Sometimes it can happen that you are without money for a while or you run out of money. Your salary is late, you have unexpected expensive bills that you have to pay or a household appliance breaks down.
In short: you would like to borrow money, but you don’t want to take out a personal loan immediately. You are actually looking more for a small loan. In this article we will tell you what the options are.
Do not borrow more money than necessary
When you delve into loans, you soon come up with options such as a personal loan or a revolving credit. However, there are certain conditions attached to these options that make it impossible to borrow a small amount. For example, you take out a personal loan for a loan amount from € 2,500. If you need a small loan with a loan amount of less than € 2,500 then that is actually not possible. Of course you could choose to borrow more to still be able to take out a personal loan, but since borrowing money costs money, this is not a wise choice. It is better not to borrow more money than necessary.
Take out a small loan, mini loan
If you need a small loan and you are able to pay it back quickly, you could choose to take out a mini loan. For example, you can take out a mini-loan with Ferratum, you can then borrow an amount between € 100 and € 1,500. Depending on the amount of the loan, you have the option of paying it back in 15, 30, 45 or 62 days. The lower the loan amount, the faster you have to pay it back. The providers of mini-loans do not look at how you are registered with the BKR, this can be an advantage if you have a (negative) registration. They do ask that you designate a personal guarantor, this is someone who can guarantee the loan. This person must also be aware of the guarantee. If you do not want or cannot do this, you can opt for an external guarantor. You only pay extra money for this, which means that the loan can rise quickly.
Take out a small loan, a revolving credit
Another possibility is taking out a revolving credit. A revolving credit is a flexible form of borrowing, which means you have extra money to hand. You agree a credit limit with the lender, between € 2,500 and € 75,000. You can borrow up to that amount. You do not have to withdraw the amount in one go, you can always borrow a part and then repay it again. If you want to borrow less than € 2,500, you take out a revolving credit with a maximum credit limit of € 2,500. You then only withdraw the amount you need and only pay interest on this. In contrast to a personal loan, the interest, the loan amount and the term are not fixed. The interest can therefore be higher or lower during the term. The flexibility of a revolving credit can be an advantage, but at the same time it can also turn out to be disadvantageous. You can also withdraw the repaid amounts, which makes it tempting to borrow more money than necessary. You might get into trouble this way. Testing is also done at the BKR to see how you are doing financially. This way, the lender can investigate whether it is justified to grant you a loan.
Borrow a small amount? Go to friends and / or family!
Is the amount to be borrowed even less than € 100? Then you can probably go to friends or family. Even when it comes to a higher amount, you could consider asking your friends or family first. Who knows, they might help you out. If you make good agreements and you stick to the repayment of the small loan, then this does not have to lead to arguments and / or irritation within the family or group of friends.
Take out loan conditions
Taking out a loan is not easy. Indeed, there are a number of conditions that lenders set. In general: YOU MUST HAVE A POSITIVE BKR REGISTRATION
A lender is required to register with the Credit Registration Office (BKR). Next, we look at how you are registered there. If you already have a credit or loan, you have a positive registration. You can in principle take out an extra loan or credit, but it is possible that the lender sets additional conditions. If you already have a loan / credit, but you are lagging behind in paying it back, then your positive registration can be converted into a negative registration. If this is the case, the chance that you can take out a new loan or credit is very small. With a negative BKR registration, it is virtually impossible to take out a personal loan or a revolving credit. If you have a negative BKR registration and you want to take out a small loan, then it is best to go for a mini loan.
If you want to take out a loan, you must be able to pay it back. A fixed income from work or benefits is therefore important. In most cases, you can take out a loan with a Wajong benefit, disability benefit and survivor benefit. Do you have unemployment benefits? Then that becomes a lot harder. The lender also looks at your loan objective, the term, your age and whether you are in possession of your own home. Hopefully you have enough information to be able to take out a small loan. Do you want to know more about borrowing and the various loan forms? Then take a look further on our website! We are dealing with a continuous credit, cheap borrowing and borrowing without BKR. Facebook Comments