Loans in The Netherlands, All You Need To Know:

Find out how to get money fast in 15 minutes with this type of credit. At FUNDGECKO, you will easily learn how to find out how they work, the best current offers of mini-credits, and what to take into account before signing up for an option.

Quick Summary:

Online mini loans in the Netherlands can give you up to 300 euros at the first application

The loans are often reimbursed in one month, at a fixed rate, and in a single payment

They are applied only when faced with an economic emergency

The whole process of application is easy and fast, no paperwork is involved and the funds are granted in 5-15 minutes.

You should only apply for this type of credit being sure that you can assume the payment with easy and within the required time-frame

 

What are loans and how do they work?

 

An online mini loan refers to an amount of money that you borrow from a bank or a loan provider when you have a big project or you want to make a purchase but don’t have enough savings. Online mini loans broke into the financial market in the Netherlands after the 2008 financial market and have become a preferred consumer credit with time. 

 

In the Netherlands, the granting of these loans is super fast, taking only 5-15 minutes. This is made possible by the facilitation of the lenders who make the application online, inclusive of no paperwork. The borrower will also receive the money in the comfort of his home through the established online platforms.

 

One notable aspect of mini loans is that the more you make timely payments the more you’re likely to expand your loan limits and enjoy lower interest rates. At first, you will receive less money (300 euros) but might receive 1,000 euros as you build loyalty with your lender.

 

Due to their small amounts, online mini-credits are paid at once, with a fixed interest rate, and in one month. According to the Netherlands Credit Registration Bureau (BKR), more than 8 million Dutch people had one or more current loans in the country. 

 

What we should know about mini-credits

 

They come in handy during a financial emergency

New applicants get up to 300 euros

The repayment period will often not exceed 30 days

The money is granted within the first 5-15 minutes after loan approval

The credit often has higher interest rates compared to other loan types

 

When is it advisable to apply for loans?

 

An online mini loan is a sure way to get a quick financial fix during an emergency. Everything from the application to granting of the money suits a borrower that’s faced with an emergency. However, that’s not enough to make you get this type of credit. Hence, let’s look at when you’d need to get the loan.

 

When is it/ is it not advisable to take out a mini loan?

 

It’s a one-time expense

It is for an urgent contingency

We can reimburse you without problems

We do not solicit on a regular basis

We know how much we have to pay

We know how they work

 

It is a regular or habitual expense

The purpose is not urgent

We are not sure we can return it

We would like to request them on a regular basis

We do not know how much we will pay

We don’t know how they work

 

It’s advisable to use the above parameters to determine whether you need this type of credit. Be sure to make a responsible decision so that you don’t end up having too much to repay.

 

How much money can I get with mini-credits?

 

With a mini loan, you’re able to bail yourself out of a small economic emergency because of their fast nature of concession and application. The first application grants less money than other types of credit. New applicants get up to 300 euros while older ones can get up to 1,000 depending on their level of trust in the entity. 

 

With new applicants, the lender will grant fewer funds because there is no relationship between both parties, hence, it cannot risk giving out huge loan amounts.

 

After the new applicants repay loans within the set conditions repeatedly, the lender will grant more money owing to the trust that’s built. Some lenders will not only expand the loan limit but will also lower the interest rates.

 

Requirements to access loans

 

When granting small amounts of money, the conditions of online mini-loans are less demanding than those required by other entities that grant large amounts of money, although it will be mandatory to comply with a minimum number of conditions to be able to access this type of financing:

 

Have a stable source of income. In case you’re a foreigner, most lenders will require you to have been working for at least 3 years under the Dutch employers’ contract

 

Online mini loans don’t involve paperwork. But they will require the applicant to fill out an online application form with personal details. 

 

Documents to be submitted when requesting a loan

 

With online mini loans, the documents required by many lenders are fewer than in other loan types. Moreover, the lenders will give you an option of sending them the documents either by email, scanning them, or simply sending a photo. Below are the documents that you must have with almost every entity:

 

A copy of your national identity card or any other valid form of identity

The last two or three paychecks or income received

Bank statement showing the holder and the account number

 

The last step may be skipped if you hold an account with the entity as they will analyze your bank details, hence, reducing the need for much paperwork.

 

How to take out loans online step by step?

 

Below are the steps you’ll follow when taking out an online loan:

 

Select the amount of the loan and the repayment term

Fill out the online form you’re sent

Upload or send the required documentation

Read through the contractual terms and conditions before signing up for the contract

 

One good thing about this type of loan is the speed at which the application process is carried out and the time taken to release the money to applicants. An approved application will take about 15 minutes before the money is released. Thanks to your completely online application and automatic data analysis, we can get mini-credits without payroll without any problem and in only four steps:

 

Request the amount and the deadline for repayment. We will specify what amount of money we want and how long we plan to return it.

Fill out the application form. On the next screen, we will have to fill in the blank fields with our personal data: name and surname, ID, date of birth, mobile, and address, among others.

Verification. Through Instantor or another online verification system, the lender will verify that our data corresponds to our bank account and will evaluate our financial profile based on the movements that appear. If everything is correct, they will approve our application and we will move on to the final stage.

Read and sign the contract. They will send us the contract by email and, after verifying that our data is correct and making all the pertinent checks, we will sign electronically through a code that will be sent to our cell phone.

 

Once the entity has the signed contract, the contract will be formalized and they will give the order to transfer the money requested to the account number we have detailed.

 

About this page, our methodology

 

About this page: we are passionate about helping you get the best financing that best addresses your needs. We, therefore, marshal the best available information about consumer credits and how to compare the options to end up with the most attractive offer right now.

 

Source: the information regarding the main characteristics of loans in the Netherlands and their current regulation comes from the World Bank statistics, among other reference portals.

 

Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

About Us: FUNDGECKO is an online comparator website specializing in personal finance and home economics products. We help our users not only compare the available financial products in the market but also provide rich information that will shorten the decision-making process and help them end up with the best offer.

Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.