The lenders of mini-loans suffered a severe blow in July 2018. A judge in Rotterdam ruled that the so-called guarantee / guarantee was contrary to the law and that this is prohibited. Loanviber, a lender from Estonia, overplayed his hand by dragging a debtor before the Dutch court. This judge made short work of the Estonian company and forbade the guarantee. From now on, only the maximum interest may be requested (14%). This could well mean the end of mini-credits in the Netherlands because the most lucrative element of these loans has now been scrapped.
Borrow 1000 euros
Borrowing a thousand euros falls under the term mini loan. A consumer credit that you can take out with the regular bank is at least 1500 euros. The mini loans are between 100 and 1000 euros.
Take out a mini-loan
If you want to take out a mini loan of 1000 euros for the first time, this is done via the website. The lender asks to activate the account and to send a number of documents. You can also indicate on the application whether you want to purchase a fast service bundle or opt for a free service option.
If you want to receive money on the same day of application, there is the fast service bundle. Of course this fast service costs extra money on top of your interest. Customers who want to take out a mini loan of almost 1000 euros must be sure that they can pay back on time. If you can wait a week, follow the standard procedure and not the emergency procedure. This saves you the extra money from the service bundle.
Security is forbidden
There are sometimes lenders where you do not have to buy an extra service bundle but who do require a guarantee. Sometimes when applying for the mini loan it can be asked that someone else guarantees you. This is particularly the case if the lender is not sufficiently convinced that the mini loan will be repaid on time. If you have no one in your area that you can (want to) fall back on, you sometimes have to buy the guarantee ( Update : this guarantee was banned by the Dutch court in the summer of 2018).
Students between the ages of 18 and 35 who are following an MBO / HBO / university course are eligible for a credit card at the bank. Depending on the study program and the year of study, you can be in the red between 500 and 5000 euros. The following month, the borrowed money must be paid back in full. Remember this when you make a certain purchase with your credit card. The following month the amount will be completely debited from your bank account.