ING is one of the most popular banks on the market today, and no wonder: They have been offering excellent conditions to their clients for a long time. Today, we tell you what your ING Direct Loan consists of and if it should interest you. Let's see it!
About ING Direct
ING is one of the most popular banks today , as we have said. It is a group dedicated to finance and insurance, which is based in Amsterdam (the Netherlands).
It operates globally in the fields of banking, insurance and investments, and has been doing so since 1991. That is, it is a relatively young bank, but with enough experience for us to pay attention to it.
ING was a very powerful bank until 2008, but due to the crisis, it had to sell a large part of its assets to stay afloat. Thus, it went from being one of the 20 largest banks in the world and having 130,000 clients to having only 107,000 and becoming a smaller bank.
However, since then they have done their job very well, and have managed to transform themselves into one of the best online banks currently on the market, both for those looking for a checking account, such as a deposit, a broker or a loan.
And, logically, that is what we are going to talk about here, the ING Direct Orange Loan.
However, before that, it is convenient to talk about the reliability of ING . So… Let's take a look!
ING Direct Loan… Is It Reliable?
ING Direct is a large and recognized bank , with an international presence and duly supervised by all the official bodies of the States in which it operates. Therefore, you can rest easy on that part. It is not a fraud or a scam.
However, when it comes to well-known banks, the fear of many customers is not whether it is a fraud or a scam (because it is quite evident that they are not), but rather that the concern stems from the solvency of the bank.
In this sense, we cannot deny the obvious: In 2008 this bank suffered a severe blow, but… What bank did not suffer during the 2008 crisis? Therefore, we should not focus so much on whether or not he suffered, but rather on whether or not he recovered.
And, the truth is, the bank's management team did very well, reducing costs and turning much more into the online world. This, coupled with very favorable conditions for new customers, allowed them to grow at a good pace from that precarious situation in which they found themselves.
Today, ING Direct is in a very good financial position, and is one of the most solvent banks capable of withstanding the ups and downs of the market, as the stress tests to which it has been subjected have shown.
So you can rest assured: You will not have problems with ING Direct (whether you use it to have your money there, or if you use it to receive your loans).
And, having clarified this, we can go on to talk about the Orange Loan offered by ING Direct.
What is the ING Direct Orange Loan?
The ING Direct Orange Loan is a loan that comes with a very powerful offer: Up to € 60,000 for your projects .
This, in an environment in which the different financial entities that give personal loans are limited to offering a maximum of € 15,000, is something to take into account, because with that money you can even buy a home (it is not designed for this , but so we can see how much money it is).
It is normal: Most of the financial entities that are dedicated to personal loans are not large banks, but small entities. This being the case, they cannot risk giving such high loans.
In contrast, a large bank, such as ING Direct, can afford to offer such large loans. And not only that, but you can offer them on reasonably good terms.
Without a doubt, it is one of the best personal loans without collateral and without commissions that are currently in the market, and that is why it deserves a deep analysis on this page.
Naturally, the ING Direct Orange Loan has some other advantages, in addition to the amount of money you can get: It is a 100% electronic loan that also offers reasonably good conditions.
It is true that the requirements may be somewhat higher than what we are used to seeing in other financial institutions, but we are not going to fool ourselves: € 60,000 is a lot of euros . We would also ask for more requirements if we lent so much money.
In any case, to all the above we must add the fact that ING Direct's Orange Loan has the muscle and confidence that a brand like ING provides, and that is something that must also be taken into account.
So, having made this presentation of ING's Orange Credit, we can go on to look at it in a little more depth.
ING Direct Orange Loan Features
As we said, the conditions of the ING Direct Orange Loan are very positive. We have already talked about the amount, but the thing does not stop there: It also offers us more than good interest (for us as borrowers).
Thus, we find that the interest rate of the ING Orange Loan starts from 5.95% NIR and 6.11% APR. Very low interest if you compare it with any other entity (large or small).
Here we must say something VERY important: This interest rate can vary depending on the amount of money you ask for and the repayment term that interests you, but, once it has been clear what it is going to be and how the installments will be for the return will NOT vary.
This is very important, and we must insist: It is a FIXED RATE personal loan. This means that the interest rate will not change over time. And this is very important because, currently, interest rates are very low, so if there are changes, they can only be upwards (that is, more expensive).
