Mini-loans are loans with small loan amounts and short terms. Their purpose is to bridge short financial bottlenecks as cheaply and easily as possible. The washing machine is broken, the car is on strike, an urgent renovation is due in the house or the vacation is more expensive than planned? Start your online loan comparison now with FinanceScout24. Find the right offer for your mini loan. Because even with small amounts and supposedly quickly paid off loans, it's worth comparing in any case to discover the cheapest offer.
Solve short-term money problems with a mini loan
The unexpected can happen at any time, whether it's an urgently needed laptop that refuses to work, a higher dental bill, a school trip for your child or an expensive operation for your beloved pet. So that you do not have to overdraw your checking account and accept high interest rates in such cases, many banks now offer flexible mini loans.
The amount of a mini loan starts from 500 to 1.000 euros. So you only take what you really need and are not forced to increase your loan amount and pay more interest accordingly. In contrast to the classic installment loan, not only the loan amount is significantly lower, but also the terms. Terms starting from 12 months and up to a maximum of 36 months make it possible for you as a borrower to keep interest rates as low as possible.
The risk of over-indebtedness when granting mini loans is very low, which is why groups of people who usually find it more difficult to obtain a loan, such as students or pensioners, are often eligible for them. Since requests for a mini-loan usually require money immediately, some banks offer a particularly fast disbursement of the loan amount after only a few working days. The loan amount is also not earmarked. Is at your free disposal after disbursement.
What you should know
– The mini-loan is suitable for bridging short-term payment bottlenecks – The loan amount for mini-loans is mostly
500 to 1.000 euros
– Mini-credits are aimed exclusively at private individuals – the term of the mini-credit varies between 6 and 36 months
Can I apply for a mini-loan at any bank??
Mini loans are a convenient solution for borrowers to get through short financial emergencies. For banks, however, they are hardly worthwhile, not all banks therefore offer mini-loans. What brings great advantages for you as a customer, for example, small loan amounts, low interest and short terms, are for the bank as a lender decisive disadvantages, namely a high administrative burden with very low interest income.
To save yourself the time and effort of asking several banks directly for the option of a mini loan, as a consumer it is best to take out your mini loan online. Not only are there more providers available, but you can also use FinanceScout24's practical loan comparison tool to quickly and easily compare offers and choose the most favorable one.
Mini-loan, micro-loan, small loan – what's the difference??
A mini-loan is a loan with a small loan amount and a short term, but is only granted to private individuals. This is already the decisive difference to the microcredit. Even if the terms are sometimes used synonymously, this is not quite correct. Although the two forms of credit are similar, while the mini-loan is only available to private individuals, the micro-loan is aimed at entrepreneurs and traders. In the case of microloans, higher loan amounts are also possible.
There is no legal definition for forms of credit such as mini-loans or small loans, so the distinction is often not easy, especially for consumers. Banks often name their products individually. Basically, however, the small loan usually starts where the mini loan ends, namely at around 1.000 euros.
The credit sum with small credits lies in most cases between 1.000 and 10.000 euros, whereby the exact minimum and maximum amounts are determined by the respective credit institutions themselves. However, some banks include all loans with manageable sums under this term. Do not let this confuse you as a borrower. If in doubt, simply ask.
Unlike micro and small credit, mini-credit is a relatively new product. It closes the gap that large banks and traditional credit institutions through small loans from 1.000 euros left for a long time. In the mini loan, the loan amount is usually in the three-digit range, some direct banks also offer mini instant loans and promise the payment of the sum not within a few days, but within 24 hours.
Whether the faster disbursement is also worthwhile in terms of the interest rate, you can find out most easily with the loan comparison of FinanceScout24. Meanwhile, there are namely also providers who have specialized in the granting of small loan amounts.
Which is better for me: mini loan or personal loan?
A loan does not always have to come from a bank, but can also be granted by a private individual. Especially for small loan amounts below 1.000 euros, you normally have a good chance of winning over relatives or acquaintances as lenders.
Through various portals, you also have the opportunity to get loans that are offered by unknown private individuals. However, it is not uncommon for the loans in this case to be associated with high interest rates, so you should carefully consider whether the mini loan offer from a bank is not the better option for you.
The advantage of a private lender is that he can decide on a case-by-case basis whether he wants to give you the loan or not – in case of doubt, even despite low creditworthiness or negative SCHUFA entries. Especially family members or friends usually turn a blind eye in this regard.
