Month: August 2019

Request mini credit – Compare Mini credit

by admin

 

Do you want to request a mini credit? A mini credit is also called a mini loan and is a financial product that is intended to provide you with a little extra money for a short period. In contrast to a revolving credit or a personal loan, a mini-credit has a short term. In general, this duration varies from 15 to 45 days. Within this period you must have repaid the borrowed money with interest. The higher the amount of the mini-credit, the longer the term.

When to apply for a mini credit?

When to apply for a mini credit?

You can take out loans for various purposes. For example, for the purchase of a new car or for the renovation of your house. In such cases, the amounts involved are considerable and you will need a long-term credit that you pay a lot of interest on. But you can also imagine situations where you temporarily need a few hundred euros extra. Because something has broken in your house, which urgently needs to be replaced. Or because you happen to have an expensive month with many birthdays and you actually can't wait for your next salary. A mini credit can then be a good temporary solution.

How much can you borrow with a mini credit?

How much can you borrow with a mini credit?

Although the lack of this may feel like a heavy burden, a mini-credit involves relatively small amounts of money. Do you want to request a mini credit for a small amount of money? You have to think about amounts of several hundred euros. With providers like Ferratum you can borrow from as little as 100 euros and with others as little as 50 euros. The maximum loan amount for a mini credit is 800 to 1500 euros. Not huge amounts, but money, that you can give just that little bit of air that you need in expensive periods.

Apply for mini credit from the age of 18

Apply for mini credit from the age of 18

In the Netherlands you are legally mature at the age of 18. From that moment you are also responsible for your finances. This means that you can also apply for a mini-credit from this age. Although a mini-credit is easy to arrange and does not involve excessive amounts, this form of loan is not without obligations. The duration of the mini-credit is short and you must ensure that you repay the borrowed amount within the specified period. If you do not comply with this, you will be fined and your debts will only increase further.

Mini credit without BKR assessment or payslip required

Mini credit without BKR assessment or payslip required

Do you want to apply for a mini-credit without a BKR assessment? In the case of a mini credit it is usually not necessary to provide a payslip. So even if you do not earn much or have no work, you could qualify for a mini-credit. There is also no BKR assessment when applying for a mini credit. This is a big advantage especially for people who are known to the Credit Registration Office in Tiel. Previously they could not go anywhere for a new loan, with a mini-credit a temporary solution is offered for a low amount. Ask for help from an official body such as your municipality or NIBUD.

Global Guarantee or other guarantor

Global Guarantee or other guarantor

Most mini credit providers state in their terms and conditions that you must have a guarantor for the amount to be borrowed. In the unlikely event that you are unable to repay the credit, the guarantor is deemed to do this for you. When taking out a mini-credit you can propose a personal guarantor yourself, but if you do not have one, you can also use an institution such as Global Guarantee, who want to act as guarantor for a fee. In the case of a personal guarantor, this person will also have to submit various details before the mini-credit can be approved.

Costs for the mini credit

Costs for the mini credit

The well-known slogan also applies to applying for mini-credit: Borrowing money costs money. Logically, borrowing money is not free. The lender incurs costs for staff and loses interest by temporarily lending capital. This must of course be compensated. Therefore, a mini credit must always be repaid with a predetermined interest rate. The higher the amount you borrow, the more interest you have to pay. This is something that you have to take into account. Of course, it should not be the case that the interest on the mini-credit will put you in trouble again when paying it off.Financial Markets Authority

The Netherlands Authority for the Financial Markets (AFM) is the independent financial market regulator in the Netherlands. If you want to apply for a mini credit, it is important that you choose a reliable provider for this. A provider that adheres to certain codes of conduct and that is clear in the way it works. This way you know that you are dealing with an honest party and the risks for everyone are limited. Credit providers such as Creditmash, Ferratum and Bankate are examples of such reliable providers.

Inform and request mini credit

Before you apply for a mini credit, be well informed about the conditions and consequences of such a short-term credit. No matter how you get used to it, it remains a loan and you should never think about it too easily. If used responsibly, the mini-credit can be the perfect solution for temporary money problems. If you need a structural solution for the long term, then other products from Creditmash or Bankate may be better suited.

Everything about a payday loan

by admin

Do you want to request a payday loan? A payday loan is a loan that you can take out to make major purchases and expenses. Think of a new washing machine, a car repair or a small renovation of your house. You must then repay the loan amount in specified installments. With a payday loan, everything is recorded in a loan agreement. With a payday loan you have a fixed term, a fixed interest rate and a fixed amount per month for repaying the loan. The monthly amount consists of part of the repayment and interest. Are you looking for a flexible loan? Then the revolving credit meets your needs more. A mini loan can also be interesting for borrowing smaller amounts from 100 to 1500 euros.

