Who offers serious mini loans? Provider in short check 2020

Mini loan provider

Mini loan provider

It is the middle of the month, the overdraft facility is overrun and you need a small amount of money in the short term to be able to bridge the time until the next salary receipt. Everyone knows this situation. What to do? Mostly you will try to borrow money from friends or family. However, no one likes to do that. An alternative can be a so-called mini loan.

If you want to borrow a small amount of money over a short period of time, you will almost inevitably come across mini loans. In contrast to conventional installment loans, the selection of providers of mini loans is very small.

The three best-known mini loan providers in the German mini loan market are best banks. Even if the loan offer of all three providers is very similar, it is worth taking a closer look at the providers, as there are a few differences in the details.

Maximum loan amount for new customers with mini loan providers

All three mini loan providers differentiate between new and existing customers. As a new customer, you can take out a mini loan of up to $ 500 and $ 1,000. The loan amount available is partly dependent on creditworthiness and is shown during the loan application.

If you now repay your first mini loan on time and need a mini loan again in the future, you will usually have the opportunity to take out a larger loan. For example, you can take out a mini loan of up to $ 3,000.

Effective annual interest rate for mini loan providers

Effective annual interest rate for mini loan providers

The annual percentage rate for the three mini loan providers is between 7.95% and 13.90%. The effective annual interest rate is higher for all three mini loan providers than for a conventional installment loan . At this point, however, you should bear in mind that with a mini loan the loan amount is usually lower and the loan term is shorter than with an installment loan.

The whole can be illustrated very well using an example:

Initial situation: best bank mini loan, amounting to $ 500, with a term of 30 days.

Loan amount $ 500 – effective annual interest rate 13.90% pa – term 30 days – repayment $ 505.79

For the mini loan from the above example, despite an effective annual interest rate of 13.90%, only $ 5.79 interest is due .

In the case of a mini loan, the annual percentage rate is not necessarily the most important criterion.

Loan terms with mini loan providers

Loan terms with mini loan providers

The term of the mini loan is very short. A mini loan is usually repayable within 1-6 installments. The term of a mini loan ranges from 15 days (for best bank & nice bank) to 6 months (for best bank). In some cases, additional fees are charged by the mini loan providers for loan terms over 30 days . Any fees are shown transparently during the loan application.

Since the loan term for a mini loan is very short (which is why we often speak of a short loan), you should be sure before you borrow that you can really repay the mini loan within this period.

Withdrawal duration from mini loan providers

The disbursement time for a mini loan for mini loan providers is between 2 – 4 working days (for best bank) and 15 working days (for Cream bank). While at best bank you can look forward to receiving the loan amount in your current account after 2 – 4 working days without booking an additional option (express transfer), you have to wait a full 15 working days at Cream bank. In view of the fact that you need the loan amount promptly, this is of course a very long period.

With all three mini loan providers, you can accelerate the payment by booking a fee-based additional option (express transfer). If a loan is taken out on working days, the loan amount is credited to your current account on the same day.

The costs for an express transfer also differ greatly.

Additional costs for express transfer

  • best bank: $ 39
  • nice bank: 39 – 99 $ (depending on the loan amount )
  • Cream bank: 29 – 299 $ (depending on the loan amount)

Credit despite Credit bureau with mini loan providers

Credit despite Credit bureau with mini loan providers

All three mini loan providers will obtain Credit bureau information when applying for a mini loan for the first time. Unlike conventional installment loans, you can also get a mini loan if you don’t have a very good Credit bureau score . A mini loan without Credit bureau is therefore possible.

The following is important for providers of mini loans:

  • no overindebtedness
  • no bankruptcy proceedings
  • no sworn affidavit

As already mentioned above, by repaying the mini loans on time, you can increase your credit line.

While you have to print out various documents in the Postident procedure and have to legitimize yourself at the post office, you can carry out the entire legitimation process online with the Videoident authentication. You only need a webcam and / or a smartphone.

