Mini-loans Online also known as Microloans is a way to get money urgently out of the banking system and are considered one more option for the payment of incidentals.
Such as repairing a car, household appliances, making a gift and other urgent situations since these financiers pay the money in just a few minutes.
What are the Mini-loans?
Since the beginning of the crisis at which time the granting of loans in the banks was closed, many financial companies emerged that offered quick money, easy processing all online and with very little paperwork for what is known as mini – loans.
They are called Mini-loans because the amount they grant is very small. The most usual is that they grant loans of 300 euros in the first operation although in successive loans they increase the amount until they reach 1,000 euros.
Another characteristic of the Microloans is the term to return. The most general thing is to return the principal plus interest in 30 days although there are some that reach 45 and 60 days.
In this period, they receive round amounts that if we calculate the interest charged to us in terms of APR, they reach over 3,000%.
It is also a very common rule to grant the first free credit without interest or commissions as a way to attract customers who in future operations already charge them important interests.
Another advantage of this form of financing is that you receive the money immediately and generally in just 15 minutes.
How Mini-loans are requested
The way to request the fast Mini-Loans online is always the same:
The finance company has a web page that shows on its cover a quantity and term or quota selector. This selector has a minimum and maximum amount and deadline to return the money.
Once you select the amount and the term, they give you access to your data form so that it inserts everything related to your personal identification data and address and then report what you earn and what you work or what you do. The documents to be contributed are minimal. Little paperwork is needed . Basic is to present a copy of your ID or resi dent card and copy of the payroll or pension.
When you have already informed them of all their data and what they earn, they receive an immediate response and if they are positive, they pay the money in the account of the bank that has provided them.