7 Tips for taking out a mini loan | Applying for a mini-loan in a sensible way

Tips for borrowing money

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You need money quickly and the amount you want to borrow is 1500 euros or less? Then you are eligible to take out a mini loan. Many people have preceded you, the mini-loan has grown enormously in popularity in recent years when it comes to borrowing. Borrowing a small amount nowadays is no longer taboo and you don’t have to leave it at that for the costs. Because borrowing a small amount can be easily arranged online, you have the money in your account within minutes.

Tip 1. How much can I borrow?

How much can I borrow? If you are going to take out a mini loan, then this question may not be that important because borrowing via the mini loan always involves relatively small amounts. Yet it is wise to ask yourself “how much can I borrow?” Hereby we immediately make a comment, how much you can borrow is important but you should never borrow more than is strictly necessary. If you can borrow 1500 euros and you only need 500 euros, don’t borrow the full 1500 euros. Of course you also pay costs over the extra 1000 euros and this is a waste of money.

Tip 2. Compare the mini loans

If you are going to request a mini loan, chances are that you will do this online. Then it is also very easy to compare the mini loans with each other. Because not many mini-loan providers are active, comparing the mini-loan does not take hours. So you can compare the mini loans in a relatively short time. In this way you may save a few tens on your mini loan, but it will be nice again.

Tip 3. Which mini-loan providers?

Tip 3. Which mini-loan providers?

You take out a mini-loan with a mini-loan provider. By comparing the mini loan providers you will quickly find out where it is cheapest for you to take out a mini loan. You will not only have to compare the costs, you will also have to include the conditions of the various mini loans in your comparison. Also read the small print here, so you will never be confronted with surprises.

Tip 4. Pay attention to the transit times

A mini loan is a loan for a small amount. You understand that this small amount also has to be paid back fairly quickly to the mini-loan provider. If you are going to compare mini loans, pay attention to the duration of the mini loan providers. The maturities of the mini-loan providers will differ. You must assume that if you borrow a small amount of around 100 to 500 euros, you will have to pay it back in 30 days. However, if you borrow a larger amount, for example 600 to 800 euros, then this must be refunded within 45 days. For larger amounts such as 1000 to 1500 euros you only have to repay the loan after 62 days. You see the more you borrow the later you have to pay back the loan.

Tip 5. Borrow without BKR?

Suppose you know that you have a BKR code, then you also know that borrowing money is often not that simple. With the application for a mini loan this problem is a thing of the past. The tip that we want to give you is that you think carefully before you take out a mini loan without BKR. You also know that the BKR is not for nothing, in most cases a negative BKR code is given if the payment obligations have not always been met in the past. Because you can borrow with a mini loan without BKR, it may not always be wise to use this.

Tip 6. Borrow money without a payslip?

Tip 6. Borrow money without a payslip?

You temporarily have no work and the bills and unexpected expenses continue as normal? You can also request a mini-loan for this. But even in this situation you will have to think twice about whether it is wise for you to borrow without a payslip. People who borrow money without a wage slip often fill one hole with another. You understand that this is not the correct method. If you know that if the end of the term is approaching you can repay the money then it is no problem to take out a mini loan without a payslip.

Tip 7. Take out a mini loan for luxury?

You should only take out a mini-loan if it is really necessary. With that we want to say if you are going to apply for a mini loan to do fun or luxurious things with it then this is not wise in our eyes. In that case it is better to save money and to buy those luxury things. Taking out a mini loan is useful if you want to borrow a small amount quickly and there is no other solution available. Many people borrow from friends or family in such a case. Others prefer not to do this because they are ashamed of the situation in which they have ended up. Whatever the reason is…. never borrow more than you can pay back and only take out a small loan if it is really necessary. Borrowing money always costs money. Sooner or later you will have to pay back the mini loan.