The Best Online Loans in Belgium in Just One More Click

Online Loans in Belgium, All You Need To Know:

The process of hiring a loan can be taxing if you know less about them. This is why we bring you the ultimate guide to applying for the best online loans in Belgium. We let you know the best current offers, all you’d need to consider before signing up for them, and the steps to follow to end up with an offer that best suits your economic situation.

Quick Summary:

• Online mini loans are taken out online with less paperwork
• The application process is fast and hassle-free
• This type of loan is designed for small economic contingencies
• First-time applicants can get up to 300 euros
• The conditions of these loans improve for older loyal clients
• The loans have fast concessions
• These loans can plunge you into over-indebtedness if not taken out responsibly
• The loans are reimbursed once and in a single payment

What are mini online loans and how do they work?

Online mini loans are financial instruments that lend some amount of money to a borrower and are reimbursed after a specific time under a set of conditions. The application for these loans happens online through online platforms and the borrower will not have to visit the entity. Their application process is fast and simple, involving less paperwork, compared to other loan types. 

Mini loans, by design, address small economic needs, hence, they offer small amounts at the first application. Older clients may enjoy better conditions, depending on the entity and if the client develops loyalty with the entity by making on-time loan repayments. The client may increase the amount of the loan, reduce the interest rates, and increase the repayment time.

These loans are considered the most expensive because of their very high interest rates and short repayment periods. Most entities will require repayment after one month. They are taken out only when the borrower is sure of their ability to assume repayment.

What we should know about mini-credits

• They are designed to address small economic needs
• New clients get up to 300 euros
• They are repaid in 30 days
• The loan application process is fast
• They grant the funds in minutes
• They have fewer eligibility criteria than other loan types
• They are more expensive than other loan types due to their high interests

When is it advisable to apply for online loans?

An online mini loan is a sure source of money in case of emergencies. The borrower gets funds without having to step into the entity and in minutes. However, it’s important to know whether this is the best type of credit for your needs. Take time to assess your economic situation using the parameters below:

YES, it is advisable to apply for mini-loans if/if not:

• The need comes rarely and not regularly
• The need is urgent 
• The loan repayment process won’t be hectic 
• We do not solicit on a regular basis
• We know all the costs we have to make
• We know all the conditions of the loan offer

• The need comes regularly
• The economic problem doesn’t need to be fixed immediately
• We might face challenges repaying the loan on time
• We would want to be habitual borrowers of this credit
• We do not know all the costs attached to this loan
• We do not know all the conditions of the loan offer

The above parameters should influence our decision to take out a loan so that we can end up with a product that helps improve our financial situation rather than sinking into debts while trying to repay them.

How much money can I get with mini-credits?

Online mini loans are naturally designed to address small economic needs. They are taken out when we do not have alternative sources of money and when we have emergency expenses to clear. However, this loan can be a source of some good money if a few factors are considered.

New Clients:

Up to 300 euros

Existing Clients:

Up to 1,000 euros

One of the factors that make clients get some big amounts of money and other better conditions is their loyalty levels to the entity. These clients have been taking out loans and making repayments on time, without defiance of any conditions set by the entity. 

Hence, the client is confident that they will be able to repay bigger loans just as they have been paying the previous ones. The lender, besides increasing the amount, will improve the rates of the loans and extend the repayment period.

Requirements to access the online loans

While online mini-credits have fewer and more lax requirements than other loan types, it would be important to meet all their irreducible minimums to have a successful loan application.

What are these requirements?

• Be of the legal age. Different entities have different minimum and maximum age requirements, despite the legal age being 18 years. Most will start financing persons of age 21 and above.

• Collect enough income. This will demonstrate your ability to repay the loan. Some lenders will reject your application if you don’t collect enough monthly salary

• Be a Belgian resident. Lenders will reject your application if you don’t have a Belgian residence permit.

• You have a balanced “debt to income” ratio. This will demonstrate your creditworthiness and ability to repay the loan you’re applying for.

Documents to be submitted when requesting an online loan

Online entities will send you an application form which you’ll fill out to show that you meet the requirements mentioned in the previous section. Additionally, the lender will ask you to send documents that show that you actually meet the requirements:

• A valid form of identity – a national ID card or passport
• Last paycheck or income of up to the last 6 months (which may vary with an entity)
• Bank statements showing your expenses and account number

However, this being an online application, many entities will skip this step because they use online verification tools to validate our application, hence the fast concessions.

How to take out mini loans online step by step?

Steps to contract a mini loan

1. Choose the amount and term
2. Fill in the form
3. Send the documentation
4. Read and sign the contract

Online mini loans are a sure way to get money quickly, in the comfort of your home. The application process is less tedious than in other loans because it is completely online, including placing the signature. You’re required to follow the steps below:

1. Select the amount of loan you prefer and indicate for how long you’re going to repay it. 

1. The lender will send you an application form through their online platform. Take time to fill every blank space with personal data – name, date of birth, ID number, mobile number, email address, etc. Be sure that every answer you give is the most accurate and will not conflict with the data in your supporting documents.

1. The lender will employ online verification tools to validate our application. If there is no conflicting data, the lender will send us contractual information.

1. Read between the lines of the contract noting down everything about the offer. If you’re in full agreement with the terms and conditions, place your signature through a digital signature. The lender will then process the funds and send them to your account.

Wrapping Up

 

Taking out a loan means taking the responsibility to repay it. You don’t want to take out a loan that you feel will be strenuous to pay back. Consumer credits should help improve your financial situation so that besides having an easy repayment time, you’re meeting all your monthly expenses with ease. 

 

About this page, our methodology

What this page is for: we’re out to help you get the most compatible financial product to your needs and peculiarities. Hence, we marshal all the necessary information about consumer credits including the best offers in the market, how to compare them and end up with the best offer.

Source: the information regarding consumer credits in Belgium and how they are regulated is drawn from the Financial Services and Markets Authority, and the National Bank of Belgium.

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 helps users with little knowledge about financing. We equip the user with the most recent and reliable information regarding consumer credits, how best they can compare them, and end up with the most suitable option.

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