Do you want to know more about online mini-credits? These online financial services have become a popular choice for users who need some extra cash quickly to get out of an emergency, or to make bill payments before payroll arrives.
Conventional loans are much more complicated and the truth is that they do not always meet users’ needs, especially when a moderate amount of money is needed quickly (almost immediately). This is where mini-loans are a really eye-catching option.
If you are thinking about applying for a mini credit but you are not sure what they are, how you can apply for one, what their requirements are and the interest you will have to pay, you just have to keep reading so you can have all the information you need about them.
What are mini-credits and how do they work?
Mini-loans, also known as mini-credits, are loans that are given for smaller amounts and in a simpler way, so they are usually intended for people who have certain specific needs for which they do not need a lot of money.
Because of the amounts they lend, and the ease with which they can be obtained, this type of online credit is often intended to solve emergencies or make payments before the salary from the job arrives.
Of all the online loans that are available today, mini-credits are the ones that allow you to get some extra money more quickly and without so many complications. Usually the waiting time from the time you apply is a few minutes, even less than 10 minutes, although sometimes it can take more than a day (especially if you apply on a weekend).
Another great advantage we can find in this type of credit is in the requirements they ask for, since they ask for very few requirements and it is very easy for anyone to meet them and have the possibility of applying for a mini-credit. That is why they are also known as “unsecured loans” or “loans without documents”, since in the vast majority of cases no documentation is required.
A detail that must be taken into account is that the interests are usually higher than in other types of loans or credits, since they are of an urgent nature and the client is expected to pay them as soon as possible. In this way, the faster the credits are paid, the less interest you will have to pay. It is also very important that you do not ask for an amount that you will not be able to pay in the indicated time, since once the delinquent interest starts to be charged you may end up paying an amount more than double the one you requested.
It is important not to make hasty decisions and to compare the different companies and financiers that offer this type of service, in order to find the one that offers the best alternative to get the credit. Among the most important details to be taken into account when choosing a service are: payment time, interest to be paid, requirements, conditions, bonuses and consequences of delay.
Find a fast online mini credit that fits your needs
In case you don’t need a large amount of money and you can be satisfied with a mini credit of 300€? or less, then you will be able to find many financials that can be adjusted to your needs, besides that being a small credit you won’t need a guarantor and other documentation that can slow down the process.
Some finance companies have interesting promotions such as not paying interest on the first loan requested or discounts of 50% in interest, so if it is the first mini-credit you are asking for we recommend that you look for good promotions of this style so that you have a better experience and it is easier to apply for the loan.
If you want to apply for a loan of more than 300 euros, you still have several very interesting options, such as Prestamer, Kredito24, Prestamo10 and Creditorapid. Bear in mind that, above 300 Euros, some companies are already beginning to request some payroll documents or guarantees in order to ensure that they will receive payment for the amount they are lending plus interest.
Although these types of companies usually have very similar requirements and characteristics, they do have some differences that can make your experience better or worse when applying for a loan, so this is another factor you should take into account and not make a hasty decision.
For example, if you want to ask for more than €300 and the option you were considering asks for a guarantor, you may be able to find another financial institution that does not ask for a guarantor.
The next “limit”, so to speak, is when we reach credits that are 600 – 1000 euros, where being a higher amount it is normal that the financiers start asking for more documents and have higher requirements.
In this case we can find financiers such as Crediclaro, QueBueno, Viaconto and Wonga, who can offer a maximum of 1,200 euros in their mini-credits. Most usually offer 0% interest on the first credit.
One of the great advantages of this type of mini-credits is that they are without payroll and are usually accepted and deposited quickly, so they are still excellent options for getting out of emergencies.
In the 700-750 euros we can find Kredito24 and Ferratum. They do not require a monthly income, nor do they require a salary; likewise, Kredito24 accepts applications without any problem, even if you are on the ASNEF.
Among the 800 euros there are other very interesting options such as Solcredito and Vivus; the latter being the fastest when accepting and depositing the money from a credit. They also have very interesting promotions for people who are applying for their first credit.
What is the difference between mini-credits and quick credits online?
It is very common for many users to become confused and think that mini-credits and quick credits are the same thing, since the former are also usually delivered within a very short time and have several similarities. However, you should be aware that there are certain differences between mini-credits and quick credits online, which we will explain below.
To begin with, mini-credits can be for really small amounts of money, which can range from 50 to 100 euros, 300 or 600 euros, while in quick credits you can get larger amounts than those mentioned above. In other words, fast loans are not precisely limited by an amount of money, they can be for amounts ranging from 2,000 to 50,000 euros.
However, there are several important factors that come into play here that we recommend you consider before making a decision, because if you are thinking of applying for large amounts of money that are above 1,000 euros, it is probably best to look for a personal loan rather than a fast loan, since the latter usually has higher interest rates and the term to pay it back is much shorter.
Details like these always have to be assessed, and be very careful with the type of loan you are thinking of applying for, as these differences can end up having a big impact on your experience when applying for credit.
In the case of mini-loans, the term to pay is usually 30 days, which is a very short time compared to other types of loans, although it is also important to keep in mind that these are smaller amounts in which, in theory, there should be no major complications to be able to pay them within 30 days.
Now you have more information about mini-loans, so it should be easier for you to make a better decision and apply for your loan with the financial institution or company that offers better conditions.