Pay attention! Borrowing money, costs money

Apply for a mini loan

Looking for a relatively small amount of money quickly, but don't want to be in debt for months as is the case with a personal loan or a business credit ? Or do you have a negative registration with Stichting Bureau Krediet Registration (Credit Bureau), but do you need a loan? With a mini loan you can borrow money quickly and without hassle.

Information table Flash loan

Minimum loan amount 100 us dollars
Maximum loan amount US $ 1,500
Minimum term 15 days
Maximum duration 62 days
Annual Percentage Rate (APR) 13.99%
Review at Credit Bureau No
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What is a mini loan?

A mini loan, also called a flash loan or flash loan, is a loan of up to US $ 1,500 that you often have to repay within a short period of time. This period is often between 15 and 62 days. An advantage with a mini loan is that, unlike with a loan from a bank, you have the money in your account very quickly. This makes a payday loan especially suitable as a small boost for your bank account. An advantage of this form of borrowing is that there is no review at the Credit Bureau. This does happen with other types of loans and can be a lot of hassle.

Who is a mini loan for?

A mini loan is suitable for anyone who needs money in the short term, but does not receive a salary before that time. The reasons why you need money can vary widely. For example, it often happens that students have to purchase textbooks, a laptop or household appliances. Because it is difficult for many students to work a lot in addition to their studies and the student grant only comes once a month, such a mini loan can be a quick solution.

In addition, there are of course many other reasons to take out a mini loan. A traffic fine, an unpaid bill or an unexpectedly high telephone bill; a mini loan can ensure that you do not immediately run into problems and that you can properly meet your financial obligations.

for whom and how

Take out a mini-loan step-by-step plan

Applying for a mini loan is simple and can be done online in just a few minutes. For example, at Greendayonline.com you go through a step-by-step plan of a few minutes:

Step 1: Choose your amount

Choose amount (step 1)

With a clear slider you can choose how much money you want to borrow at Linda-adnil. The minimum that you have to borrow is 100 us dollar, the maximum amount you can borrow is 1,500 us dollar. Scroll in the bar to the amount you want to receive from your mini loan.

Step 2: Choose your term

Select duration (step 2)

At Linda-adnil, the minimum term is fifteen days. This means that you must repay the loan amount, plus interest and service costs, after fifteen days. The maximum term is 62 days, consisting of two 31-day terms. With this option you pay off the loan in two installments. If you increase the amount you want to borrow, the term will automatically shift. This is the duration that Linda-adnil recommends, but you can adjust it yourself. For the recommended terms, see the heading 'Costs of a mini loan'. If you are satisfied with the loan amount and the term, click on 'Request amount'.

Step 3: Enter details

enter your information

The overview of your mini loan will appear on your screen; the amount and term you have chosen. Below you will find an overview of the interest rate, the interest to be paid and the total debt at the end of the term. If this is correct, you can enter your details below. Once you have done this, Linda-adnil will ask for proof of identification. This can be a photo or scan of your passport, ID or driver's license. Once you have done this, the lender will start working on your application.

Step 4: Accept quotation

Accept quotation

After your application has been approved by the provider, you will receive an offer. This is not yet a sign that you are committed to your loan. You have to accept it first. If you are sure that you want to continue with the loan, you can accept the quote and you will receive the money. If you do not take any further steps, the application will expire and nothing else will happen.

Mini loan without a Credit Bureau

When you apply for a mini loan, it is not tested at the Credit Bureau. This is one of the reasons why the mini loan has become so popular in the Netherlands in a short time. For many people in need of money, the Credit Bureau is the worst enemy. The Credit Bureau, Bureau Krediet Registration, keeps track of who is properly paying off debts and who is not. If you do not do this, your name will be marked with a red cross: a negative BKR registration. With such a negative registration, the chance is very small that you can get another loan.

