Many of us have expenses that we are unable to bear, especially when they concern small “whims” like a holiday, a party or whatever. Or, for example, the lack of money is felt when you are unable to buy household appliances, perform small chores for the home or more serious things such as medical visits and private surgeries. Not being able to waste all your capital in a single solution, you can opt for an easy and fast solution such as the mini loan also called a small loan.
What is the mini loan
As the word itself says, these loans are small sums of money disbursed that do not exceed 5 thousand USD. There are currently very many financial and many mini loans with excellent advantages both as regards the amortization plan and the related interests, in order to give those who do not have a large annual income the opportunity to still be able to apply for the loan.
The main feature of the mini loan, in addition to the sum, is the repayment time.
It is quite short, three years maximum. The sum that is to be requested is payable in installments and the reimbursement takes place through bulletins, assignments of the fifth or debit on the bank account. In the same way as other types of loans, even small loans need minimal guarantees.
The mini loan can also be customized with regard to installments.
Nowadays, there are really many lenders or agencies that provide mini loans and you can often also find discounts or super offers precisely because the financial companies to advertise offer so many advantages of this type. The different types of mini loans differ from each other mainly for the people for whom they are intended.
Mini personal loan
These loans refer to small loans that are provided by agencies for private personal expenses. The mini personal loan gives you the opportunity to receive from one thousand to 5 thousand USD. The positive note is that, given the minimum sums, it is not a binding loan, so there is no need for guarantees. The loan is payable in installments with fixed or variable interest rates depending on the financial.
Student loans concern the disbursement of around one thousand euros and no more. Since it is aimed at students, the amount is low precisely to allow them to be able to meet daily expenses, whether it is a student with income or not. This sum, despite being low, really represents a great basic aid for universities, rents or the like. The repayment of the loan is in installments and sometimes the presence of a guarantor would be advisable.
Mini loan without a paycheck
Mini loans without paychecks are aimed at those who do not have a job and do not receive a minimum of income. The requested sum can reach a maximum of one thousand USD and can be paid thanks to the presence of a guarantor. In the latter case, the sum can reach 5 thousand euros. Sore point, the TAN and APR interest rates are very high and range from 5 to 25% for this type of loan, therefore real guarantees are needed if there is no guarantor, such as a mortgage on the house.
Five-year mini loan
Five-year mini loans are loans that must be repaid within 60 months, as the word itself says, that is, 5 years. Monthly installments are quite small, but interest is high. Requests can be sent to any financial company that provides them or even online. The reimbursement can be made through a bulletin or a bank account. In order to receive the loan, you must have a demonstrable income, but it is not necessary to indicate the reason for the request.
Fast mini loans
As the word itself says, fast loans are loans that are disbursed quickly, even over two days. The sums do not exceed 5 thousand euros and can be requested online or by telephone. The important thing to obtain acceptance of the request is to have a fixed salary. The repayment time cannot exceed 36 months and the installments are very minimal. The only problem may be the high-interest rate which can reach 9% of the total amount.
The mini loans mainly concern civil servants and/or members of the autonomous unitary management of social benefits. The sum is not high and therefore the reason for the request is not necessary. Compared to other small loans, this one has a binding interest rate of 4.25% and the installments cannot be changed.
A peculiarity of the mini loan is that the capital changes according to the repayment time. For example, if you want to repay the sum in one year, it will be one month, two months in two years and so on. In any case, the three years and the consequent three months cannot be exceeded.
A loan with mini installments
For the uninitiated, there are small loans that can be repaid with mini installments or very small installments of even 20 USD! Precisely for this great opportunity, the interest rate and the installments linked to it are invariable, in the sense that for the entire repayment period the sum will always remain the same.
The payment methods are always the same as for the other mini loans: by a postal order or by debiting your bank account. Loans with mini installments are often used for the purchase of a means of transport such as a motorbike or a car which then end with a last high final installment which allows the repayment to be concluded definitively.
Requesting and receiving a loan of this type is quite easy and fast and there are financials that even grant it within a couple of days at most. Regarding the reimbursement times, these will be agreed directly with the customer at the request, based on the individual needs of the applicant.