Take out a Small Loan
If you want to take a small loan, you have different options. You can contact a bank or a private lender. A small loan is used if the total loan amount is not more than a few thousand euros.
Under certain circumstances, much smaller loan amounts of a few hundred euros are possible. As a rule, you have a small loan at leisure. This means that you can use it to finance various consumer goods or to replace another loan. What you ultimately use the money for remains your decision. The bank is not interested in this and therefore does not need a proof of use.
Not every bank awards a small loan. In addition, the conditions at the individual banks are very different. Therefore, you should never make a credit decision before you make a detailed comparison. But you can not only take out a small loan with a bank, but also with a private person. It may be a lot easier here, especially if you can find someone from your private circle of friends or relatives willing to give you a small loan.
For a microcredit can also be counted a credit line. This is an overdraft limit that can be set up on the checking account. A decision in this regard is made by the house bank. If there are regular cash receipts on the current account, there is generally nothing in the way of a credit line, provided the private credit information is in order. The maximum amount of a contingency loan is approximately two to three monthly salaries. A credit line has the advantage that you can use it at any time without special notice. This allows you to bridge short-term financial bottlenecks or make smaller purchases. The repayment is made with the next payment or can be made very flexible by you. Nevertheless, you should not keep the account constantly in the negative and claim the credit line permanently. It would make sense in any case for you to think about whether to take out a small loan.
The offer of small loans is often very confusing for the technically unaware layman. For example, the terms and conditions of individual banks and private lenders may differ significantly. This concerns the possible loan sums as well as the maturities, the monthly loan installments or the interest rates. A small loan can have a very short duration of a few months. As a result, it may also be available to people who have difficulty obtaining larger loan amounts. This applies, for example, to persons who only have a fixed-term employment contract. If the microcredit is paid out until the end of the fixed term, the bank will generally not encounter any difficulties if a small loan is desired.
In addition, in some cases, a small loan may also be available if a small credit cut is required, as is the case, for example, with small negative entries in the private credit. However, no one can guarantee that it can lend here. Lenders or credit intermediaries claiming this are dubious.
For a credit comparison, it is advisable to use a loan calculator. He can be found on a credit comparison portal on the Internet. Before accepting a small loan, you can enter the desired loan amount in a field provided for this purpose. You can also enter the term, the desired monthly loan installment and other factors that are important for borrowing. Once this has been done, press the button to calculate and then receive several offers presented in the form of a list. All of these offers match your search criteria.
Small loan – from application to disbursement
Once you have made the decision for a lender, you can file the loan application. This can be done in a branch of the bank or on the Internet. Direct banks usually have no branch. If the lender you are looking for is a direct bank, the path to a microcredit is to make a loan application on the internet. On the bank’s website, you will find a form that you must complete. Subsequently, this form must be sent to the address of the bank.
In addition, there are a number of documents to add to your solvency and creditworthiness. Among other things, this is a copy of your employment contract and a current salary or salary statement. Your income should be so high that it can enable the payment of monthly repayment installments. In any case, it must be above the attachment exemption limit. However, a small loan usually does not require a high income like a loan with a higher loan amount. If the conditions are met and the private credit information does not give any reason why the loan application must be rejected, the loan will be approved.
If you want to take out a small loan, you must specify a current account to which the loan is to be transferred. This checking account can be at the house bank or at another bank. Also an account with the lending bank would be obvious. This is not a must.
After the approval, it usually takes only a few hours to a few days before you can dispose of your money. If you want to take a small loan and this is a car loan, the purpose of the loan is required. You can only use the money to finance a car. Otherwise, it looks at a microcredit, which is a normal installment or consumer loan. There are no restrictions on usage here.
The repayment of a small loan is in installments, which are payable monthly. Usually, this happens either on the 1st or the 15th of each month. Other dates can also be arranged. All relevant agreements must be recorded in writing.
Small loan – alternatives to a bank loan
If you want to take a small loan, there are various alternatives to a bank loan. These alternatives are, for example, a personal loan, a foreign loan or a small loan, which can come about through a private intermediary.
A personal loan can be obtained not only from a person you know, but also through a credit recruitment portal on the Internet. In the case of a foreign loan, you must have a fixed income and a permanent employment contract. If these conditions are met, you can take a small loan. As a rule, credit balances up to a maximum of 5,000 euros are possible abroad. In this area can still be spoken by a small loan.
You can also take out a small loan through a private intermediary. Credit intermediaries can be found on the internet. Again, it is a good idea to make a comparison before making a decision for a specific credit intermediary. An important criterion for the selection is seriousness. Never pay any initial costs and do not enter into expensive home savings or insurance contracts in connection with the loan brokerage. If this is required of you, it means: Stay away! This loan broker is dubious. Reputable credit intermediaries try to find a loan for you and calculate any costs involved in the loan installments. Fees do not demand.