However, if you meet the requirements for a mini loan, do not want to give family and friends an insight into your personal financial affairs or do not want to burden relationships with money problems, you will find favorable loan offers from various banks at FinanceScout24. This is how you can get through short financial dry spells without having to let your loved ones in on it or accept high interest rates from other private lenders.
What requirements must I meet for a mini loan?
Due to the low loan amount and the short terms, some banks and other credit providers handle the lending criteria for mini loans much more loosely than for higher loan amounts. Thus, even groups of people with normally low creditworthiness, such as students, pensioners, trainees or even the unemployed have a chance to get a loan. The most important requirements for a mini loan are:
– Age of majority of the borrower – Residence in Germany – Bank account in Germany – Demonstrable regular income (the amount varies depending on the provider) – Ggf. Loan collateral (such as a second borrower)
What you should bear in mind when taking out a mini loan
The award criteria for mini-loans are usually not as strict as for classic installment loans or other forms of credit with higher loan amounts. If you have decided to take out a mini loan, you should bear the following in mind:
Many banks grant small amounts under 1.000 Euro also to borrowers with poor – and some even without – credit rating. This means that you either do not have to provide information about your income and expenses, or these are not taken into account. In many cases, however, you will still have to prove a regular income, for example, through pay slips or proof of incoming payments to your account. SCHUFA: Although many things are handled more loosely with the Minikredit, a SCHUFA proof is required by respectable banks and credit offerers in most cases nevertheless. SCHUFA-free mini-loans exist, but providers compensate for the increased risk of default in these cases by charging much higher interest rates. Thus, the financing form of the mini loan is theoretically available to borrowers with a negative SCHUFA entry, but in practice at significantly worse conditions. If the risk of your loan application being rejected due to negative SCHUFA entries is high, you should first consider applying for a personal loan and, despite everything, compare interest rates and conditions – but only if you can also repay the loan as planned. Otherwise the next SCHUFA entry is imminent. Cost: As with any loan, mini-loans also incur interest costs. In order for loan providers to earn something on this type of loan despite the low loan amounts, the interest rates are usually a bit higher. For major purchases like a new TV, the latest smartphone, an expensive trip, or even that big double-door refrigerator you've been wanting for so long, a regular small or. Consumer credit therefore usually better suited.
To make sure that you find the best loan offer for your needs, it is worth comparing all providers and offers with FinanceScout24, despite the small amount and the short term. The loan comparison at FinanceScout24 and the non-binding inquiry with the lender do not cost you anything and do not affect your SCHUFA score.
Beware of mini-loans with instant payout, because many providers let themselves pay extra for this option. If you want your loan amount available as soon as possible, some lenders offer you the option of disbursement within just 24 hours after your loan application has been approved. Should you not be completely sure, then ask in such cases however better with the offerer directly whether that increases your credit costs possibly.
Save money with the account view function of FINANZCHECK.De time and effort and speed up the approval of your loan. You can give your new credit provider a unique insight into your online account statements with just a few mouse clicks. This way, your bank can quickly and easily check incoming payments, salary and outgoing payments without you having to submit these documents separately. With the account view, you allow the bank to query the relevant data only once. Your data may not be disclosed to third parties or used and processed in any other way.
Choose short terms
Mini-credits are designed for short terms. The interest rates are therefore higher than for the usual installment or consumer loans. The longer the term, the lower the monthly rate, but the more interest you have to pay. Therefore, choose the term of a mini-loan as short as possible. How to save interest costs!
You are not sure whether a mini loan is the optimal solution for you? The credit experts of our partner Finanzcheck can advise you quickly, straightforwardly and competently on the phone at any time if you have any questions: 0800 50 35 369 (free hotline)
How does the online application for my mini loan work??
Many branch banks don't even offer mini-loans in the first place, so it's best to find suitable lenders and offers online and also apply online from the comfort of your own home. The free comparison is done for you by FinanceScout24.
Choose loan amount and term
To see all the available offers, start the FinanceScout24 online loan comparison by entering the required loan amount and the planned term. Mini-loans are not earmarked for a specific purpose. Are therefore available for free use. The maximum amount for a mini loan is usually around ca. 1.000 Euro. If your needs are higher, you should look for other forms of credit. Choose the term of your mini-loan as short as possible, so interest costs remain low. Make sure, however, that you can easily repay the monthly loan installment, because this will be lower the longer you choose the term.
Compare providers and quotes to find the cheapest one
After clicking on the "Compare loans" button, the best offers including the respective interest rate and the amount of the monthly installment are clearly listed and you can choose the one that best suits your needs. Do you need help in deciding which loan offer is best for you, or do you need clarification beforehand?? Our loan experts will be happy to help you make a decision by phone.
