A mini-loan is ideal for people who need money urgently.
Most providers of mini-loans are able to transfer the borrowed amount to you within a few minutes after taking out the loan. The mini loan has become such a known loan form in the Netherlands, because most providers of these loans are not affiliated to the Netherlands Authority for the Financial Markets (AFM).
As a result, these lenders can not perform BKR checks for their customers. You can also conclude a mini-loan with a negative BKR score. Most providers of mini-loans are located abroad.
Duration of a mini loan
The mini loan is characterized by the short term (often a maximum of 15 to 30 days), the high interest rate (up to 25%) and the quick payment (often the money is on your account within 10 minutes). The maximum loan amount for a mini loan is often € 600.
When do I close a mini-loan?
Most people who take out a miniature loan do this because they need money in the short term. For example, the mini-loan is ideal if one of your household appliances breaks down and you only receive your wages in a few days. In that case, the mini-loan can bridge the period between the purchase and the income. It is not advisable to take out a mini loan if your current financial situation is bad. Due to the high interest rate, the mini loan is one of the more expensive loans you can have. In the event of non-payment, huge fines are often also imposed. Because the lenders are often not located in the Netherlands, you have to deal with foreign conditions.
How does the conclusion of a mini-loan work?
Firstly, you must complete the application form on the website of the lender, you will be asked for your personal information. When closing a mini-loan, BKR checks will not be carried out in almost all cases, so you can also conclude a mini-loan with a negative BKR assessment. After completing the form, you immediately see the amount of interest you will pay and within which period the loan must be repaid. It is important to realize that not paying a mini loan on time can result in hefty fines, so you have to take this into account.
Payment of the mini loan
After sending the application form it will in most cases be immediately approved or rejected. If your application for the mini loan is approved, you will receive the loan amount from your lenders within a few minutes at most lenders. After receipt of the borrowed amount, the contract goes into effect, you must repay the loan within 15 to 30 days (including interest).
No BKR control or assessment of creditworthiness
When you take out a mini loan, in most cases the lender does not look at your creditworthiness. So you have to see for yourself whether you can eventually repay the loan, you are responsible for this yourself. We also recommend that you read the terms and conditions of the lender before you take out a mini loan, in this way you know exactly where you stand.
In the overview below you can see at which lenders you can buy a miniature loan at the moment. The maximum loan amount is in most cases € 600.