The word “mini” says it all. A mini loan is a small loan. Usually up to a maximum amount of $ 1,500 per provider. This is very different from a revolving credit or a personal loan, where the minimum loan amount is just above $ 2,500. A mini loan is a loan that you usually have to repay within 30 days. There are a limited number of providers who maintain a period of 45 days.
The major advantage of a mini loan is that no BKR assessment and registration is done when these loans are granted. A mini loan is therefore a good form of borrowing money for people with a negative BKR registration. If you have a negative registration, a mini loan can really be a solution. Despite the high additional costs.
Inexpensive mini loan?
Are you looking for an affordable mini loan? Then you will soon notice that this is not easy. The rates that the providers of mini loans can charge are hefty, very high. If you also have the option of taking out a revolving credit instead of a mini loan, this may be a much better option for you. Or at least a much cheaper one. With a mini loan, the costs can add up considerably.
For example, if you want to take out a small loan of $ 500, you may well have to pay more than $ 60 in additional costs. With some providers it can be even crazier and you pay more than $ 100 in costs. Your loan then quickly becomes a very expensive loan.
Borrow money fast?
Where in the past this form of borrowing money was really a very fast way of borrowing money, unfortunately that is no longer the case. The processing time for such a small loan can also take up to several days. Only if you are an existing client with a provider can you quickly have the money in your account. You can think of borrowing money without BKR testing within 10 minutes. And that is unique again.
Even if you have suddenly received an unexpected invoice. Whether there is an account that you really need to pay urgently. Incidentally, the providers of “ordinary” loans are almost as fast. You can sometimes get a revolving credit into your account within 24 hours. Provided you can deliver everything digitally, of course.
Taking out a mini loan, who is suitable for?
A mini loan is a small loan that is used regularly by many people. Many people see such a loan as really an emergency provision. A last resort. When all facilities are used up, the emergency provision is called. And this loan is also suitable for this. However, you should keep in mind that borrowing this form is certainly not beneficial.
It is not without reason that the AFM frequently warned against taking out this form of borrowing money. However, a mini loan can be a nice last resort. For example, borrowing money as a temporary worker. You can hardly go to any bank. Despite the fact that the regulator is not happy with this form of borrowing money, it can still be a real outcome for many people.
Mini loan without BKR assessment and registration
The nice thing about a mini loan is that it is always a form of borrowing money where there is no BKR assessment and registration. This is because the providers of mini-loans are not affiliated with the BKR. Because they are not affiliated, they cannot do BKR testing. And you cannot register BKR either. Not when taking out the loan, and not if an unexpected payment arrears arises on the loan.
Mini loan up to 1500 USD
With a mini loan you can borrow money up to an amount of 1500 USD. They call this a plus loan. This loan form is actually a slightly more extensive variant. With a “normal” mini loan you borrow an amount up to 800 USD. You must then repay this within 30 days. With the extended variant you can borrow up to 1500 USD. You will be paid this amount in one go in your account. You must then repay this in 2 installments. The first term after 31 days. This is approximately 45% of the amount you borrowed. And the second term after 62 days.