The Videoident procedure should be the first choice, especially if you are dependent on a quick payment of the mini loan.

Borrow 700 dollars mini loan with instant payment to your account!

700 dollar mini loan

700 dollar mini loan

With a US 700 mini loan, you can quickly and easily overcome a financial bottleneck. If your salary is not transferred in time, you can pay your rent with a 700 dollar loan, for example. Such a loan can also be used to pay unexpectedly high bills. At this point you will learn what you should know about mini loans and also how you can take out a loan of 700 USD.

Which providers offer a 700 dollar mini loan?

Which providers offer a 700 dollar mini loan?

You can take out small loans over 700 USD, for example, at Lender Bank, Agree Bank or Best Bank. Agree Bank and Lender Bank, however, have one restriction: loans of this amount are only granted to existing customers.

As a first customer, you therefore have a 700 dollar loan from Best Bank. Loans over 700 USD are available from Best Bank with a loan term of 62 days. The APR is 10.36 percent. This results in an interest burden of 9.25 USD. You can only take out your $ 700 mini loan including the 2-installment option, which costs a further $ 149. Without immediate transfer, the loan would cost you a total of 858.25 USD. If you need the money immediately, you can accelerate the payment for a fee of 199 USD.

Who can take out a 700 dollar loan?

Who can take out a 700 dollar loan?

If you have a German bank account and are of legal age, you can take out a 700 dollar loan. Lender Bank and Agree Bank only grant loans of this amount to existing customers. At Best Bank you can also get your 700 dollar mini loan as a first-time customer. You do not need to provide Best Bank with proof of income. It is sufficient if you are resident in Europe and are not over-indebted.

If you are not over-indebted but still have a negative Credit Bureau score, this may be annoying, but not an obstacle. Best Bank and other services do not make their decisions solely based on the Credit Bureau score. It is quite possible that you will receive a small loan despite a negative entry.

What is a 700 dollar loan needed for?

You should not take out a mini loan over 700 USD lightly, but only if you are sure that you can really repay it during the short term. For example, a mini loan can help you pay the rent if you haven’t received your salary in time. As soon as you have your salary in the account, you can repay the loan immediately. However, consider the additional fees for repayment in several installments and, if necessary, the immediate transfer.

You can also pay high bills with a 700 dollar mini loan. However, due to the rather high total loan costs, it would be advisable to first try to agree on an installment payment. Most utilities are quite accommodating in this regard. Alternatively, you can also take out an installment loan from your bank. However, many banks only grant installment loans from a loan amount of 1,000 USD.

Here it may be worthwhile to calculate what the total loan would cost you. You pay interest over a longer period of time, even for the 300 USD that you don’t actually need, but you save expensive additional options, so that the total loan amount may be less than that of a mini loan.

How quickly is a 700 dollar loan paid out?

All the providers mentioned offer their standard services free of charge, so you only have to pay the loan amount plus interest. You can get your money quickly at Agree Bank, where the money is usually in your account within three to five working days. Lender Bank takes up to seven working days, while Best Bank can take up to 15 working days to get the money.

However, if you don’t want to or can’t wait, you can also pay an acceleration fee. This is particularly cheap at Agree Bank. If you pay 39 USD, the money will be transferred within 30 minutes by express transfer. Lender Bank charges 99 USD for the express transfer, which is called the Super Deal. This service is only offered to existing customers. With Best Bank you can also book an XpressService option for 199 USD.

When do you have to repay a 700 dollar loan?

When you have to repay your US 700 loan depends on the agreed term. The term usually begins with the payment of the loan amount. Agree Bank is the only one of the providers mentioned, from whom such relatively large loan amounts with terms of 15, 30, 60 or 90 days can be borrowed.

Loans of this amount are only available to existing customers with a term of 60 days. The standard term of 30 days is not offered. With the longer term, payment in two installments is mandatory. As a result, the 2-installment option is automatically booked, which entails additional fees of 99 USD. Plus interest, you would have to pay a total of 805.62 USD for your loan.