Borrowing money within 10 minutes is a difficult task. Difficult, but not impossible as long as it concerns smaller amounts. Of course, borrowing through friends or family is the fastest, but if this is not possible, there are various quick alternatives. First of all, there is the mini loan , also called flash credit. You can apply for such a credit within 5 minutes, and the money is also available within a few hours. It is even faster if you have already used the provider's services. In such a case, you are already in the administration and a simple text message via your mobile phone is sufficient to realize the loan.
It becomes more difficult when you want to borrow money within 10 minutes, and also want to have the amount in your hands within 10 minutes. Assuming that borrowing from friends or family is not an option, there is only 1 type of loan, which works so quickly that you actually have money in your hands within a few minutes. We are of course talking about borrowing against collateral through a pawn shop. Through such loan houses, you can hand in collateral and receive a loan for this, which is paid out immediately in cash. So you step inside with a laptop, for example, and out again with 300 US dollars in your hand, and all this within minutes. Do pay attention to whether the agreement you enter into also includes a repurchase clause, so that you are assured that you will also receive the returned collateral when repaying the loan!
Of course, borrowing money within 10 minutes is always more expensive than a regular credit from your bank, for example, but it is possible. It is better to be prepared for such situations and to make agreements about this with your bank in advance. For example, by taking out a revolving credit, which you can access when you wish, or by permission from your bank to be allowed to be overdrawn on your payment account. As a result, you can also have money within a few minutes, but at rates that are many times lower than the rates used for mini or flash loans, and even those of pawnshops, which in comparison are already a lot cheaper than a mini credit, which by far the most expensive form is credit.
Money in your account within 10 minutes?
Money in your account within 10 minutes is a common phrase on the Internet nowadays. Is this really possible? The answer to this question is yes. Through mini and flash credits it has indeed become possible to have access to money within minutes. Mini credit, also known as flash credit, is a fairly new term and refers to a mini loan with a short term and high interest. Such credits are always for lower amounts between 50 and 1000 US dollars, and the terms vary from a few days to about a month.
This form of credit is characterized by the extreme speed with which it can be taken out. To be able to achieve this speed, you take out such a loan via the Internet, on the website of the provider. There you fill in a simple form and send by email a copy of your passport, identity card or driver's license to confirm your identity. A few minutes later you will receive an acceptance message in your mailbox and a few minutes later the money is at your disposal. A second credit is even faster, because because your details are already known and checked, an SMS message is sufficient to have the money available again a few minutes later.
What are the pros and cons?
The advantage of such credits is twofold: First, the speed. Taking out a mini credit is just about the fastest form of borrowing that you can have. Secondly, when applying for such credits, no tests are done at the BKR . This obviously benefits the speed, but at the same time also means that mini credit is in principle available to everyone. The disadvantages of mini credit are also twofold: First and most important; the high cost of credit. The interest rates charged for such forms of credit can easily be two to three times higher than those for regular forms of credit. Second, such credits are very short-term. Usually the full amount must be repaid within a few days, including all interest.
In short, if speed is of such importance to you that it outweighs the high costs, mini credit can be a good form of credit for your wishes, but if you are regularly in the position that you need a small amount quickly, a continuous credit or overdraft with bank approval and option are those that can save hundreds of US dollars in the long run. Borrowing from friends or family is always the cheapest because family members and friends usually do not charge interest on the loan. We have therefore disregarded these for this reason.