In this way, the fact of having a fixed-rate loan is an insurance against the increase in interest in the future (which will surely be given). Normally, financial institutions charge a premium for this type of thing, but, even with that premium, ING offers us very low interest rates.
So the conditions, on that side, couldn't be better.
In addition, it does not mean that you have direct debit payroll to be eligible for this type of loan. It will be enough that you can present some proof that you have sufficient income to be solvent and be able to repay the credit.
Naturally, another of the strengths of this loan is that everything can be processed through the web, even from your mobile phone. You will hardly have to move papers to receive it.
On the other hand, these credits do not have any type of commission , following the usual practice of ING (which seems to abhor hidden commissions - something very positive for us).
Thus, you will not have to pay anything for the opening of the credit, or for partial amortization, or for cancellation. This 0% commission can save us € 230 in total credit (compared to other similar options). So… Fantastic!
Finally, it should be mentioned that ING includes insurance to face the risk of non-payment. This seems fascinating to us, because very few financial institutions offer something similar, and this is where you can see that ING is a serious and reliable bank:
You can decide to pay a little more for insurance, in such a way that, if some month you cannot afford the payment of the fee, absolutely nothing happens. And, in addition, this insurance implies that, if you fall into unemployment or a disability, you will also be covered.
In short, they not only offer us a very high amount of money, but they also give us spectacular conditions, which very few banks and financial institutions are willing to give.
Requirements for the ING Direct Loan
As you can suppose, being so much money and with such favorable conditions, ING does not grant its credit to just anyone . You have to meet certain requirements to be granted this type of loan (and they are a little higher than in other entities, although not too much).
The requirements that you must meet are the following :
- Have constant and demonstrable income, which can be a payroll, a pension, self-employed bill receipts ... The important thing is to show that you will be able to meet the monthly fee.
- Not be on lists of defaulters such as ASNEF (internal link to landing of loans with ASNEF) or EQUIFAX. In other words, the ING Direct Orange Loan is NOT a loan with Financial Credit Institutions.
- Not having excess debts apart from the loan you are requesting here. This does not mean that if you have a mortgage they will not grant you the loan (it depends on many factors), but it is true that, the more debts you have, the less likely it is that they will give you credit.
In the event that you are going to apply for the loan with a payroll, you have to bear in mind that the type of contract and the age is something that they look at as much or more than the amount of money you charge each month . It should be kept in mind.
In general, the best way to obtain this loan in the best conditions is to have a medium or high income, with an impeccable credit history (that is, not be on delinquent lists) and have low levels of debt (that is, that represent a small percentage of your monthly income).
ING Direct Loan Opinions
Opinions on the ING Direct Orange Loan are generally very positive . And it is normal: It is a loan that offers a large amount of money in very positive conditions for the borrower.
It is true that there are some criticisms that they are much more demanding than other entities when determining who they grant the loan to. But this, as we have already commented, is normal:
They are offering a very good service and for a very high amount of money , and that implies risk for them. It is normal that they want to reduce it as much as possible.
Beyond that, all the opinions you can find on the internet about this loan are very positive, especially from those who have been able to receive the credit. They all comment on the low monthly payment they have left and the large amount of money they have received.
I read a particular example that amazed me: A young man who was dedicated to programming web pages and who had quite a decent income had requested a loan of € 60,000 to buy two web pages that each generated € 2,000 per month.
Thus, he had started to earn € 4,000 per month and had decided to return € 2,700 per month, to be able to get rid of debt in just 2 years. But you could have chosen to extend the repayment term up to 8 years, and pay only € 850!
After two years, he had paid the debt with an extra € 1,300 each month, and, in addition, he now had two web pages that generated a very succulent income of € 4,000 per month.
It was certainly a risky bet, but in light of the results, it was a success.
This is the power of loans, and especially the ING Direct Orange Loan.
Other personal loan companies that may interest you ...
And, finally, we give you some other personal loan companies that may interest you :
Cofidis Credit Project
Evo Finance Loan
BBVA Personal Loan
As you can see, the ING Direct Loan is an excellent option if you are looking for a personal loan with good features. And, in addition, from the hand of one of the best banks that there are today, which always gives an extra confidence.