Borrowing is traditionally a long-winded affair. Loan providers take their time and will rarely complete a transaction urgently. This changed when the mini loan was introduced. It was a loan where you could access the money within 1 day.
With another loan, you sometimes have to wait weeks before you know where you stand. First all kinds of documents had to be collected, and a check had to be done, and if that was all checked after a few weeks, you might get positive news. Loan applicants found this terrible and so a new need arose for quick money, which was still a gap in the market.
You can quickly request a payday loan by sending an SMS message. A payday loan is a loan that you can apply for from the age of 18 and with a number of lenders even from a higher age. The money from an approved application for a payday loan will be in your account within 10 minutes. In this way it is also possible to borrow money quickly in the Netherlands . If you find yourself in a situation where you need money quickly, you go to a website of a provider of payday credit. By entering your mobile number on the site of a lender, an SMS is quickly received on your phone. From a few tens to a few hundred US dollars can be quickly withdrawn with a payday loan.
The solution was a mini loan to fill that gap. A form of loan that can be arranged within 1 day . You will have to make the very first application by fax, if you then need a loan again, an SMS is enough. Your details, passport, proof of income are often more than sufficient for a lender of a mini loan. You indicate how much you want to borrow, with an upper limit of a few hundred US dollars.
Once they have received the requested forms and documents, the requested money can be transferred to your account. The calculated interest is much higher than a regular loan, but that is also logical given the low qualification of the provider. The risk lies much more with the lender than with other traditional loan forms, hence the higher costs.
Applying for a mini loan is also a way to borrow money without a check when there is a quick need for a small amount to borrow. Because borrowing money with control is difficult, you will have to pay attention to the strict rules when taking out a mini credit. Not fulfilling your obligations of a mini loan on time will cost you a lot of money. Therefore, first check whether you can borrow some money through friends or family, that will always be cheaper than taking out a mini loan. If you want to have extra money on hand and expect to receive money soon, you are sure to be able to repay the borrowed amount of the mini-credit.
Conditions for a mini loan
View the conditions of a mini-loan very carefully before applying for this loan. Even though the AFM (Netherlands Authority for the Financial Markets) will closely monitor the providers of mini-credits, you should be careful not to pay too much yourself. In addition to the high rates and the often short terms of a mini loan, there are no large amounts that you can borrow quickly without a check. To take out a personal loan, you need to go to other lenders than the lenders where you can go for a mini-credit. If you want to borrow small amounts more often, you can also try to qualify for a revolving credit instead of a mini credit. Unfortunately, there are situations where you will not quickly qualify for a regular loan and there is no other way than to apply for a mini-loan.
Not paying a mini loan on time will affect the taking out of a mini loan in the future. If there have already been problems with borrowing without a check, a mini loan can also be rejected. In addition, a mini credit has nothing to do with borrowing money with control because no testing will be done during the control. Receiving money into your account quickly from a mini-credit also means that you must repay your loan quickly and on time. You can borrow money quickly online more often in succession by making an application for a mini-credit via the internet every time. You can therefore always choose a different provider of a mini-credit. In principle, it is not possible to apply for a mini-credit at two different places at the same time. Late payment of a mini-credit with one lender may mean that you are not eligible for a mini-credit with another lender.
Compare multiple providers of a mini-credit and find the best one to take out a loan. Borrowing urgently, without comparing other providers, can therefore mean that you do not take out the cheapest mini-credit. For loans of amounts above 500, you should better look out for other loan providers. Instead of a credit overview, after taking out a mini-credit, you will usually receive an invoice on which you can find the details for the repayment. To have your refund booked as quickly as possible on your purchased mini-credit, check whether there is a bank account on the invoice at a bank from which you are going to transfer money. When choosing a bank institution other than yours, you run the risk that by using a different value date your payment for the mini-credit will be late. As a result, high fines or costs can sometimes be charged on the mini-credit. That is why it is, among other things, important that you carefully read the conditions of a mini-credit.
It is not possible to apply for a mini-credit for the first time, to receive the money in your account within 10 minutes. You will first have to be known to the lender and to go through an application procedure to check your details. After the lender has approved your application for a mini-credit, a pin code will be sent by post within 1 working day. After receiving the relevant pin code, you must confirm this to the lender as soon as possible, usually with an SMS message. In some cases, in addition to the submitted application for a mini-credit, a number of personal documents must be sent to the lender by post. All sending back and forth by post can therefore take a number of days, so that applying for a mini-credit for the first time is certainly not arranged or paid out within 10 minutes.
Borrowing money within 10 minutes with a mini credit is actually possible, counting from the acceptance of a second application with one and the same lender. On weekends and public holidays you can count on an agreement for a mini-credit within 1 working day. If you submit an application outside the usual office hours, you should count on processing your application for a mini-credit on the next working day. In addition, there are lenders who only want to provide you with a maximum of 100 US dollars in mini-credit for the first time. Read all the conditions for a mini-credit in advance and avoid unpleasant surprises from unknown costs. Borrowing money costs money, this certainly applies to a mini-credit, borrowing money for free with or without a check is impossible through an intermediary, sometimes also called an intermediary.
Borrowing within 1 day in your situation.
Everyone's case is unique and every situation is slightly different, which results in a different loan advice. But let's see what the most common influences are on your loan options.
To begin with, there is your income. Every lender wants as much collateral as possible and the higher the income, the better they find it. In addition, it is obvious that you can get more loan if you earn more. If you are employed and on a permanent contract, then that is what a lender prefers. It poses the smallest risk for him.
Another thing of great importance is your payment morality and what it has been like in the past. We are mainly talking about your status at BKR . For example, an A2 coding at the BKR is already a red flag for every lender. But if you have slightly less heavy coding, an A1 for example, then there is always a sleeve to adjust. A BKR coding does not automatically mean that you could borrow less, but that you will have to pay more.
Factor three are the obligations you have now. If you already have too many loans, you cannot borrow from anything. But if you have no loans and you have always paid everything neatly, then you do not have to worry about this.
A mini loan usually has to be paid off within 1 or 2 weeks. The terms of reimbursement can sometimes differ by a week, be aware of this. Also consider carefully whether you will have income within that period. Because if you pay the mini loan too late, you will blame yourself later. You will see borrowing money as a big mistake within a day , but it shouldn't have been a mistake if you had paid back on time.