This is therefore not the case with mini-loans. The mini loan is therefore the only form of loan in the Netherlands where the Credit Bureau is not tested. This can also make it attractive for people with an outstanding debt or negative BKR registration to borrow money quickly and simply via a mini loan. However, be aware of the possible dangers that mini-exercises entail.

borrow money without Credit Bureau review

Borrow without a pay slip

In most cases, when applying for a loan, a whole list of data is also looked at. Banks often have requirements, such as a minimum net income per month. Applying for a loan without a fixed income or without a payslip is, however, possible, namely in the form of a mini loan. It is up to the consumer to determine whether or not you want to submit a payslip. There are a number of conditions attached to this. So always read these conditions carefully when comparing. Applying for a mini loan without a payslip can be a solution for financial problems in a number of situations.

Borrowing without a fixed income

It may happen that you are temporarily out of work and have difficulty paying fixed costs. If you are sure that on a certain date you will have enough money to repay your closed mini loan, this is no problem for most providers of a mini loan. You should always check with yourself whether this is a wise choice. With a payday loan, you must already have the necessary money in a relatively short term. This money consists of the loan amount and the corresponding interest. In some cases, a lender may ask for an outside person to act as a guarantor, in the form of a friend or family member. However, there are additional costs involved. In this way, the risk of offering a loan for the provider is as small as possible.

Borrow money quickly (urgent)

In the most extreme cases, you must have a certain amount available at very short notice. In this case it is possible to request a mini loan urgently. By means of such an urgent application you can have the money in your account within twenty minutes. This way you can make important payments the same day and you can prevent any payment obligations from running higher and ultimately having to pay even higher amounts.

Small loan providers

Shortly after the arrival of the mini-loan in the Netherlands, there were many lenders that offered mini-loans to consumers. Prices continued to rise and mini loans became very expensive. In this way it became almost unaffordable to take out a mini loan. The AFM has intervened in this regard by drawing up fairly strict rules for providers of mini-loans. This promotion has made taking out mini-loans more favorable for many consumers.

Partly because of these rules, many providers of mini-loans have disappeared over the years. There are only a few left, including the two acquaintances Saldodipje and Linda-adnil. They have been on the financial market for a long time and are therefore seen as reliable parties to take out a mini loan. The cheapest provider depends on your own situation. For example, BKR registrations, the amount of the amount and the term can influence the costs of your loan.

Compare providers

Just as with any other loan, it is wise to compare the different providers in advance. For example, every provider applies different conditions and some providers incur additional costs. For example when you let an external person act as guarantor. In the case of a mini-loan, comparing providers is a relatively easy task: the two providers, Linda-adnil and Balance Dip, are both part of the company Linda-adnil UK Ltd. As a result, there are no extremely large differences in the conditions or costs.

Requirements

Although there are few strict conditions when applying for a mini loan, there are indeed conditions that you must meet as an applicant. In most cases, for example, your income is looked at. The minimum monthly income that you must meet to qualify for an urgent mini loan is 1,000 us dollars. In many cases you are still eligible for a smaller mini loan when you earn less than 1,000 us dollars, but with a much lower income, the chance of a mini loan is small. Further conditions are that you live in the Netherlands, have a Dutch bank account and that you have an e-mail address and a telephone with a Dutch number. This is because applying for a mini loan often takes place via SMS. Your telephone number is used to keep you informed of the progress of your application. Unlike other loans, such as revolving loans or personal loans, a mini loan does not look at a BKR registration.

Pros and cons

A mini loan has a number of advantages, in contrast to other forms of borrowing. For example, with a payday loan it is already possible to borrow an amount of 100 us dollars. This will not work with any other form of borrowing. With a personal loan, this minimum is, for example, 2,500 us dollars. You also receive the money in your account relatively quickly with a mini loan. Many lenders promise to deposit the money in your account within 24 or 48 hours, but in some cases this simply doesn't work. With a mini loan, if you are already an existing customer, it takes only twenty minutes before you have the money. If you are not, it will take a maximum of one day before your money is deposited.

What makes a mini loan really special, compared to other loans, is the fact that no testing is done at the Credit Bureau. It is not checked whether you have previously had loans and whether you have paid them or not. Even with a BKR registration you are therefore eligible for a mini loan. This means that a mini loan is available to almost everyone. There are conditions and requirements, but the majority of the population meets these requirements. The last advantage is that a mini loan is very suitable for costs that you have to pay in the short term. The amount is deposited quickly and the debt is repaid in a relatively short time. If you do this in the right way, you will not be left with a debt or with payment obligations for an extremely long time.

