Do you need extra money and have you decided that borrowing money through a provider is the best choice? Then you would prefer to have this on your account as quickly as possible.
Borrowing money directly is possible, but with most lenders it still takes a few working days to check and test all your data. Only after approval, the amount will be deposited into your account. Does this take you too long and is it a small amount that you want to borrow? Then you can also opt for a flash loan or mini credit. Then you have your money in your account super fast.
Make sure that all documents are in order
If you take out a loan online, you can access your money fairly quickly. You can send your application online. To lend money, the lender also needs a number of documents from you. You can think of a copy of your account statement that shows what your housing costs are. First carefully read the conditions that the provider sets for the requested documents. For example, most lenders do not accept screenshots or photos and you are not allowed to make data unreadable. You also need a copy of a recent payslip. This data is needed to calculate the maximum amount you can borrow. You must also provide a copy of a valid ID. You therefore partly control how fast the process goes. Do you want to borrow money immediately? Then make sure that all requested documents are in order and are sent to the lender as quickly as possible.
Calculation of the maximum loan based on salary and housing costs
If all documents are in the possession of the lender and your application is therefore complete, the maximum loan amount can be considered. If you want to borrow more than is possible based on your salary and housing costs, your application will be rejected. If it is possible, your application will be assessed by the Credit Registration Office, also known as the BKR.
Assessment at BKR
All loans are registered with the BKR. The lender can therefore see which other loans you have and that are responsible for lending you more money. This is done to prevent you from getting into financial difficulties and unable to repay the loan. In addition, it protects the lender, because if you cannot repay your loan, the lender will not get his money back. Your payment behavior is also registered at the BKR. Have you received a loan and have you repaid it properly within the specified period? Then you have a positive registration. You can also see that as a proof of good behavior. A lender will therefore not hesitate to grant you a loan. If you have a negative registration, it will be different. This is the case if, for example, you have (had) payment arrears.
A mini loan or flash credit
Do you want to borrow money immediately and do you have a negative BKR registration? Then a mini loan or flash credit is another option. With this loan form you can borrow small amounts without checking with the BKR. For example, it is possible to borrow between 100 and 1500 euros. The interest on a mini loan is often somewhat higher than on a personal loan and the duration is a lot shorter. You usually have to repay a flash credit within 45 days. Because there is no BKR review, the lender takes a risk. To reduce this risk you need a personal guarantor. That person, for example a family member or friend, guarantees that your loan will be repaid. To apply for a mini loan you also need the details of a personal guarantor, including a copy of a payslip.
Opting for a personal or external guarantor
Do you not have a personal guarantor or would you rather not involve friends or family in this? Then you can also opt for an external guarantor. There are additional costs involved. Because of these extra costs and the higher interest, the mini loan is a fairly expensive loan. You can borrow money immediately and you have it in your account within 24 hours, but it must also be repaid fairly quickly. So choose this loan form only if you are sure that you can repay the amount, including interest and extra costs, in the short term.
Do you want to borrow more than 1500 euros and would you prefer a cheaper loan? Then you’d better take out a personal loan. You can then borrow more at a lower interest rate compared to the mini loan. The duration is also longer so that you have more time to redeem. A personal loan is usually checked at the BKR and therefore it may take a little longer before it is in your account. Even with a personal loan, it is advisable to compare different providers. Pay attention here to the interest rate and the term, but also whether interim repayment is possible without penalty. This way you can calculate what the cheapest loan is for you and you can borrow money directly from the best party. And you have cash quickly .
Borrowing money costs money
Credit Savers has already selected a number of providers for you. Look around the website and request a quote. Stay alert for small print and remember that borrowing money costs money. A loan must always be repaid, including the interest. So be well informed about the extra costs and calculate how much a loan will cost you. This way you can make a good choice and prevent major financial problems.