A payday loan without BKR assessment requests ?
As in a loan of only 100 to 2000 US dollars?
This is possible with 2 parties in the Netherlands.
And because they have exactly the same interest rates and conditions, it doesn't really matter which one you apply for.
We explain it to you with the advantages, disadvantages and some calculation examples.
The payday loan is a very special type of loan and actually even a special case. Normally you can borrow within the Netherlands in two forms: a personal loan, or a revolving credit. The disadvantage of these products is that you can often only request them from $ 2,500 or even $ 5,000. With a payday loan, however, you choose an amount of $ 100 to $ 2,000. That much lower amount makes the application process and required documentation much smoother, but more on that later.
There are currently only 2 lenders that are allowed to issue these types of loans within the regulations of the AFM, namely Money Now and Saldodipje . They have 1 to 1 comparable products and conditions, so you can decide for yourself which one you prefer to turn to, it ultimately makes no difference in terms of costs. And what are the rules and the application process?
Only 1 document is required with the application that you have to show and that is your ID, and we mean a passport or ID card. A driver's license is not enough. In the end you also need a personal guarantor, but you can submit his information later if the money has already been received in your bank account.
That's it , no paperwork, no recent pay slips, bank statements or difficult questions about whether you have a permanent contract. It is therefore not surprising that you can send the application within a few minutes and the application is often quickly approved, after which the money is deposited the same day or within 24 hours. That makes it an interesting option for an emergency.
The personal guarantor you should have can be anyone, your brother, sister, father, mother, friends or even distant acquaintance. However, not everyone has someone to apply to, or some people choose not to do this out of shame or they don't want it because money is often a source of arguments. That is not a showstopper, you can also have a guarantor arranged for you.
The interest rate for payday loans is currently rising somewhere between eight and ten percent. That varies slightly with the exact amount you need. That seems like a lot, but another characteristic of payday loans is that the term is always short: a minimum of 15 days and a maximum of 4 months, depending on the amount borrowed.
This means that you pay back quickly and in absolute terms not as much interest as compared to a loan that you take out with a term of often 1 - 2 years. Even if the interest is lower. See the example loan rates below.
Can you request such a flash loan without BKR testing? Absolutely, because it is not submitted for any application. This is mainly because the sum you borrow is relatively limited, namely never more than $ 2,000. And that also reduces the risk for the provider.
Without this assessment it is therefore much easier to process your application quickly. On the other hand, the lack of the BKR check is the reason that you must have a guarantor . If you unexpectedly fail to repay, they will knock on the door of that person.
That is the backstop and the reason that they will not ask for it in the BKR register. This may sound like a nice detour or shortcut, but it is not quite like that. Only borrow if you really need it, read on at the section "what to look out for".
In the table below you will find some examples of how much interest you pay when you borrow a certain amount. You will also find the terms here, whereby you should make sure that from 62 days onwards, these are always divided into terms of 31 days each. So you have to pay off the first installment after one month. The terms are also the same in repayment amount.
|$ 100||15 days||$ 0.25|
|$ 300||30 days||$ 1.34|
|$ 500||30 days||$ 2.47|
|$ 800||45 days||$ 9.30|
|$ 1,000||45 days||$ 11.50|
|$ 1,200||62 days||$ 10.54|
|$ 1,500||93 days||$ 13.02|
|$ 1,800||93 days||$ 21.08|
|$ 2,000||124 days||29.14|
You have heard often enough that borrowing money costs money. Logical, because you pay interest and thus you incur costs to have access to the money now and not to save for it yourself, for example. But there are still a few things to keep in mind.
By this we mainly mean the short term. Yes, they ensure that you pay less interest in absolute terms, as we mentioned earlier, and that in itself is a plus, but on the other hand, you soon have to pay everything off again.
So keep that in mind and think about how you are going to do that when you apply. Because if you cannot manage this within 1 - 4 months, this will only result in addressing your guarantor and imposing fines and extra interest.
That is why a payday loan is not only useful for emergencies, but also as a bridge until, for example, you receive a certain windfall in a few weeks, such as your holiday allowance or money back from the tax authorities or your energy bill. But you should already know for sure that you will receive this money.
This gives you options to pay for things that really cannot wait. For example, because your refrigerator has shut down or your mobile phone, your car needs a repair because otherwise the MOT expires and you can no longer go to work. But it can also be a godsend in nicer cases, for example if you are throwing a great birthday party next week but your budget is not quite right or your in-laws are celebrating their anniversary and would like to be able to give you that one beautiful gift.
This is of course always possible with the personal loan or the revolving credit, the two 'normal' types of loans (without collateral) in the Netherlands, both with their own characteristics, rules, advantages and disadvantages. You can only decide for yourself which one is best for your goal or your own preference.
But then it is important to compare the many providers. Below you will find live at which providers you can apply for these two credits with the lowest interest at the moment. Via "all loan rates" you can find many more comparisons for, for example, pure 1 loan form, or specifically for loan purposes such as borrowing money for a renovation or caravan.
By the way , a BKR assessment is always done with these types of loans. Don't be alarmed, yet with some types of registration you can still knock on the door of a few parties. But usually not with the "regular" banks such as Across Lender, ABN and Infra Bank.
Credit Group USA can help you with this. In case of a recovery report or a BKR registration of several years old , they know exactly which providers want to listen to your story. And requesting a quote is free and without obligation, while as a specialist they will find the most suitable and cheapest loan for you, so definitely give them a chance.