Where there are advantages, there are usually also disadvantages. This also applies to a mini loan. The short duration can also be a disadvantage. This short term means that you have to repay the full amount, including interest, within a fairly short time. Failure to do so can result in financial problems. In addition, taking a mini loan is relatively expensive. For example, when an external guarantor is involved. For this, a lender such as Balance Dip or Linda-adnil can charge extra costs, which can be much higher than the interest to be paid.

Cost of a mini loan

Borrowing money costs money, which also applies to a mini loan. Below you will find an overview of all available amounts with the recommended or mandatory term, the costs and the total debt that you will have after this term. Costs include interest and service charges. In some cases there are additional costs, such as with an external guarantor.

Amount Duration Interest (APR *) Cost Total debt
100 us dollars 15 days 13.99% USD 0.53 100.53 us dollar
200 us dollars 15 days 13.99%
1.07 us dollar 101.07 us dollar
300 us dollars 30 days 13.99% 3.24 us dollar USD 303.24
400 us dollars 30 days 13.99% 4.32 us dollar 404.32 us dollar
500 us dollars 45 days 13.99% 8.13 us dollar 508.13 us dollar
600 us dollars 45 days 13.99% 9.76 us dollar USD 609.76
700 us dollars 45 days 13.99% 11.39 us dollar 711.39 us dollar
800 us dollars 45 days 13.99% 13.02 us dollar 813.02 us dollar
900 us dollars 45 days 13.99% 13.59 us dollar USD 913.59
1000 us dollars 45 days 13.99% 15.02 us dollar 1015.02 us dollar
1100 us dollars 62 days 13.99% US $ 18.29 US dollar 1118.29
1200 us dollars 62 days 13.99% 19.84 us dollar USD 1,219.84
1300 us dollars 62 days 13.99% 21.70 us dollar US dollar 1321.70
1400 us dollars 62 days 13.99% 23.25 us dollar US $ 1,423.25
1500 us dollars 62 days 13.99% 25.11 us dollar US dollar 1525.11

The term of a mini loan is an ultimatum, but not a mandatory date. If you have taken out a mini loan with a term of, for example, 45 days, but you have already collected the debt within thirty days, it is possible to pay off the debt earlier. This flexibility can be an advantage when you need money quickly but don't want to spend too long with debt.

* APR = Annual percentage rate ( more info )

Risk of a payday loan

It sounds very attractive: it will take a while before your salary is paid, but you need money quickly. You can solve this by borrowing a few hundred us dollars with a mini loan. You pay everything back properly within a short period of time and you can meet your financial obligations. However, as with all other types of loans, there are risks associated with a mini loan. For example, you have to ask yourself whether you can indeed repay the debt within the term. If in your case there is a structural shortage, chances are that you will not be able to make the payment in 15, 30 or even 62 days. This can cause financial problems to pile up. In that case you can always opt for an external guarantor, but the question is whether that will solve all problems. Therefore, always think carefully about your loan, the risks and the consequences that it may have for you as a borrower.

Borrow safely

logo of the AFM

In the Netherlands, you can take out a mini loan about algae relatively safely and reliably. In most cases, credit providers 'just' deliver what they have promised in advance. You often receive information about any additional costs when you apply for your flash loan, not afterwards. In addition, the Netherlands Authority for the Financial Markets ( AFM ) continuously supervises the financial market. If you feel that you are being treated incorrectly, if you want to obtain more information or if you want to submit a complaint, you can contact the AFM.

Moreover, it is not the case that you are immediately tied to a loan. After applying for your flash loan, you will receive a quote, after which you still have the time to think about your application. If you do not take any further steps, the quotation will expire. It happens that lenders call later to check whether you agree to the quotation, but you are never obliged to accept it and take out the loan.

borrow money safely

Alternatives of a mini loan

With a mini loan it is possible to borrow a minimum of US $ 100 and a maximum of US $ 1,500. A disadvantage may be that you have to repay this amount, including additional interest, within a relatively short time. If you do not want or cannot do this, or if you simply need more money, there are other ways to borrow money.

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