If you need a short and fast loan at short notice, you do not always have to use your system or apply for an installment loan. Thanks to the mini loans, which are now offered by numerous banks, this is a little easier. With the help of a mini credit calculator the selection of the suitable offer is even easier. Shown are all credit institutions offering a mini loan. Not only information is available on the loan amounts, but also on the general conditions. The display of mini-credit offers is free. Anyone who wants to make such a loan does not necessarily have to come into contact with the Private credit. Small loans granted without Private credit information are also available at some banks. Under which conditions these and other mini credits are to be obtained, we show here.
How do I get the mini loan calculator?
To find the right loan, the comparison of individual bank offers helps. This is especially easy with the help of a mini credit calculator. Through this, future borrowers can simply enter the desired loan amount and term and immediately receive the terms on which they can borrow this amount. Usable is the mini credit calculator online without a download. With the aid of the comparison calculator all offers of the banks are clearly listed among each other. In this way, all interested parties can compare the terms of the loans even easier. Which bank offers the best interest rate? Where is the payoff done the fastest? All these are criteria that speak for example for or against the application for a mini loan. Once you have decided on a loan offer, you can access the bank’s website with just a mouse click. The application for credit hardly works easier.
What is a mini loan?
Mini loans are also known in many places as short-term loans. These are loans with comparatively small sums. Most banks have a maximum payout of $ 1,000 for a mini loan. The lowest disbursements are between 100 and 300 euros (depending on the bank). Even at maturity, the mini loans differ from the conventional installment loans. The amounts are usually repaid within a short period of time (between a few days to six months). Due to the small sums of money, the mini-loans are released very quickly for payment and are therefore a good alternative for all those who need short-term cash. The range of mini-loans has steadily increased in recent years. However, this form of credit originated in the USA. It has been common practice for many years that mini loans are granted in this form. They are known here under the name “PayDay Loan”. This means nothing else than that the mini loans are paid back with the salary on the account immediately. In Germany too, more and more customers want to take advantage of this fast and, above all, flexible form of lending.
Since when do you have mini loans in Germany?
In Germany, mini loans have only been known since 2011. The first provider for these micro-loans was the Berlin-based VEXCASH AG. Even today, the company still offers mini loans. Their minimum loan amount is 120 euros; a maximum of 1,000 euros will be granted. The repayment is between seven and ten days. The annual percentage rate is currently 13.90 percent. Meanwhile, there are numerous other providers in the market of mini-loans. Well-known banks also offer various mini loans. They are often listed under alternative names, but the nature of these loans is similar to mini-credit: small sums are granted for a short duration. The interest rates on these offers vary from bank to bank. In the mini loan calculator the conditions of the individual credit institutes are indicated, so that already at the first view a comparison (for example the effective annual interest) is possible.
Why mini loan and no other type of loan?
In the short-term small financial bottleneck, customers are faced with the question: mini-credit or disposition – which alternative is the better? This question can not be answered on a flat-rate basis, because different criteria have to be considered. The decisive factor is the required loan amount. If, for example, only small amounts are needed to bridge a financial bottleneck, a mini loan can pay off in the truest sense of the word. Since it has to be repaid within a very short period of time, the interest rates are accordingly calculable and manageable. Anyone who makes use of a credit line, usually gets a generous financial leeway, which he can repay quite variable. Depending on how long borrowers spend time in this regard, interest rates and, ultimately, overall costs can be significantly higher. So if you need a small loan with a short term, is usually better served with an offer of a mini loan. Whether the offers of the banks really worthwhile, can show a comparison in mini loan calculator. Here, the individual loan offers are presented clearly and informatively.
Additional services for mini credit
Many mini loans are offered with extra benefits. This includes above all the so-called express transfer. In this case, the mini loan will be transferred to the respective reference account of the borrower within 24 hours. However, this express processing also has its price. The banks charge additional fees for this, which vary depending on the bank. Some mini loans are also available with the option of installment. In this case, the amount is not repaid in one step, but can be paid by installment. However, this option also costs extra. However, installment payments are not offered by all banks in the case of mini loans due to the low credit sums.
If you apply for a mini-loan, you will usually have to expect a Private credit query as well. Before the approval, the banks assure themselves at the Private credit that the borrower has no negative entries. But if you already know in advance that he has a less good Private credit score, you can take extra payments (as an additional security deposit) as well as a small loan at some banks.
What should be considered in relation to the mini loan?
If you want to apply for a mini loan, you should first look at the individual loan offers in a comparison. For the mini loan calculator is good as a free option. Basically, only the sum should be applied for as a loan, which can really be repaid. For example, if you want to borrow a loan of 1,000 euros as a mini loan, you should be able to settle the corresponding amount within the stipulated repayment period by paying your salary or another source of cash.