What is a payday loan?

What is a personal loan?

A payday loan is a consumer loan that is characterized by a fixed term, a fixed interest rate and a fixed monthly amount for paying off the loan. You can request a payday loan from 1500 euros and the loan amount can go up to 75,000 euros. The term depends on the amount of your loan. For example, with a loan of 1500 euros it is possible to opt for a term of 24 months. You then have 2 years to repay the loan including the interest. If you want to borrow an amount of 50,000 euros, the duration can last 9 years. You then have 108 months to repay the entire loan including interest. The advantage of a payday loan is that you know where you stand. You repay a fixed amount each month, the term always remains the same and the interest remains at the same interest rate throughout the entire period.

Where can I apply for a payday loan?

Where can I apply for a personal loan?

You can request this type of loan from most lenders. It is possible at your bank, at a consumer finance company and at an intermediary who arranges mediation. Bankate is a provider that offers consumer financing. Creditmash, Eicredit are companies that mediate for a certain rate. This means that they request multiple quotes from multiple parties and offer you the most favorable loans. Do you want to request a payday loan? It is a tip to request a free and non-binding quote from multiple parties. This can save you a lot of money in the long run.

How much can you borrow?

How much can you borrow?

You can take out a loan of at least 1500 euros to as much as 75,000 euros. The amount of the loan amount depends on your personal situation and the payday loan provider you choose. You can request a loan from Bankate from € 1500 to a maximum of € 50000. With other providers such as a Creditmash there is a minimum of 5000 euros and with Eicredit you can request a consumer credit from 2500 euros. When determining your borrowing capacity, the following information is always requested:

  • Type of employment
  • your income
  • amount of your rent or mortgage
  • marital status
  • any income from your partner
  • children living at home
  • the product / service for which you want to borrow money
  • your desired loan amount
  • age and living in the Netherlands

It is always important that you are able to repay the monthly amount every month. For this reason, the above information is requested. So you can never take out a loan whose monthly costs are too high. The same applies to the amount of the loan amount. We also look at your BKR registration. If you have too many loans or a negative registration, it is possible that your loan application will be rejected.

Fixed interest

Fixed interest

With a payday loan there is no question of a variable interest, but of a fixed interest, fixed term and fixed repayment amount. This offers you more certainty and less risk. The higher the amount you want to borrow, the more favorable the interest rate is. For example, with a loan of 1,500 euros, the interest rate has been set at 11.90% and with a loan of 5,000 euros between 5.80% and 9.90%. The rule is therefore the faster you pay off the loan, the lower the interest rate. For example, with a loan of 5,000 euros with a term of 24 months the interest rate is set at 5.80% and with a term of 84 months 9.90%. In the case of a payday loan, you may make additional repayments in the interim, most banks will not charge extra costs for this. At some banks or lenders, they do charge costs, which is a maximum of 1% of the loan amount.

An overview of payday loans with Bankate. *

Loan from 1500 euros to 2499 euros.
Interest rate: 11.90%
Duration: 24 to 72 months

Loan from 2500 euros to 4999 euros
Interest rate: 7.60% to 9.90%
Duration: 24 to 72 months

Loan from 5000 euros to 7499 euros
Interest rate: 5.80% to 9.90%
Duration: 24 to 108 months

Loan from 7500 euros to 9999 euros
Interest rate: 5.80% to 9.40%
Duration: 24 to 108 months

Loan of 10,000 euros 50000 euros
Interest rate: 5.80% to 8.70%
Duration: 24 to 108 months

* Look for current interest rates on the Bankate website.

Conditions for a payday loan

Conditions for a personal loan

If you want to borrow money there are a number of conditions that you must meet. Not everyone can borrow money just like that. All these conditions have been drawn up to ensure that the borrower does not run into major money problems and that the lender gets his money back.

The conditions:

  • You must be at least 18 years old, in some cases 21 or 25 years old.
  • The maximum age at which you can take out a loan is between 65 and 67 years
  • You must have a stable income.
  • You may not have high debts or very high fixed costs.
  • You may not have a negative BKR registration.
  • You may not receive benefits (WW / ABW / WWB)
  • You must be resident in the Netherlands (nationality)
  • You may not be a single person with temporary employment

Where should you pay attention with a payday loan?

Where should you pay attention with a personal loan?

If you are someone who cannot handle money that well, small amountlenen.nl recommends that you take out a payday loan instead of a revolving credit. With a payday loan, everything is recorded: the interest, the duration and the amount of the repayment amount. That gives more certainty.

