If you have a low income, it is not always easy to get a loan. Especially with installment loans with longer terms and larger loan amounts, it can be particularly difficult for trainees and students. An alternative to this is the mini loan. It is also granted by many banks to low-monthly borrowers. However, this requires a comparatively low maximum loan amount. This does not exceed 1,000 euros for most banks. Such a mini loan is granted only for a short term. The repayment is usually made in a timeframe of 60 days. For some banks, borrowers can also take up to three months to repay. How the terms vary for each company, the overview shows in a mini loan calculator.
Students and the mini loan
If students want to take out loans, access to them is often made more difficult. The reason is missing or too low monthly income. In this regard, it is difficult for many banks to grant student installment credit. Small loans can be a good alternative to installment loans. They are also granted with relatively low collateral and without much effort. However, the students have to make do with a lower maximum loan amount. The running time is also greatly reduced. If you want to borrow money from the bank with a mini-loan, you usually have to pay back within 60 days. Experience has shown that the sums of the mini-loans can also be financed with a BAföG or, for example, a student job. Since most of the sums granted do not exceed 1,000 for mini loans, the financial outlay is manageable. With the help of a mini credit calculator, the individual providers can be compared with their interest and any applicable fees. This ensures that every student receives the best credit for him. How does the mini loan calculator work? This is easily available online and is available free of charge. To select the offers, only the maximum loan amount and the term must be entered and then the display of all providers.
Apprentices also have a chance of a mini loan
Trainees often have a poor state of affairs with both banks and students. Because of their low income, they rarely receive any loan offers. Depending on their apprenticeship salary they get neither a Dispo nor an installment loan. However, the banks are also interested in acquiring trainees as potential future clients. For this reason, they offer them, for example, the mini loan as a financing option. Since the loan amount is manageable, it can also be served by trainees with a comparatively low salary. In the first year of apprenticeship, most trainees have revenues starting at € 250. In each additional year of apprenticeship, these increase. With these growing revenues, the chances of a mini loan also increase. Those who save a bit on their trainee salary and possibly have support from their parents can also repay their mini-credit. In this case, banks might not pay out the maximum amount of mini-credit, but only a lower amount. The repayment of the mini-credit also takes place with the trainees in the previously defined period. Mini loan is for a period of two to weeks, for some banks even up to three months. A comparison of the individual mini loans is easily possible by computer. The mini credit calculator can be used online without login or registration.
Requirements for the mini loan
The requirements for obtaining a mini-credit vary from bank to bank. Some banks want collateral from the applicants, others refuse. Even when querying the Private credit there is no uniform regulation. Most credit institutions make a Private credit query before the loan decision, others refrain from it.
If the query is negative for the protection community and the applicant does not have sufficient credit, the mini loan can also be rejected. About the mini loan calculator can be displayed for free all banks that give their loans without Private credit query. Anyone who does not have sufficient creditworthiness as a trainee or student can increase the chances of obtaining a loan through a co-applicant. This can be, for example, the parents or the life partner.
Before the mini-loan is granted, the credit institutions also check whether the student or trainee can afford the repayment of the loan. For example, if the apprentice’s salary or the BAföG is too low to repay the loan within the short period of time, it will also not be granted. In this case, however, many banks offer applicants lower payouts
Mini loan during the probationary period?
If the mini loan is applied for during the probationary period of an employment relationship, it can also be rejected. Some banks insist that the apprentices have already completed the probationary period or that they have been terminated by contract in advance. The reason is simple: during the probationary period, employers can terminate apprentices without much effort. If the dismissal comes into force, the apprentices have no income and could possibly no longer service their credit. For some banks, however, this is irrelevant. With their mini-loan offer, it does not matter if the trainee is in the probationary period. Whether the selected bank grants a mini credit within the probationary period, must be requested individually. However, interested parties can get directly to the websites of the banks via the result from the mini loan calculator.
Collateral for a mini loan
Even when using a mini loan, many banks demand collateral. These can be different in nature. For example, if you have an impeccable account management (without return debit notes or bankruptcy transfers) at your house bank, it will be easier to get a mini loan than, for example, a new customer. The collateral also includes a balance on the savings account, a savings account or other deposits. The parents or the partner can also be used as security. For example, those who join the boat as co-applicants can also increase their chances of being granted a mini-credit. What collateral is required at the respective bank, show the offers from the mini loan calculator.
Mini loan calculator – how do I find the best providers?
The mini credit calculator is provided free of charge and always offers the best offers from banks. He stands by on the online platform and works on the basis of the latest lender conditions. The handling is also very easy. Enter only the desired loan amount and term. More is not necessary for the mini credit calculator. As a result, the calculator shows all eligible banks. Here, not only the various interest rates, but also the terms and any applicable fees are taken into account. The information is available in detail, making it easy to compare online. Anyone who has opted for a mini-loan offer can also apply directly online. All you need to do is click on the respective bank and the forwarding is automatically carried out. In the further steps all necessary information for the credit application must be executed. This does not only include personal data, but also the current financial situation of some providers. This is followed by verification. This too is now comfortably possible online at most banks. The Video Ident method is available for this purpose.
Using a webcam call, applicants are connected to a customer service representative who uses a passport or ID card to verify the claimant. The application of a mini loan hardly works easier.
Apprentices can not pay back mini-credit – what now?
Even with apprentices and students, it may happen that they can not repay the mini loan within the specified term. What happens in such a case? The trainees are best advised to seek immediate discussion with the lender. At best, before the deadline, they should point out that they are unable to settle the loan on the agreed date. Often, complications can be avoided and solutions can be found. After consultation and examination, the banks are usually willing to offer an extension of the term. After all, it is also in their interest to receive back the loan amount granted in any case.
If there are serious complications and problems with the repayment of the loan and this is perhaps even terminated by the bank, this has consequences for the trainees and students. The bank is required to pass on this information to the Private credit. If the loan is settled, this is also stored in the Private credit. However, trainees and students may experience problems with new requests for loans because of the negative entries.
Negative Private credit entry – still credit?
Anyone who has opted for an offer from the comparison using mini-credit calculator, can apply for the credit simply by clicking. In this context, a query from Private credit is made at most banks. If the result is negative and the creditworthiness of trainees and students is insufficient, the loan is denied. Some banks refrain from granting the mini-loan, however, to the query at Private credit. For trainees and students with a negative enrollment this has the advantage that they still have opportunities for a loan. Which bank asks the Private credit, can also be found in the results of the mini loan calculator. Anyone who knows in advance that his Private credit is negative, can try his luck with the mini loan application directly to the banks without Private credit query. However, a co-applicant can also have a positive effect on the application. If, for example, a parent or a father is a borrower with the contract, the chances of a positive credit decision increase, even if the Private credit is negative.