When applying for a mini-loan, borrowers should also ask themselves if they really need additional benefits. These always cost money and are not always useful. Is it really necessary that the money is in the account within 24 hours? Most mini-credits are paid out relatively quickly anyway, so that they are within the specified reference account within two to three business days. By eliminating the express transfer, borrowers can once again save additional expenses. If you nevertheless want to claim the express payments, you should compare the costs for the individual loan offers. This also applies to the mini loan calculator, because such cost factors are also listed in the offers of the bank.
How are the costs calculated on the practical example?
With the help of a mini credit calculator you can view the numerous offers and the possible costs. The annual percentage rate of charge for most banks is between 7.9 and 13.9 percent. For example, if you claim a loan of € 500 with a term of 30 days, you must pay € 5.35 for an interest rate of 13.00 percent. In addition, other costs and fees, for example, if additional services such as express or installment payments are claimed.
How is the mini loan applied for?
Anyone who has found the right offer with the mini loan calculator can apply for the mini loan directly from the provider. No way to the bank counter is necessary, but only a mouse click. The complete application works online and the transmission of all data and the verification can now be carried out online at most banks. Here is the Video Ident method available. What is needed for this? Borrowers only have to provide their identity card or passport.
1. First, the selection of the appropriate mini-loan offer. By comparing the mini credit calculator that is usually done within a very short time.
2. Anyone who has found a suitable loan provider can be forwarded immediately to the respective offer. All you need to do is click on the corresponding loan offer.
3. The website of the bank is again about the detailed loan amount and the desired term. After providing this information, the incidental cost of the mini loan will be displayed directly.
4. In the next step you can select additional options (if available). For example, if you wish an express or installment payment, you can note this at this point.
5. In the further course, the details of the borrower are required. In addition to the personal information and financial data (for example, income conditions) are queried.
6. Once all the information has been provided, the applicant will be identified. In addition, most banks offer an online procedure. Via Video-Ident, applicants can easily contact a bank employee via their computer’s webcam. For verification only the identity card or passport is necessary. This must be kept to the webcam so that the employee can see and photograph the information. Subsequently, the signing takes place via a virtual signature and the loan application is already processed.
7. After all the documents have been completed and verification has taken place, the payment will take place. The mini loan is usually transferred to the given reference account within two to three business days. If you want an express transfer, you will receive the money much faster (within 24 hours).
Is the mini loan available to everyone?
Although the mini-loan is comparatively simple compared to other credit cards, it is not accessible to all. For example, anyone who has a current personal bankruptcy or has submitted an affidavit will not receive the mini-loan from most banks. The same applies to persons who have a court pledge or the seizure of their wages and a warrant.
What about students or apprentices? They also have the opportunity to apply for a mini loan, even on a low income. However, they must have a minimum deposit of 601 euros in the account at most banks. This can be confirmed, for example, by an employment contract or a Federal financial aid notice. It is also advantageous if, for example, a permanent employment contract exists. In these cases, credit institutions see that the mini-loan can be repaid relatively securely.
In general, the granting of a mini loan is in any case a discretionary decision of the bank concerned. Borrowers who have questions or problems with applying should apply directly to the bank.
Are there alternatives to mini-credit?
If you look at the loan offer in the mini loan calculator, you will find that most banks offer more credit cards. They can serve as alternatives to mini-loans. One of these is, for example, the credit line. It is automatically granted by most banks on a regular salary receipt. The interest rates vary so that the total costs compared to the mini loan can also be significantly higher. Decisive are the loan amount as well as the duration, which are used in the credit line. Anyone who needs more than 1,000 euros over a longer period of time is well advised, for example, with the credit line. As mini-loans usually only have sums of a maximum of € 1,000 and a short term of up to 30 days, an extension of the loan amount is not possible in this case.
Installment loan for reduced monthly repayment
Who wants to have the lowest possible monthly payment, can opt for a installment loan. These are usually available from a total of 3,000 euros. The advantage of the installment loan is that the monthly repayment can be comparatively low. The decisive factor is the desired duration. This varies from bank to bank and can last up to 64 months. However, who wants to take a long repayment period, must also expect much higher interest rates.
Personal loans as an option
Some companies also offer loans from private individuals. They can be an alternative to mini-loans if certain conditions are met. As a rule, borrowers also have to meet collateral for a loan from private individuals. These include, for example, a positive Private credit information and the proof of a regular salary receipt. The disbursements of personal loans are also variable. They are available from small amounts.
Our conclusion: Mini credit calculator offers fast and free comparison
The mini loan calculator offers the possibility to compare different credit providers within a short time free of charge. It is not necessary to call up the individual websites of the banks and to read through the offers, but a mouse click is enough. Taking into account the desired loan amount and the duration of the calculator shows all available mini-loan offers clearly. Anyone who wants to claim an offer, this can easily by mouse click and will be forwarded immediately to the provider for the mini loans.