strong>repayment period<\/strong> and the amount of <strong>fixed monthly payments<\/strong> in a personal loan are predetermined.<\/p>\n<h2 style=\"text-align: justify\">Allocated Loan<\/h2>\n<p style=\"text-align: justify\">Among allocated loans, the car loan, <a href=\"https:\/\/www.credafin.be\/en\/car-loan\">also known as an auto credit<\/a>, is the most common. Just like the personal loan, auto credit is granted to individuals by banks or financial institutions.<\/p>\n<p style=\"text-align: justify\">The difference lies in the fact that the borrowed amount must be used exclusively for the acquisition of the object or service for which it was requested. So, you can buy a car, a motorcycle, or even <a href=\"https:\/\/www.credafin.be\/en\/student-loan\">finance your studies<\/a> with an allocated loan.<\/p>\n<h2 style=\"text-align: justify\">Revolving Credit<\/h2>\n<p style=\"text-align: justify\">Revolving credit was formerly known as <strong>permanent credit<\/strong>. This type of credit involves lending an individual a sum of money that can be reused as it is repaid. Thus, the borrower can use the money to finance <strong>non-predetermined purchases<\/strong>.<\/p>\n<p style=\"text-align: justify\">This formula usually comes with a <a href=\"https:\/\/www.credafin.be\/en\/personal-loan\/debit-card-vs-credit-card\"><strong>credit card<\/strong><\/a> usable within a specific network of stores. However, this kind of credit is <strong>more expensive<\/strong> and sometimes encourages <strong>overconsumption<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover the best consumer credit formula for your needs\u2014take action today!<\/p>\n","protected":false},"author":22,"featured_media":7125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"consumer credit","_yoast_wpseo_title":"Consumer Credit: Pick the Best Formula & Save!","_yoast_wpseo_metadesc":"Compare different consumer credit options and discover the ideal formula to finance your projects\u2014click now to learn more!","_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"https:\/\/www.credafin.be\/en\/personal-loan\/which-consumer-credit-formula-should-you-choose","_yoast_wpseo_focuskw_text":"consumer credit","_yoast_wpseo_schema":"Article","footnotes":""},"categories":[70],"tags":[],"class_list":["post-6774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Consumer Credit: Pick the Best Formula &amp; Save!<\/title>\n<meta name=\"description\" content=\"Compare different consumer credit options and discover the ideal formula to finance your projects\u2014click now to learn more!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.credafin.be\/en\/personal-loan\/which-consumer-credit-formula-should-you-choose\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumer Credit: 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