Compare the best options on the market and choose the one which best adapts to your day-to-day needs.
Our Rating: 9.5/10
- Loans available for any purpose
- Friendly interest rates including a 12.1% annual interest rate
- Flexible loan limits of up to €50,000
- Convenient repayment periods of up to 120 months
- Few additional loan fees
- Fast concessions
- Fewer eligibility criteria
Banco BPI Portgual
Our Rating: 9.2/10
- Flexible loan amounts of up to €30,000
- Long repayment terms of up to 72 months
- Available for a variety of purposes
- Attractive interest rates and 11% APR
- Fast approval within 24 hours
- Insurance is optional
- Top loan conditions
Our Rating: 8.9/10
- Flexible loan size of up to €30,000
- Fast approval process within 48 hours
- Hassle-free application through an online platform
- Customizable repayment period of up to 120 months
- Less stringent eligibility criteria
- Prefers funding applicants with an income
- Fixed interest rates on long term loans
Banco Santander Totta S.A.
Online Loans in Portugal, All You Need To Know:
Hang tight to discover how you can get an online loan within minutes. We let you know the best current offers of online loans and equip you with the knowledge you need to end up with an offer that’s best compatible with your economic situation.
- Online mini loans have a fast application process that’s 100% online
- They are often small loans (about 500 euros) in the first application
- Their repayment happens after a month and in one payment
- They are used to address a particular economic emergency
- They are only taken out when the borrower is sure of their ability to repay them without straining
What are mini online loans and how do they work?
Online mini loans are financial products that found their way into the Portuguese financial market after the 2008 financial crisis. Online mini loans are often taken out during an untimely and urgent economic need. The applicants for these loans mostly don’t have savings.
These loans are widely known for their speed and less stringent eligibility criteria. The processing of the loans happens in minutes. Their application process, as aforementioned, is completely online, thanks to the invention of the digital signature, through which applicants are able to add their signatures online.
With these financial products, applicants can get up to 500 euros on the first application and up to 1,000 euros for older borrowers. The amount of these loans increases based on your loyalty levels with the lender. Their repayments happen mostly after a month and in a single payment.
However, it’s important to note that these loans are among the most expensive consumer credits due to their very high interest rates and their short repayment periods.
The average bank lending rate in Portugal as of April 2022 was 2.09% which was a 0.3 increase compared to the previous month. However, online mini loans have higher interest rates which may go as high as 9%, depending on the lender.
What we should know about mini-credits
- They come in handy during economic emergencies
- They grant up to 500 euros to new borrowers
- They are repaid in 30 days
- The loan is processed in minutes
- They are considered the most expensive type of consumer credits
When is it advisable to apply for online loans?
Most people turn to consumer credits whenever an unexpected need arises because of their fast concessions. However, these loans could sink you to over-indebtedness if you’re not able to tell when you should and should not take them out.
It is advisable to apply for mini-loans if/if not:
✔️ The need comes rarely and not regularly
✔️ The need is urgent
✔️ We can afford repayment without straining
✔️ We do not solicit on a regular basis
✔️ We know the total amount we’ll have to repay
✔️ We know all the conditions of the loan offer
❌ The need comes regularly
❌ You’re not under pressure to address the need urgently
❌ You might run into other debts while repaying the loan
❌ You would like to be taking out this loan regularly
❌ You don’t know the total amount you’ll be required to pay
❌ You’re not sure of how the loan works
The above parameters should guide you into safe borrowing and prevent you from running into over-indebtedness.
How much money can I get with mini-credits?
By design, online mini loans are meant for small economic contingencies. They may not be an option if you have a bigger economic need.
New Clients: Up to 500 euros
Older Clients: Up to 1,000 euros
Since these loans have fewer and less strict requirements, the lenders start by granting small loans as the borrower walks up the ladder. The amount and other conditions like interest rates may improve if the borrower makes on-time payments consistently. In this way, the client will be sure of their ability to repay the loan as the amount increases.
Requirements to access the online loans
Online loans have a fast application process and less strict requirements. However, your loan application may be rejected if you fail to meet the most fundamental requirements as the ones mentioned below:
- Have a stable income. This will prove to the lender your ability to repay the loan. Without a monthly salary, the lender will want to avoid the risk of giving you the loan.
- Be of legal age. Some entities will finance borrowers of age 18 while others will only grant loans to applicants who are 21 years old and above.
- Be a resident of Portugal. Lenders within Portugal will only fund borrowers with either a temporary or permanent residence permit.
- Do not have a poor credit score with the Portuguese Central Credit Register. This will automatically dismiss your application for most entities. Only a few lenders grant loans to people with negative credit scores.
Documents to be submitted when requesting an online loan
To prove that you meet the set-out requirements, the lender will require you to submit documents.
- Legal form of identity such as an ID card or passport
- Permanent or temporary residence permit card
- NIF number
- Bank statements showing your recent income and expenses
- The last three payslips or documents showing your income whether as self-employed, retired, etc.
How to take out mini loans online step by step?
Steps to contract a mini loan:
- Choose the amount and term
- Fill in the form
- Send the documentation
- Read and sign the contract
The application process for online mini loans is somewhat fast and less tedious. You’re likely to follow the steps below:
- Select your preferred loan amount and the time of repayment you’re intending to take.
- Be sure to fill out all the blank fields of the application form with the most accurate information including name and surname, ID, date of birth, mobile, and address, among others.
- After submitting the filled-out application form, the lender will take time to verify if the data you’ve provided corresponds to our bank account and financial profile.
- Take it upon yourself to read through the contract details and understand how it works as you note down all the future payments you’ll need to make before you place your signature through digital signature.
After the above four steps, the lender will formalize the loan before they transfer the money to your bank account.
About this page, our methodology
About this page: we are out to help you to get the best financial product that’s consistent with your financial situation. We, therefore, marshal the best available information about consumer credits and what factors to consider as you compare the options so you may end up with the most attractive product at the moment.
Source: the information regarding the main characteristics of loans in Portugal and their current regulation comes from the Banco de Portugal, the Portuguese Consumer Credit Act, 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 that helps borrowers who are indecisive about consumer loans and what option to hire. We help our users compare the options like pros by providing all the information they need about consumer credits and how to end up with an option that best addresses their situation.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.