Best Online Loans in Austria

The Best Online Loans in Austria in Just One More Click

Compare the best options on the market and choose the one which best adapts to your day-to-day needs.

Further Below: Our Guide to Online Loans in Austria, Everything you need to know.

Our Rating: 9.1/10
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Austrian Anadi Bank

  • Net loan amount of up to €50,000
  • Friendly interest rates and APR between 2.87% and 4.67%
  • Favorable repayment period of up to 120 months
  • Best applied with a reliable source of income
  • Depends on creditworthiness
  • Quick paperless application
  • Excellent loan conditions

Our Rating: 9.5/10
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Santander Consumer Bank

  • Net loan amount of up to €65,000
  • Depends on creditworthiness
  • Favorable repayment period of up to 10 years
  • Fast application process
  • APR between 3.07% and 6.21%
  • Available for any purpose
  • Low interest rates

Our Rating: 8.9/10
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Bawag PSK

  • Net loan amount between €4,000 and €75,000
  • APR between 3.22% and 11.51%
  • Available for any purpose
  • Best applied with employment
  • Fast application process
  • Favorable repayment period of up to 10 years
  • Friendly interest rates

Online Loans in Austria, All You Need To Know:

Discover how to get an online loan in Austria in minutes. We’re here to help you with the information you need to know how this type of credit works, the best offers in the market at the moment, and what you need to consider before hiring them.

Quick Summary:

  • Online mini-credits come in handy when faced with an economic emergency
  • Online mini-credits can give us good money after developing loyalty with the lender. However, the first application may give us about €300.
  • Online mini-credits are often small in size and repaid in one month in a single payment
  • Online credits have a 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

What are mini online loans and how do they work?

A mini online loan is a financial product that broke into the Austrian market 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 (300 euros) and increased as the borrower develops loyalty with 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’re what you apply for when faced with a financial emergency
  • New borrowers can get up to 300 euros
  • The funds are mostly repaid after one month
  • The funds are granted instantly, in a matter of minutes
  • The cost of the loan is generally higher than other loan types

When is it advisable to apply for online loans?

While you can get financing in minutes with this type of consumer credit, it’s important to know when it’s best applied for so that your loan application may be informed and that you may avoid any adverse consequences stemming from poor financial decisions in the future.

When 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 on a regular basis
  • You’re aware of the amount you’re required to repay
  • You have an idea of how the loan works

When not to apply for online mini loans:

  • You have 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

Do a financial audit using the above criteria to determine whether you need this type of credit and whether it best suits your economic situation.

How much money can I get with mini-credits?

Instant mini-credits providers grant us small amounts of money to help us solve small financial emergencies. The amount of money we get with this type of credit is generally smaller than other loan types. However, you’re likely to get bigger amounts if you’re an old loyal borrower.

New borrowers are likely to get 300 euros while older ones may get up to 1,000 euros.

First-time applicants tend to get a small amount of funds 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.

Some lenders may grant more money and reduce the cost of the loan as the applicant develops loyalty by repaying the loans on time.

Requirements to access the online loans

While requirements with this type of credit are fewer than in other consumer credits, lenders have irreducible minimums that borrowers have to meet to get the funds:

  1. A borrower will be required to demonstrate their ability to repay the loan they’re applying for by regular income. Some lenders will need proof of income submitted to them online.
  2. In Austria, borrowers are required to be of the legal age, 18 years and above.
  3. Have an Austrian residence. You might be required to send a valid form of identity
  4. Have sufficient creditworthiness, without unpaid debts with other lenders. You should not be listed on KSV or SCHUFA.

Documents to be submitted when requesting an online loan

Just as the requirements, documents required when applying for this type of credit are few and simple and are submitted online. Depending on the lender, you may send the documents via email, scan them, or send a photo of the documents. 

Below are the must-have documents:

  1. Valid identity card or passport
  2. Salary statements of the last 2 or 3 months 
  3. Current account statements
  4. In some instances, lenders may ask for a creditworthiness report from credit bureaus like the KSV.

Modern banks like Santander Consumer Bank, Bank Austria, BAWAG PSK, 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:

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

Online mini-credit companies make money quickly to 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:

  1. 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.
  2. Fill out the application form. In 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.
  3. 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.
  4. 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.

Wrapping Up

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.

About this page, our methodology

What this page is for: we’re passionate about helping you get the best financing that best adapts to your economic situation. Therefore, here we explain to you what credits with payday guarantee are, how you can compare them to know which one suits you and which offers are the most attractive right now.

Source: information about regulation on consumer credits has been drawn from the Austrian Law, 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 Us: FUNDGECKO is 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.

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