If you need a limited amount for a short period, you can appeal to a mini loan.

Mini loans and credits

With this mini loan or small loan you can for example pay an unexpected invoice, the gifts at Christmas or the school costs of the children. Because you want to have the money from the mini-loan quickly, the costs of this loan will usually be slightly higher.

Does a mini-loan still exist?

Borrowing money through a mini loan is indeed still possible. Only the minimum amount you have to derive was set at 500 euros. A loan for a small amount of 50 or 100 euros will therefore no longer be possible. In the past, certain creditors did offer this amount of credit, although they reported that 0% interest was owed on the loan.

Since the mini credit had to be repaid within 15 or 30 days, the mini credit was not covered by consumer credit protection. That is why in 2012 the legislator imposed additional measures for so-called “flash credits”. Certain creditors decided to stop their activities afterwards. Now the miniature loan actually refers to a small loan on payment.

How fast do I have to repay the small loan?

The duration of the mini loan depends on the amount you want to borrow. For most mini-exercises that fluctuate between 500 and 2,500, the legal repayment term is a maximum of 24 months. This means that you have to repay the loan within 2 years.

What costs are involved in a mini loan?

Just like a personal loan or a car loan , you have to take an interest rate or Annual Cost Percentage (APR) into account for a mini credit. This percentage takes into account all costs associated with the credit. These include the file and administration costs. The differences in APR between providers are often greater for mini loans than for other loans.

Mini loan without work

When you take out a loan, the lender will naturally want a certainty that you will repay the borrowed amount over time. That is why lenders almost always request a copy of your pay slip. Yet there are still opportunities to obtain a small loan without work. This can be done, for example, by showing that you will soon have another job or someone else wants to be able to guarantee your credit. Alternatively, you can opt to borrow money from friends, family or your partner. This is called borrowing private money. As a result, you are not bound by the minimum of 500 euros and you may possibly agree on a longer repayment period.