Sometimes it can happen that you need money very quickly. This may be the case if your wallet is stolen or if you have to make a large expense unexpectedly. There may be situations where you cannot wait and need money immediately. You can of course try to borrow money from a friend or family member, but this is not always possible for everyone. Then you can use the option to take out a loan via the internet with the money in your account within ten minutes. These loans are generally provided without a review at the Credit Registration Office (BKR) in Tiel.
Need more money then Request a no credit check loan now
If you really need money immediately, you can arrange this via the internet. You can take out a no credit check loan online. This means getting a loan to help with your financial situation. This is usually on your account within 24 to 48 hours, but there are also providers who advertise with a transfer within ten minutes. Incidentally, you do not always benefit from it, because it also depends on how quickly your bank processes the transfer. Even if the provider advertises with direct transfer, it can therefore happen that you will only have the money available the next working day.
Why choose a loan without a BKR test?
Almost all loans and other larger financial obligations are registered with the BKR. This concerns, for example, a personal loan, revolving credit or an installment purchase from a mail order company. But also a privately leased car and a somewhat more expensive mobile phone subscription are registered with the BKR. Many lenders check the BKR to assess whether it is justified to grant someone a (new) loan. If you have the necessary debts, there is a good chance that your application will be rejected after such an assessment. If you still want to borrow money, you can look for a lender who will not do this test.
How does a mini loan work?
A mini loan is a loan that you take out for the very short term. This often involves small amounts ranging from 50 to at most 1000 euros. You generally have to repay this amount within 30 days. Sometimes it is possible to pay in two installments for a larger amount, then you pay the first half after 30 days and the second installment after 60 days. It is therefore money that you can only borrow for a very short time, if you are unable to repay the borrowed amount in this short term then a mini loan is not the most suitable loan for you. Often you pay little interest for a mini loan if you stick to the payment term. However, you do pay administration costs and they can sometimes add up considerably.
What conditions must you meet for a mini loan?
To be able to take out a mini-credit, you must meet a number of conditions. Of course, the lender wants to be sure that you will repay the borrowed money. You can only take out a mini loan if you are 18 or older. You must also live in the Netherlands and have a Dutch checking account. Furthermore, in most cases you have to appoint someone who will guarantee you. This person will be approached for the repayment of the loan if you do not meet your payment obligations. To be able to apply for the loan, you must submit a copy of your proof of identity and a copy of the proof of identity must also be provided from the person who guarantees you.
What can I spend the money from a mini loan?
There are no conditions attached to spending a mini loan. You can therefore spend the money you want. Many people use daily groceries when, for example, they have no money left at the end of the month due to unexpected expenses. But also repair costs for household appliances or the car are paid with a mini loan because these repairs cannot be postponed. This also applies to the replacement of, for example, a washing machine or refrigerator. It does not matter to the lender where you spend the amount. The only important thing is that you repay the borrowed money in time.
What is the risk of a mini loan?
You really have to repay a mini loan on the due date. If you do not, then high collection costs will be charged immediately. You also have the chance to immediately get an employee from a collection agency at the door when the period has expired. This can sometimes be quite aggressive and intimidating. Of course, the lender is entitled to reimbursement, since you have agreed to this yourself. It is therefore very important to ask yourself whether you are indeed able to repay the loan amount on time. Before you take out a mini loan, you must check for yourself when you can repay this amount and whether that is within the specified period. If you already know in advance that it will not work, then it is really not wise to opt for this form of credit.
Is it wise to take out a loan without a BKR test?
For people who have no significant debts, a BKR test does not matter. They will then still be able to get a loan. But if you are already financially well under water, there is a good chance that a BKR test means a rejection. Then you can opt for a loan without a BKR test. But also for that you have to pay it back on time. Moreover, companies that say they do not perform a BKR test often use their own system to assess your creditworthiness. So it is not a guarantee that you will always receive your requested loan, purely due to the fact that the BKR test is not taken. If you are on a list of defaulters, the loan can still be refused. You will also not be able to quickly borrow money from a provider of mini-loans if you have not met your repayment obligation in time.