If you would like to take out a loan, keep the following points in mind:

  • See if you have to pay a fine if you want to repay more early
  • Borrow money only if it is really necessary, borrowing money costs money.
  • It can take years before you have repaid a loan.
  • Think carefully about the costs of the loan.
  • Read the terms of the loan carefully.
  • Make sure you borrow money legally, so check whether the lender has an AFM license.
  • Find out for yourself whether you can continue to pay the monthly costs for a longer period (permanent job, family expansion, etc.).

Creditmash

Creditmash is one of the largest intermediary in the Netherlands in the field of loans to consumers for the purchase of consumer goods. Think of cars, renovations, caravan, boat etc. Creditmash encourages their customers to borrow money responsibly.
The minimum amount you can borrow is € 2,500. The maximum loan amount is € 75,000. The interest that you have to pay on the loan amount depends on, among other things, your income and the amount. The interest that you have to pay can vary between 4.5% and 14.0%.

Bankate

At Bankate you get free advice about your loan. With 3 simple steps you can apply for a loan with an application form. At Bankate, personal contact and responsible lending are paramount. You can request a payday loan or revolving credit for various topics such as some extra money, a trip or renovation. You can borrow a minimum of € 1,500 and a maximum of € 50,000, although the amount of the loan does depend on your personal situation.

A payday loan with BKR registration

BKR stands for bureau credit Registration. Every lender (companies / banks where you can borrow money) is required by law to register each loan with BKR. If you borrow an amount somewhere, you are of course registered with BKR. Lenders often do a test at BKR when you want to borrow money there. Through the assessment, they can see whether you are already borrowing money elsewhere and how you are financially. A registration with BKR remains for 5 years, even if you have already repaid the amount.
If you have a loan and cannot pay it on time, you can get a negative BKR registration. If this is the case then it is almost impossible to borrow money again in the future.

Loan loan

Have you taken out a loan and find a cheaper payday loan or a possibility to repay for less? In that case you can have your loan transferred to a lender that is cheaper. Your existing loan is then repaid by the new lender and you conclude a new agreement with them. Check in advance whether you can use a switching service and whether you can repay your amount with your current lender without penalty.

Consumer loans pick up 23% in 2014 and increase by more than two billion

by admin

The latest data provided by the Bankate have revealed an increase of more than 2 billion euros in the amount of consumer loans granted in 2014 to Spanish households. The total amount of loans given last year reached 10,447 million euros, a figure that far exceeds the 8,437 million granted in 2013, representing an increase of 23.82%, according to AskCash.

Consumer loans with an initial period of fixing the interest rate of up to one year (this would include, for example, a 10-year loan with an annual reviewable interest rate) have been the ones that have rebounded most with an increase in 28.24% over the previous year. They are followed by loans with terms of more than 5 years, whose amount during 2014 grew by 23.01%, and those granted with terms of between one and five years, which rose by 21.92%.

If we focus on the total money granted, loans with terms of between one and five years totaled a total of 4,616 million euros, those over five years, 3,111 million and those of one year or less, 2,720 million euros.

This is the second consecutive year in which the amount of new consumer credit operations has grown. In 2013, growth compared to the previous year was 6.45%, a figure that has nothing to do with the 23.83% recorded during the past year.

The APR of low consumer loans

The APR of low consumer loans

In 2014, the average Annual Equivalent Rate (APR) of consumer loans was below 9%, specifically 8.55%, according to the Bankate. A difference with respect to 2013 of 0.85 points down, when the APR was 9.40%. If we look at the average TEDR interest, equivalent to the APR, but not including commissions, in 2014 it was 7.57% while in 2014 it stood at 8.58%.

The interest on loans is not the only one that has dropped, so has the interest on deposits, although much higher. If, in the case of consumer loans of Spanish households, the TEDR decreased slightly more than 11% last year with respect to the previous one, the difference between the TEDR of 2014 and the 2013 of deposits was 57% a The decline is 0.64%. Some data that, on the other hand, do not surprise either.

Since the Bankate limited the rates of deposits a couple of years ago and the EB set official interest rates at historical lows, 0.05%, the profitability of deposits has not stopped decreasing. After all, why banks are going to pay high interest to families for their deposits when they can be financed almost "free" in the EB.

Mini-credit companies proliferate

Mini-credit companies proliferate

Private equity companies specializing in the granting of fast loans have proliferated in recent years as a result of increasing difficulties in accessing traditional credit. And it is that when it comes to getting not too high amounts, microcredits, which, on the other hand, are not cheap, have positioned themselves as an alternative to get liquidity. And, in some cases, in almost the only viable alternative, as in the case of people without payroll or included in delinquent records such as Credit Institutions.