“Hey, do you ever have a fuffi for me? You’ll get that again next week! “Who does not know this saying? In other words, who has never found himself in a situation where he needed 200, 500 or a little more euros at short notice to make a small purchase quickly?
With such small amounts, one usually asks family members or good friends if they can lend them some money. But every now and then family members or friends are just not there at the moment when they have to be “pumped”. It is all the happier to appreciate that today there are very good opportunities to apply for online mini-loans.
Requirements for a mini loan
The preconditions for a mini-loan are usually not particularly hindering. Often it is sufficient to be of legal age, to have a German checking account and to have the possibility to pay back the money in a short time, preferably with the next payroll. Even a negative credit bureau entry does not have to mean for a mini loan that the loan seeker has no chance of obtaining a permit. Not infrequently, mini loans are even approved and disbursed even if there is a negative credit bureau entry.
Overview of the most common requirements for a mini loan
- Age of majority Detectable
- Residence in Germany
- German Giro account
- Regulated income or the ability to repay the loan after a short period of time
Interest, term and total loan amount for mini loans
The terms of a mini-loan are often as fast as easy to grasp: Due to the small loan amount, the effective interest rate, the repayment term and finally the total loan amount is quite low. The loan period is between 15 and 60 days, depending on the provider. Longer runtimes may be possible. However, this is usually associated with additional costs.
“Hidden” additional costs for non-timely repayment
Borrowers should know what exactly happens if the mini loan can not be repaid on time. Some providers are beating just when this applies. The reading of all conditions in the terms and conditions and in the agreement should therefore be mandatory. In addition, it can make sense before a mini loan is applied for to compare different providers and finally to use the best offer for themselves.
Checking the creditworthiness
Unlike loans with large or larger loan amounts, credit checks on mini-loans generally do not follow too strict rules. Thus, the approval of a mini loan is often possible even if the loan seeker has a negative credit bureau score. The unemployed, freelancers, retirees, Hartz 4 recipients and self-employed with relatively low and volatile income generally have the chance to get a mini loan.
It is important in the context to make requests and to be active. Those who do not try to get a mini loan will certainly not receive one. A mini loan is a sums in the small area. Mini loans are not comparable to car loans or even real estate loans.
Mini loan with instant confirmation and immediate payment
Of course, there are also mini loans that can come up with immediate promise and immediate payment. Often the “confirmation” or “immediate transfer” is used as a marketing measure by banks and mini-lenders to attract and retain new customers. The additional costs are often within the framework – quite to the delight of those who need a loan as quickly as possible with a small loan amount.
Immediate transfer in a few minutes?
Some providers even advertise with a transfer within a few minutes. Whether the money actually appears after a few minutes on the Giro account, once put there. In any case, it is a fact that some providers are very fast in terms of pledge, transfer and disbursement of the loan amount in the “micro range”.
Mini loans as a way to plug a small financial hole
All in all, applying for a mini loan is a great way to plug a small financial hole in the short term. The conditions and interest rates – at least for reputable providers – are within the framework and are transparent. Many vendors want their customers to sign up to a mini-credit agreement more often, and are attracted by beautiful side effects such as instant promises, instant bank transfers, and instant payouts. So if you need a loan amount from 50 euros to several 100 euros as quickly as possible, you should make smart about mini-loans.