The convenience of a mini loan
A mini loan is very accessible. You can take out the loan virtually anonymously, because you don’t have to go to a bank branch to explain there that you want to borrow money and what you need it for. Many people find the latter a major obstacle. Certainly if they have borrowed money more often, they often do not have the courage to go to the bank again. Or even worse: to turn to family or friends again. Then taking out a mini loan is often an attractive alternative that people like to choose. You can arrange it quickly and easily, you don’t have to leave the house and the money is often in your account within a day. It also often happens that within a relationship one of the partners uses a mini loan to hide financial problems from the other partner. Whether this is sensible is of course the question. If it happens once in a while, that may still be explained, but if you regularly take out this type of loan, it is of course quite likely that it will come true.
Why are loans granted without a BKR test?
You may wonder why a lender lends money to people who consciously choose a loan without a BKR test. After all, in most cases these are people who already have substantial debts. However, providing mini loans is quite lucrative. If you have a substantial capital, it will not yield much if you put it in the bank. The savings rates are historically low. If you then choose to lend your money for short periods, you as a lender can earn a nice penny with it. Although sometimes no interest is charged on a mini loan, you do pay administration costs for such a loan. Because the actual costs are much lower, the profit is here. Then there is of course the risk that the borrowed money will not be repaid, but usually a lender has a good relationship with a collection agency. These are often agencies that work quite aggressively to persuade you to repay your loan.
What if I cannot repay my loan on time?
If you cannot repay a mini-loan on time, you will be prompted to pay fairly quickly. The costs increase rather quickly. In addition, there is a good chance that you will receive a collection agency within a few weeks. Please note that a collection agency is not a bailiff. Among other things, they may not seize your income. A collection agency is also not allowed to confiscate valuable items in order to repay the outstanding loan. Seizure of income or movable and immovable property may only be a bailiff. The only thing a debt collection agency can do is send you a demand for payment or try to make a payment arrangement. A collection agency can be quite aggressive, it is no exception that you are called, e-mailed daily and also receive messages via SMS or Whatsapp. This is all allowed. You should therefore try to pay off your loan as quickly as possible.
If you do not pay, your guarantee will be used
If you take out a mini loan, in most cases you have to appoint someone who will guarantee the repayment of the loan. This person must agree that he will pay off the loan if you do not do so or do not do so on time. If the person who guarantees you also does not pay, you are both jointly and severally liable for the loan. After all, you both signed for the loan repayment. If your guarantor does repay the mini loan, then that may be an option for you to repay the loan in installments so that you can spread the payment a little. But of course it is wiser to pay back the mini loan on time. In this way you prevent the amount from being increased with high costs, which ultimately makes it an expensive affair.
Try to prevent financial problems
Taking a mini loan once to absorb an unexpected financial setback does not hurt in itself. But if you already have substantial debts, you must seriously ask yourself whether it is justified to take out a new loan and then also a loan that you must repay very quickly. Trying to avoid financial problems is always better, although that is sometimes easier said than done. Sometimes you may face an accumulation of financial setbacks. But before you take out an irresponsible loan, it might be a better idea to try to make payment arrangements with your creditors. Sometimes they are willing to accept a repayment in installments or deferment of payment until your salary is paid back or you receive your holiday pay.
Provide insight into your financial situation
Taking a mini loan can do no harm if your financial position is basically healthy. If there are structural financial problems, you do not solve them with a mini loan. Because it will come down to having to take out a mini-loan every month in order to be able to cover a financial deficit. And since you always have to pay administration costs for such a loan, there is a good chance that your problems will only increase. To gain insight into your financial situation you can start by making an overview of all fixed costs. Then set aside a fixed amount for the weekly groceries and personal expenses and actually try to make a living from that. Look critically at your fixed expenses or this can be cut. Cancel subscriptions or try to be cheaper with for example insurance and gas and electricity. Seek help with financial problems at, for example, a budgeting agency or the municipality.