Fill out the loan documents online and send it signed to the provider Once you have decided on a lender and their offer, you can immediately fill out and submit your application online. After you have entered your personal data and all the required information, you identify yourself as the applicant using the Videoident procedure and send the documents digitally to your bank or credit institution. To the credit provider. Of course, you can also print them out and send them by mail. Identification then takes place by means of Postident on site in your post office branch.
Wait for the disbursement of the loan amount after approval Once your bank has all the documents, your application will be processed. After verification and approval, your provider will pay you the agreed amount to the account you specified in the application. How long it takes to disburse the loan amount depends on the bank and is quite different. The range is from a few hours to several business days. If you need your money as soon as possible, it is best to clarify such details with the provider in advance. Often, however, the conditions for immediate payment are somewhat worse or providers charge this even additionally. With our partner Finanzcheck you can carry out the so-called "Kontoblick". Thus conclude a completely digital loan. So you benefit from even more loan offers, particularly favorable interest rates and a loan disbursement after 24 hours.
After one-time request of the information the granted account view for the bank expires automatically.
Mini-credit instead of Dispo
The somewhat higher interest rates on mini-loans are not suitable for long terms or larger amounts. For a debt restructuring, you should therefore rather look for appropriate credit offers and favorable conditions. If, however, you are slightly overdrawn and want to balance a three-digit deficit on your current account, a mini loan is usually still the more favorable option.
In most cases, overdraft facilities incur interest rates in the double-digit range. 12 or 13 percent and even more are not uncommon. With a reputable mini loan, the interest rates do not rise higher than single digits despite everything. It is even better if you do not need to use your overdraft facility in the first place.
Ideally, you apply for your mini loan so that you can pay the respective expenses directly with the disbursed loan amount, without having to make a detour through the expensive overdraft facility first.
The advantages and disadvantages of a mini loan
As with most other forms of credit, whether this financing solution is suitable or advisable for you as an applicant and borrower depends primarily on your personal and financial situation. So do not let the higher interest rate dissuade you from considering a mini loan. We have summarized the possible advantages and disadvantages of mini-loans here once again clearly for you:
Advantages of a mini loan
Disadvantages of a mini loan
The disbursement of the loan amount is usually faster with mini-loans. Some providers even transfer the money within a few hours.
Most branch banks do not offer this form of credit at all. Mini-loans can be obtained mainly from direct banks and special credit providers.
The application and disbursement of a mini loan is also possible at short notice and does not have to be planned and calculated in your bank branch.
The interest rate for mini loans is often significantly higher than that of regular installment loans. The amount of the monthly loan installments. The agreed interest rate remains the same. This means a high planning reliability for you.
A mini-loan provides for a maximum loan amount of 1.000 euros before. If you need more money in the short term, but already know that you will be able to pay it back shortly, you still need to look for an alternative.
The short terms starting from 6 months keep the interest costs low despite the somewhat higher interest rate.
As a borrower, you have to pay back the loan amount within a relatively short period of time. Most providers provide for a maximum term of 36 months or less. Mini-credit can in some cases. With few providers also without SCHUFA information to be applied for.
Due to the already low amounts, most lenders do not offer any options such as rate suspension or unscheduled repayment.
Due to the small loan amounts up to a maximum of 1.000 Euro mini-loans are also granted by some credit providers without a credit check.
Despite the higher interest rates compared to other forms of credit, the conditions of mini loans are much better than overdraft loans.
You can apply for your mini loan quickly and easily online after comparing loans online, without having to leave your house to do so.
Because the risk of default is low, mini-loans are often granted to less creditworthy groups of people such as pensioners or students. The mini-credit is not earmarked. Is available to you as a borrower for free use.
How quickly will I receive the mini loan?
Disbursement of a mini-loan is usually comparatively very fast, sometimes as fast as 24 hours. Provided you have your main residence in Germany, a current account with a German bank and a verifiable regular income.
Are there reputable credit free loans as well?
Many banks advertise loans without SCHUFA and thus specifically address customers who have been in payment difficulties in the past and are still suffering the consequences. Who needs money, but because of a bad SCHUFA entry no regular credit gets, can reach to the credit without SCHUFA. With this type of credit, you should pay special attention to get a serious offer. With the credit comparison of FinanceScout24, you can find reputable credit providers for credit without a credit history in no time at all.
What are the requirements for a mini loan?
To apply for a mini-loan, you need a German primary residence and a current account with a German bank. In addition, a regular income must be proven. A general over-indebtedness can be excluded.