Borrow money with Short term / Period / Term

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time is money

Do you need a loan?

But only for a relatively short period of time ?

Due to the limited duration, you can request it more easily!

And arrange it in the short term and receive the money quickly .

We explain how it works and where to go.

In this article:

1. How short is short?

To start at the beginning: what is a short term when we are talking about a loan / credit? In the Netherlands, the financial market, and especially that of credit products, is very tightly regulated. Getting a loan is therefore not easy. That is chiefly to protect the consumer. This way you cannot borrow too much and you do not get into debt.

That is why the types of loans are also kept simple and there are only a few variants to keep it understandable. The most issued forms are the personal loan and the revolving credit . These often have a term of several years.

However, there is one more exception, namely the mini loan. We sometimes refer to this as payday loan. They only run for 1 to 4 months. More precisely, between 15 days to 124 days, depending on the amount of the credit. The interest rate may be higher, but because the loan must be paid off again so quickly, you pay less interest costs in absolute terms .

2. How much can you borrow?

Okay, a mini loan . What amount can you get? Usually anything between 100 and 2,000 US dollars . You can not even apply for a personal loan or revolving credit for that amount.

The fact that it is a relatively small amount does mean that the risk for the lender is also smaller. This makes the application process a lot more accessible . For example, you only need to provide your ID + to have a guarantor (although you can even have that arranged), and you can apply for the loan.

So you do not need a pay slip, or other papers and documents, and no check is even done at the BKR. Application only takes 5 minutes , approval is sometimes the same day and the money is in your bank account within 24 hours . So you can quickly get money with this loan.

3. Where can you apply for this loan?

There are only two providers of mini-loans in the Netherlands. This is because the AFM, which supervises the financial market in NL, has prohibited the other parties due to abuses and excessive interest rates. These are Money Now and Saldodipje.nl

By the way, both parties have exactly the same conditions and interest that they request. That is not surprising, because in the end they are also part of the same company. This is the Money Now Group. This Finnish company is listed on the stock exchange in Germany and has a presence in countries all over the world, from Canada to Europe and Australia.

4. Bridging

It is important to emphasize that you only have to take out a mini loan as a bridging, so really as a temporary solution . And, that you must be able to pay back for sure after the term has expired. Since it is a maximum of 124 days and often even shorter, you should be able to estimate that reasonably, right?

For example, if you know that you are going to receive a bonus at work, or your holiday pay is coming in May, or you will receive money back from your energy company or perhaps even the Tax Authorities, then you can already have this money at your disposal.

Then you can now replace your broken car or mobile phone, because you can't do without it. Or you can buy that new tent or backpack that you really need before your holiday and pay it back after your holiday.

5. How much does it cost?

We have already mentioned it, but the interest rate is high in percentage terms. Namely above 9%. But because you only borrow for a short time, you also pay less interest, so that the costs are kept low in absolute terms. Just take a look at the example below.

Example 1

If you take out a $ 200 mini loan, you have to repay that amount after 30 days plus an interest of 99 cents.

Example 2

If you borrow 800 US dollars, you pay it back in one go after 45 days with a loan interest of 9.30 US dollars on top.

Example 3

If you borrow the amount of 1500 US dollars, you pay this off in 3 installments. each of 31 days, in equal installments. The interest is then a total of 17.36 US dollar. You can also choose 4 terms and therefore a somewhat longer total term, but then the interest rate is also somewhat higher at 21.70 US dollar.


Note that these calculations are based on a Personal Guarantor. It is also possible to arrange for a Guarantor, but there are costs involved. (A guarantor will act as a guarantor for you in the unlikely event that you cannot repay. He / she then pays off, you can then return the money to him / her later.)

6. Alternatives to get money.

A loan is not the only way to get money. The fastest by the way. However, borrowing also costs money, namely the interest. That is why it can be smart to arrive in a different way, if you have the time.

The most direct of these is simply making money through the internet . There are plenty of reliable ways to do this that we would like to go through with you. You can thus create an extra income of several hundred US dollars per month.

And this without any knowledge of technology or building websites, without any pre-investment and without the risk of losing money. Even worse: you hardly even have to think about it!