Mini Loans – All providers compared

It is not always the big issue that causes problems. Sometimes it’s maybe a hundred or two hundred USD that are missing at the end of the month. With a mini loan, these short-term bottlenecks can be avoided. The money is in the account within a short time, the repayment rates are low and the financial bottleneck is quickly forgotten.

What is a mini loan?

What is a mini loan?

This loan is a small loan in which the loan amount is between 100 and 1000 USD. The loan term is short and is usually no more than 45 days. You can quickly apply for a mini loan because many of the usual forms are no longer required.

The main features of mini loans

The main features of mini loans

The essential feature of mini loans is the low loan amount of up to 1000 USD (in some cases also 3000 USD), often combined with a quick payment.
The often high processing costs of other forms of credit do not exist with a mini loan.
The amount of interest changes constantly depending on the respective market situation. At the moment they are between 9 and 14 percent. Although this is a little higher than normal loans, the term is very short.
Sometimes you can book a special service for a particularly fast payment, but for which you have to pay an additional fee.

What are the requirements?

  • The borrower must be at least 18 years old, although providers handle this differently.
  • The monthly income may not fall below a certain value. Most providers charge 600 USD.
  • A place of residence in Germany

Due to the relatively low required income, full employability is not absolutely necessary. Those who are self-employed can get a loan just like retirees. The only important thing is the regular receipt of payments.

Who offers mini loans?

Who offers mini loans?

Not all banks and credit institutions offer mini loans. In total there are currently four providers competing for the favor of customers. The offers differ from each other in some points, so that a comparison is worthwhile.

The Fine Bank offers loans between 100 and 3000 USD. The installments can be up to 6 months, which guarantees a pleasant repayment. If you need the money in your account immediately, you can request express processing, which costs 25 USD extra. The identity check is carried out quickly and easily using a webcam. You simply show your ID, then you will receive a TAN. Enter this in the field provided. The test is now complete.

Nice credit offers a mini loan that really deserves its name. The loan amount is between 100 and 600 USD and the amount can be repaid optionally within 15 or 30 days. Deviating from other providers, the minimum income here is 700 USD and the minimum age is 21 years. An application is even possible with a negative Credit Bureau entry. The customer can also get some additional options, but these are chargeable. If you want a direct decision, you pay 19 USD, a preferred processing costs 35 USD and a lightning transfer currently 39 USD. These offers can also be bundled, with Nice credit offering various options, which allows the customer to save money.

You can borrow between 100 and 3000 USD for 30 days from best bank. The repayment will then be made in one installment. Alternatively, there is also an option with two installments, so that you have a total of 60 days to repay. If you borrow money via best bank for the first time, you only get 500 USD, from the second time the full loan amount is possible. Here, too, various options can be booked, such as lightning transfer. Existing customers can also borrow money for six months. The prerequisite for this is that you have taken out at least one loan and paid it back on time.

SerratumBank also offers a mini loan. With the first loan application, only 500 USD are possible, from the second application you can then request 600 USD. Usually the money has to be paid back within 30 days. There is also a paid option (49 USD) for two installments. You can also book an express service that will transfer the money to your account within 24 hours. Without this service, the transfer can take up to 15 days. Identification takes place either with the postident procedure or with a videoident procedure.

Mini loan with instant payment

Mini loan with instant payment

As a rule, the banks also offer an immediate payment of the loan so that the mini loan becomes a fast loan. This option can be booked in addition and is usually subject to a charge. Then the money is usually in the account within 24 hours. Delays can still occur through your own bank, but this is not the fault of the lender.

Conclusion

A mini loan is interesting for you if there is often not enough money at the end of the month and you still have urgent important payments to make. With the featured providers, you can quickly close financial gaps. In many cases it is worth ordering an additional option. Above all, the express payment can be an advantage, because you have it in your hand when you get the money into your account. However, these often cost a not inconsiderable amount, especially if you put this in relation to the very low payouts.

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