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Online Loans in The Netherlands, All You Need To Know:
Find out how to get money fast in 15 minutes with this type of credit. We help you to easily find out how they work, the best current offers of mini-credits, and what to take into account to hire them.
- Online mini-credits are what we apply for when faced with an economic emergency
- Online mini-credits can be a source of large amounts of funds after developing loyalty with the lender. However, the first application may give us between €300 and €500.
- Online mini-credits are often small in size and repaid in one month in a single payment
- Online credits are good for their fast application process without paperwork
- This type of loan is beneficial when we’re sure of our ability to assume repayment without straining and within the lender’s conditions.
- This type of loan can also be addictive to take out, hence, apply for it when you truly need it.
What are mini online loans and how do they work?
A mini online loan is a consumer credit that broke into the financial market in the Netherlands after the 2008 crisis. Against the conventional way of getting loans, mini online loans seek to provide solvency to applicants that need financial intervention but do not have savings.
The loans are designed to fund the borrowers in minutes. Hence, they involve less or no paperwork at all, including signature and the granting of money, making the loan application process fast and convenient.
Mini online loans are mostly given in small amounts to newbie applicants (between 300 and 500 euros) and increased as the borrower develops loyalty to the entity by making on-time repayments. A borrower is often required to repay the loan after one month and in a single payment.
However, since their repayments are done within a short period, the interest rates tend to be higher than in other loans.
What we should know about mini-credits
- They come in handy during emergencies that require a fast financial injection
- They offer between 300 and 500 euros to new applicants
- Their repayment period is mostly one month
- You’re able to get the cash in minutes (5-15 minutes)
- Higher interest rates than other loan types
When is it advisable to apply for online loans?
Online loans are a good source of quick money. However, that should not be your only reason for getting this type of loan. Taking a bigger picture at this type of credit using the parameters below will help you eliminate adverse effects related to poor financial decisions in the future:
When to/ when not to apply for online mini loans:
✔️ You don’t have a recurring need or expense
✔️ You’re faced with a financial emergency
✔️ You can assume repayment comfortably
✔️ You do not solicit regularly
✔️ You’re aware of the amount you’re required to repay
✔️ You have an idea of how the loan works
❌ It’s a recurring need or expense
❌ The purpose can wait until your next pay
❌ You’re not sure of your ability to assume the repayment
❌ You’re not sure of when you’re instructed to repay the funds
❌ You’d like to get the loans regularly
❌ You’re not sure of how much you’re supposed to pay back
❌ You don’t know how the loan functions
That makes a critical financial audit very important before taking out not only this type of credit but any other.
How much money can I get with mini-credits?
As aforementioned, you’re not likely to receive so much money from this type of credit especially if you’re a new customer. This type of credit is designed to solve small economic emergencies. Nonetheless, developing loyalty with the lender will grow your loan limit and some entities will have your interest rates lowered.
New borrowers are likely to get between 300 and 500 euros while older ones may get up to 5,000 euros.
First-time applicants tend to get a small loan because the entity cannot risk giving much without having the background of the applicants’ behavior. However, as time goes by and the applicant borrows and repays the money on time, the entity will grow your loan limit.
Requirements to access the online loans
Thanks to their nature, you’ll need to meet fewer eligibility criteria with this type of credit than in any other. Below are the requirements:
- Have a stable source of income to demonstrate your ability to repay the loan.
- Be of the legal age (18 years and above)
- Have proof of residence within the Netherlands
- Have sufficient creditworthiness, without unpaid debts with other lenders. Don’t be blacklisted on BKR.
Documents to be submitted when requesting an online loan
Just as the requirements are fewer, the documentation required for online loans is fewer. The process is hassle-free because the documents are submitted online.
- Have a valid form of identification whether a native or a foreigner
- Copies of your bank statements that show incomes of a few previous months
- Income tax return
- Have proof of income whether as an employee, self-employed, receiving a pension, etc.
- Have a proposal form wherein you’ve detailed the purpose of the loan. This doesn’t apply to small loans.
Asking for a personal loan from a bank with which we have an active account and your receipts and income are domiciled will save you the hassle of much paperwork.
Modern banks like ABN AMRO Bank, ING Groep, Cooperative Rabobank, and others view the account statements electronically through a digital account view to make the application process faster and more convenient.
How to take out mini loans online step by step?
Steps to contract a mini loan
- Choose the amount and repayment term
- Fill in the form
- Send the documentation
- Read and sign the contract
Online mini-credit companies make money quickly for their customers, with a process that can take less than fifteen minutes.
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 an 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.
Online mini loans are one of the sure ways to do away with your financial instability. Always look for a loan option that best suits your needs so that you get an easy repayment time. As you settle for a loan option, ensure that it’s something you can easily pay without incurring additional debts.
Take time to research an entity’s reputation and the services they offer before signing up for financing. You’re not likely to qualify for any type of loan in the Netherlands without a source of income.
About this page, our methodology
What this page is for: we’re here to provide any necessary information regarding consumer credits and the latest news concerning the same.
Source: information about regulation on consumer credits has been drawn from Dutch Law, and government portals, among other reliable sources.
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 FUNDGECKO: we are an online comparator website that’s designed to help our users have an easy loan application process by comparing the best options in the market and equipping them with the information they need beforehand.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.