Take out a mini loan? View all the pros and cons here first.

A mini loan is easy and quick to take out.

A mini loan is easy and quick to take out.

You can easily close this via the internet. Hereby you have to answer a number of questions. So you can arrange this entirely from home and you don’t have to go to a bank, for example. Moreover, the questions that you must answer are much less extensive than the form that you must complete for other types of loans.

A fast acceptance process.

A fast acceptance process.

The processing time of the application is very short and is usually handled the same day. Because the application for a mini loan is often based on a situation in which someone needs money quickly, the lender responds to this to ensure that the acceptance process does not last unnecessarily long. The entire process can be completed within 24 hours, so applying for the credit is very fast.

Fast payment.

Fast payment.

Once your application has been approved, payment of the requested amount will also be made immediately. Since there are European regulations nowadays about how quickly money should be transferred from one bank to another, it may even be the case that on the day you applied for the mini credit you already have this amount in your account have standing. This of course only in the case that there are no further questions during the application process and that everything is clearly filled in.

A current liability

A current liability

Since the duration of a mini loan is a maximum of 60 days, you are quickly off the loan again. With other loans this is sometimes not the case. And with that type of loan you often cannot get rid of the loan sooner than what has been agreed. Even if you have enough money to repay this loan quickly. This is because these types of loans are very profitable for a bank or other lender, and therefore it is more advantageous for them to let the client sit out for the entire period and thus collect as much interest as possible. A mini loan is aimed at a short-term loan with a term of, for example, 30 days or 45 days with a maximum of 62 days.

For example, if you have extra expenses during the month, but you only receive your salary at the end of the month, a mini loan is a good option.

No BKR procedure

Loans other than a mini loan require that someone check their history at the BKR. This may result in you being unable to provide a loan. Do not forget that, for example, a car that you have purchased for which you have taken advantage of a special offer that requires a portion of the amount to be paid later is also simply a form of credit. All this is registered with the BKR. The same applies nowadays for part of a mobile subscription. The amount of the subscription that you pay for your phone is also seen as credit. This way you can still have a number of credits open without realizing it yourself, which makes it difficult to apply for a loan. A mini loan is often provided without a BKR check.

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