Everything about the Belgian mini loans

Today, the internet is indispensable in our society. This way you can borrow a small amount online in Belgium in an easy and fast way. You as a customer determine the way in which you want the loan to be realized.

A small and fast extra.

A small and fast extra.

A mini-credit or mini-loan is becoming more and more popular in Belgium for the following things, for example, if you are barely going through the month or if you are faced with an unexpected release. For example if the washing machine breaks or the car suddenly stops. But even if you want to buy something at a certain moment that is on sale once and the money is not available, then a mini loan is a good solution.

A mini loan is often a small amount of a few hundred euros on average. If you take out a mini-loan for the first time without a blacklist, then a payslip must be shown. As a result, the lender knows for sure that they will receive the money back. A mini loan is a good alternative to a ‘normal’ loan, including all paper, blacklist procedures and you name it all. A mini loan is characterized by the fact that it is a relatively low amount that is repaid quickly. A mini-loan is often taken out if an unexpected release occurs at the end of the month. Because it is certain that a salary is received, the provider is also sure that the mini-loan can be repaid and that there are no problems with the blacklist due to outstanding loans.

Different loan forms.

Different loan forms.

A mini loan exists in various forms. Sometimes a blacklist review is performed, other times it is possible to borrow a small amount without a blacklist review. The mini loan must generally be repaid within a month. A longer repayment period is possible for mini loans, but then the costs quickly run high. Of course, the lender does not mind that you pay back your mini-loan later, as this means a large profit margin for him.

On this site you can compare different lenders and thus take out a mini loan tailored to your wishes. Make sure you think carefully about a mini-loan and make the decision with policy. If you already know in advance that you will probably not be able to pay it back in the period, do not do it. As mentioned, a mini loan is common if one is certain to be able to repay the relatively small amount with future income. The application for a mini-loan still entails costs, but that is always if you decide to borrow money somewhere.

Application time for a Belgian mini loan.

Application time for a Belgian mini loan.

The application time for a mini loan is very short, sometimes just a few minutes. You don’t have to deal with a lot of forms, appraisals, foreclosure values ​​and you name it all. Often it is necessary the first time to provide some basic papers (for example, ID). For subsequent applications, a mini loan can be taken out via SMS. A mini loan is usually up to a few hundred euros, often just under € 1,000. This is to provide a decent loan, but in a responsible manner where the person taking out the mini-loan has the opportunity to repay the amount.

In general, a mini-loan from Belgium is also a more expensive option than to borrow from a regular bank. The advantage is that it brings more speed and convenience. It saves a lot of hassle and because of the smaller amount of the mini loan there are fewer requirements that you have to meet. If all went well, the loan was repaid within a month and you were temporarily helped out. Provided you do it with policy, a mini-loan is not a bad solution for a temporary balance deficit at the end of the month. Make sure you keep a close eye on payments and avoid blacklisting problems.

If you want to borrow money in Belgium, you can choose from a large number of loan types.

The most common loan forms are listed below.

Mini loans:
A mini loan or mini credit is a fast form of borrowing with a short repayment term. This popular form of borrowing is often used when there is a shortage of money for certain purchases, unexpected expenses, etc. This form of borrowing is often without blacklisting and usually has to be paid back within a month.

Personal loan:
A personal loan (also known as PL) is a form of borrowing in which the amount, the term and the interest rate are fixed when the loan is taken out. This automatically means that a personal loan has a fixed monthly installment, consisting of interest and repayment. Due to the fixed monthly installment, a personal loan is a relatively secure form of borrowing.

Revolving credit:
With a revolving credit ( DK) you agree a limit with the lender. You can withdraw money up to that limit. The moment you have withdrawn money, you must pay interest on the balance withdrawn. In most situations, you must repay part of the recorded limit on a regular basis. If desired, you can withdraw additional amounts in the interim, up to the original credit limit. It is also possible to repay extra amounts (often without penalty). The interest due consists of a variable interest rate. A revolving credit is a very flexible form of credit.

Car loan:
By a car loan we mean a personal loan where you use the money that you borrow to purchase a car. The car is the collateral for the loan. Because of this collateral, the interest on a car loan is often lower than on a blank personal loan (a loan without collateral).

Rent buy:
Lease purchase is a form of credit where the loan amount is always tied to a fixed object, for example a car. The special thing about hire-purchase is that you only become the official owner of the property after payment of the last installment. Until that time, the lender still owns the property.

Credit card credit
The moment you use a credit card to purchase certain items, a credit is automatically created. You can usually make the choice yourself whether you want to pay off the recorded balance at once or whether you opt for repayment in installments.

Red on your checking account:
Many people do not see it that way, but red on a checking account is a form of borrowing. A very popular form, since all Belgians together were red for about 8 billion euros at the end of 2016. The interest rate charged on this by banks and credit card companies is often very high. Standing in red is therefore a very unfavorable form of borrowing.