Mini loan / Flash credit

mini loan or payday loan via ferratum

What is a mini loan / flash loan?

A mini loan or payday loan is a relatively small amount that you borrow for a short period. With all providers that is a minimum of $ 100 and a maximum of $ 2,000. You should see it as a temporary solution to bridge a period of 1 to 4 months until you receive the next salary, for example.


There are only a limited number of lenders that are allowed to offer a mini loan: Money Now and Savings Hand . The other providers have all been banned by the AFM in recent years due to unauthorized constructions. These two parties have exactly the same conditions, so it does not matter which one you choose to apply for a loan.

Advantages of the mini loan

Applying for a payday loan is very accessible. BKR registration is not looked at, nor are any documents or papers such as your payslip required. You can therefore send your request in minutes.

Only a passport and a guarantor (you can even arrange that) are enough to get a loan. You can even arrange a personal guarantor after your application has already been approved. Due to the short term you have to pay back quickly and the absolute interest costs are limited.

For example, for a loan of US $ 400 you pay a total of US $ 1.97 in interest. You must pay off the total amount after 30 days.

Disadvantages of the mini loan

The KJP or effective interest rate is relatively high, namely between 6.17% and 9.86% depending on the chosen term and amount of the loan. Moreover, you have to pay back after one to four months, so that is fast. This means that the options for spending it are limited.

You must therefore also think carefully whether you can pay back within this short period. So only see it as a solution if you are sure that you will have at least an equally high sum of money available again within that period. For example, buying a good camera for your holiday while you know that you can pay off the loan with your upcoming bonus or holiday pay.