The application procedure for a Mini Loan

What is a mini loan?

A mini loan is a short-term loan that can be concluded quickly. The amount to be borrowed is up to $ 1,000.00 depending on the provider. You quickly have some extra money without any hassle. Handy as an advance on your salary or when the washing machine breaks down unexpectedly.

A mini loan is also called a short-term loan . The application time is therefore very short, often you have extra money within an hour. A copy of proof of identity, a pay slip and a bank statement are requested with the application. A BKR assessment is not done, because it is not a normal loan. However, a guarantee is requested. If you are unable to provide this, it is possible to purchase insurance instead. There are additional costs involved.

A mini loan is not a normal loan. Small loan providers do not charge interest. Instead, they charge a handling fee or administration fee. The law does not set a maximum amount for this. These costs are often higher than the interest on a comparable regular loan. Against this disadvantage is the ease with which a mini loan can be taken out. When taking out a regular loan, you will only have the money after three days.

A small loan has a short term and is repaid between 10 and 30 days. When taking out the mini loan you agree to the repayment term. If you are unable to repay the mini loan within this period, a fine will be charged. These costs can add up considerably.

What do you need?

To take out a mini loan , you must be resident in the Netherlands and at least 21 years old. You also need copies of a number of documents to apply for a mini loan. With most providers, this concerns:

  • A copy of your ID, such as passport and driver's license
  • A copy of a pay slip
  • A copy of a recent bank statement

The lender may request additional documents for the guarantee. Have you specified a person who will act as guarantor for you? Then a copy of the identity document and a copy of a pay slip from this person will also be requested.

Enter the requested information on the provider's website . The documents are usually submitted by e-mail. Often it can also be done by fax and post. When sending by post it naturally takes longer before you can dispose of your money.

Your creditworthiness will then be assessed on the basis of the copies you send. A BKR test is not done and your loan is not registered with the BKR. So you can also take out a mini loan with a BKR registration. If your application has been approved, the amount will be transferred to your bank account by the lender with an urgent transfer. With some providers this transfer takes a day.

Pay back the loan amount within the agreed term. If you are not able to pay the amount on time, you will be charged and these can quickly add up.


The number of providers of a mini loan in the Netherlands is limited. After the Consumer Credit Directive came into effect on 1 June 2011, a number of providers of mini-loans stopped. There are currently two lenders active in this field in the Netherlands . It's about LendNow and Cashper.

LendNow is the European market leader in the provision of mini credits. This company is based in London and is therefore not subject to Dutch law. At LendNow you can borrow an amount between $ 100 and $ 800 for a period of 15, 30 or 45 days. A guarantee is required, where you can opt for a personal guarantee or insurance.