Do you want to borrow an amount of up to 1500 US dollars ?
Say 200, 500 or 1000?
This is a limited amount of money for which you can easily get a loan than it would have been a higher amount.
Namely without much hassle such as documents or a BKR check.
The financial market in the Netherlands is tightly regulated . The Netherlands Authority for the Financial Markets supervises and only companies that have a license from the AFM are allowed to provide credits / loans and / or advise.
There are many rules for those credit products, with a limited number of types allowed to be issued. The most commonly used types are the personal loan and revolving credit . They are also the best known. But you can only apply for this for larger amounts (from 2500 or sometimes even 5000 US dollars) and with long terms. The disadvantage is that they also cost more.
However, there is a third option, namely the so-called mini loan or payday loan . You can use it for the lesser large sums of money. Anything between 100 and 2000 US dollar is possible. And there are the necessary advantages to this, as you can read below.
There have been many providers in this market in the past. But unfortunately there were also many abuses and malpractices. The AFM then intervened here with extra strict regulations. As a result, only 2 providers could continue to exist. They also have exactly the same conditions
Money Now is the global market leader in mini-loans. They do this in 23 countries on all continents from Canada to Europe and Australia. Truly the most experienced party that wants to change the financial world. They are also listed in Germany on the Frankfurt Stock Exchange.
Savings Hand is the Dutch counterpart. This online provider is also part of the same company as Money Now, namely the Money Now Group. This online platform makes borrowing money as simple as possible.
Which of these two providers you choose does not really matter that much, because the features and costs are exactly the same.
Whether the properties of a mini loan are actually an advantage or a disadvantage is entirely up to your situation and preferences. That is why we have listed these conditions for you without stating whether this is positive or negative.
1) No check is done at the BKR. You can therefore simply apply for this loan while you already have a negative BKR registration. Do consider whether this is wise.
2) Applying is even so simple that you do not need any other documents except your ID such as passport or ID card.
3) So no difficult questions are asked, not even about your current income.
4) So no pay slip, bank statement or other paperwork.
5) Sending the request will therefore only take you 5 minutes of work.
6) In addition, it is also quickly approved and you often have the money in your account within 24 hours . This makes it useful if you need money urgently.
7) The interest of this loan type is relatively high , namely in the 6% - 9%.
8) At the same time, however, the term is always short, namely 1 - 4 months. Sometimes you have a choice in the terms, depending on the amount you want to borrow.
9) The short period in which you repay ensures that you do not owe interest for too long and the absolute interest costs do not rise too high . See calculation examples below.
10) You do need a personal guarantor for these credits. But if you can't find it, it can also be arranged for you.
We will stick to the amounts we mentioned earlier, namely 200, 500, 1000 and 1500 US dollars. For a real calculation for a mini loan you can visit the site of Money Now or Savings Hand . Also note that you can sometimes choose a different duration according to your own preference.
- If you borrow 200 US dollars , you pay this back after 30 days including an interest of $ 0.99
- If you borrow 500 US dollars , you also pay this back after 30 days. The interest in this case is $ 2.47
- If you borrow 1000 US dollars , you pay this back after 45 days. The interest costs are then $ 11.50
- Borrowing 1500 US dollars will cost you $ 13.02 in interest. Please note that here you pay back in 2 installments. Some after 31 days and the rest after 62 days.
It is important to realize with the mini loan product that you should see it as bridging a short period. Namely 1 to 2 months maximum. After that you really have to be able to pay back, because otherwise there will only be more costs for fines and the like. You shouldn't want that.
But if you know, for example, that you are going to receive your holiday pay in a few weeks, a bonus, a refund from the tax authorities or energy company or even an inheritance to name just a few examples, this may be an option.
Especially when you need to have this amount available now. To replace your broken-down car, or already buy that beautiful SLR camera for your beautiful holiday to a distant country.