Mini loan or Personal loan

Which you should pay attention to.

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It can happen in every household or personal situation that the month is longer than the wages reach, or that incidental expenses have to be made where the funds simply lack.

In such a case it is always possible to ask friends or family for money, but experience tells us that this often causes problems rather than solutions and, above all, in the long term repentance. A more obvious solution is therefore perhaps to borrow money.

Borrow money, such as a personal loan?

There has been a taboo for a long time, taking out a loan to pay for extra expenses. It would be too expensive and not all necessary at all, and it would also be far too easy to borrow money.

Nowadays, this taboo is completely lifted and even most people realize that a loan in these times of economic difficulties can be a good solution. Not only to pay for expenses, such as a new car or washing machine, but also to have the opportunity to dive into that one hole in the market before someone else does it.

A personal loan or a mini credit?

The most loans granted in the Netherlands are the mini loan and the personal loan. Both loans are very similar and it is the small differences that make the distinction. So is the
minilening often a loan where a small amount can be borrowed very quickly (up to a thousand euros) which generally also has to be paid back within a short period.

However, a mini loan is possible again with a negative registration at the BKR in Tiel, an advantage compared to the personal loan. With the personal loan, however, you can borrow much higher amounts and both the interest and the term are discussed and recorded in advance. What do you have to pay attention to before you take out one of these loans?

First of all, it is wise to compare the various providers. What about the maturities and interest rates, where are the large differences in the conditions and how flexible can the provider respond to changes in your personal situation?

In addition, it is always wise to calculate how much you can spend in the month on the interest and the repayment, so that you never borrow more than you can pay back. Because getting off the shore in the ditch is of course no one happy about it.

Take out a loan online

If you have decided which type of loan you need and what your wishes are about, for example, the term, you can easily take out a loan online . 

Get a loan

To take out a loan online you follow a number of important steps. Comparing all loans and providers is the most important step.

There are various websites on which you can compare different providers of various loans. Comparing is important to achieve the best and cheapest loan . Not every loan is equally suitable for your situation. Important factors are the interest rate, the term and the monthly repayment.

Compare loans

 When you are on a website where you can compare or apply for loans, you start by entering a number of personal details about your situation. This is meant to see if you are eligible for a loan and what amount you can borrow as much as possible.

The information you need includes the desired loan amount, the purpose of the amount, your personal details and your financial situation (income and monthly payments) and preferences. A possible BKR listing may also affect the loan amount and the interest offered.

In addition, you have the option of giving extra income to your partner. On the basis of your entered data, the lender determines whether you are eligible for the loan and for the desired loan amount. Every quotation is almost always without obligation, so you are not stuck with anything.

Request quote

You can request a quote after applying for a loan. It describes the interest rate, term, monthly repayment and conditions. This information must be present in the quotation. In addition, they differ slightly per provider and per type of loan.

By requesting multiple offers you can compare the conditions of different loans. This allows you to determine which loan is cheap and sensible for your situation under what conditions.

It is important to carefully read and compare the conditions. For example, you can see how much closing costs you pay for the loan and whether extra (early) redemption is possible without penalty. Of course you can always call in help from advisors.

When you have opted for a particular loan, you sign the contract and send it to the relevant lender. Sometimes you still have to send papers, such as identification or proof of income. The lender then also signs the agreement and sends you a copy. Without signature, the agreement is obviously not valid.