Need fast credit?
There are various providers on the internet who borrow amounts from 100 to 1500 euros without BKR. A request for a mini loan can be made 24/7 and can be arranged for regular customers in a very short time. The mini loan is therefore also referred to as flash credit.
In the summer of 2018, a Dutch court banned the guarantee for a mini-credit. The lawsuit was brought by a foreign lender who wanted money from someone with a mini loan. The judge then forbade the guarantee (see judgment). Credit providers of mini-loans must comply with Dutch law. The interest on a credit may not exceed 15% and this includes a guarantee. Of course credit providers of mini-loans still require a guarantee, but in fact they are therefore prohibited. However, if you do not pay the deposit (you are in your right), you will most likely not be able to take out a mini-loan. An alternative is perhaps another cheap loan.
Mini loan cheap?
A mini loan is no more expensive than if you buy something from a mail order company. Wehkamp also charges the legal maximum of 15% interest on an annual basis.
What makes a mini loan expensive are the possible surcharges, service costs and a possible guarantee. The credit application is handled as standard in a few working days and then paid after a few days. If you do not want to wait a whole week, the application can be speeded up to a few hours. However, additional costs are charged for fast processing. A simple application without formalities? This costs extra money. If you want to have it deposited the same day, this will again cost extra money. It is also possible that a lender requests a guarantee. If you have no knowledge or family member to act as a guarantor, the guarantee can be purchased. The costs for the guarantee can amount to substantial amounts. The extra costs make the mini-loan quite expensive compared to a personal loan or revolving credit with a regular bank. The difference is that you can immediately borrow 1000 euros.
Short term mini loan
Remember that when the term has expired you have to repay the entire credit + costs in one go. If you do not do this, you will receive reminders fairly quickly that cost money. Delayed interest and extra collection costs can also be charged. So a mini loan gives DIRECT credit but you have to be sure that you can repay the credit.
Can I get a mini loan?
To be eligible for a mini-loan, you must generally have income with a minimum of 900 euros net. You have a Dutch ID and are of age. A negative BKR listing is in principle no problem because the lenders do the assessment themselves. This is allowed because the companies operate from Malta and England and therefore a review with the Credit Registration Office is not mandatory.
Zaloan & Balance dip
Zaloan UK Ltd is based in Liverpool, England. Another mini-loan provider is Balance Dip that is part of Zaloan UK Ltd.
If you take out a mini loan with Zaloan you pay 14% interest (in April 2015). Loans of 100-200-300 euros have a term of 15 days or 30 days. Loan amounts of 300-400-500 euros must be repaid in 30 days. The mini loans of 500-600-700-800 euros must be paid after 45 days at the latest. A guarantee is mandatory at Zaloan. If you know someone who wants to act as a guarantor for your mini loan, there is little to worry about and you simply pay the interest. If you have no one who wants to act as a personal guarantor (with signature) then you have to buy the deposit.
Buy a guarantee from Zaloan
The guarantee is a mandatory part at Zaloan. The company that provides the guarantee is Global Guarantee and this is based in Estonia. What you have to pay in terms of guarantee costs depends on the amount of the mini loan and the term. For a mini loan of 100 euros and a duration of 15 days you pay 24 euros in guarantee. With a mini loan, the highest costs for a guarantee are 800 euros with a term of 45 days: then the costs amount to 255 euros. With a closed mini loan you will therefore receive two bills per email at Zaloan. A Zaloan account for the loan amount and interest and another Global Guarantee account to guarantee the loan.
Viloan is a well-known provider of mini-loans in the Netherlands. The company has a banking license from the Malta Financial Services Authority (MFSA). A deposit is not required at Viloan and this already saves a lot of costs. Nevertheless, Viloan naturally also wants to earn something from the mini loan. This is done by offering customers a quick and easy application at various surcharges. If you opt for the regular application, it will take a week before the money is in your bank account and a fully completed application must be submitted. The customer also has the choice to choose a service bundle. With a service bundle, the application is processed immediately without much hassle. People with a negative BKR listing are also eligible for a mini credit. Viloans own credit check assesses the risk of the requested loan. If approved, the mini credit is transferred within a few hours. The costs for such a quick application are 20-25% of the mini loan.