Apply for a microcredit
What do you need a lender for? credit bureau entries? recommend some good offers. My last question: Do you prefer to repay the loan volume quickly or slowly? Often the installment loan as a principle alternative solution makes sense, but has the disadvantage for many banks that this form of credit only occurs from a minimum loan amount of 3000 or 5000.
If, for example, you have to carry out a major repair worth 1,500 USD, you often have no choice but to cover the current account credit. However, there is another option, the so-called microcredit. What is a small loan? A special form of the installment loan is the small loan, which, however, is not offered by too many banks.
First, small loans have all the essential features that you as a banker will find in the area of traditional installment loans. The microcredit is thus composed of the following key figures: The main difference to the installment loan and at the same time the main feature of the small loan is that there is a different minimum amount of credit than the classic part installment loan.
In addition to the “normal” installment loans, which are usually granted from a loan amount of 3000 or even 5000 USD, consumers can achieve significantly lower amounts of credit, even for small loans, depending on the home. The minimum loan amounts depending on the provider usually between 500 and 1000 USD. But even in direct comparison, there is a much lower maximum loan amount, which is often in the amount of 5000 or 10000 USD.
Otherwise, however, the microcredit will work just like any installment loan, which means, above all, that the principal will repay the remaining loan amount at regular monthly installments. The monthly installment includes both the repayment of the loan amount and the interest. The maturity of microcredit typically ranges between 6s and 24m due to the relatively low loan amounts. The term of the small loans is 6 s and 24 m.
It is good to know that microcredit can be a real way to make a true return on current account credit and the associated use of overdraft facilities. Many small loans are already granted for loan amounts of 500 or 1000 USD. For this reason, consumers are increasingly relying on the use of microcredit because this installment loan variant is significantly cheaper than the use of current account credit.
This is apparent when looking at the offers in the two financial areas. Although the overdraft rates are still around 10 percentage points, you often get a small loan at an interest rate of six percentage points or even less than 4 percentage points. Small loans can therefore often generate savings of between 50 and more than 100 percent in relation to current account credit.
Another positive side effect of small loans is that the borrower is induced by the agreed monthly installments to reduce the liabilities taken up. How advantageous small loans can be both over current account credits as well as over conventional installment credits, you can read in the following overview presentation again: * So often the appropriate offer was read out by our Website visitor in the past 30 days.
When it comes to asking whether you would prefer to take out a small loan or use the existing current account credit line, we are clearly in the right direction: We recommend a small loan. He can avail himself of this special installment loan at significantly lower interest rates than the current account credit line and, in addition, benefits from the fact that his indebtedness is automatically reduced.
Why can a small loan be used?
A whole range of consumers ask themselves the legitimate question for which purposes microcredit is actually exploited in reality. Of course, such a loan is usually not sufficient if, for example, the purchase of a new car is to be financed or the loan amount is required for extensive renovation work on the dwelling house.
However, most households are in a much smaller USD area, often between 500 and 2000 USD. Especially for such purchases, the microloan is well prepared, for example, to finance the following expenses: The microcredit is well prepared for all these and many other costs.
Is there a microcredit for the negative side of the Hungarian school? Because of the relatively small amount of credit, which is often between 500 and 3000 USD, it is often a so-called idle. Nonetheless, credit institutions will of course also check for small loans whether the borrower’s creditworthiness is sufficient. As with almost all installment loans, credit institutions attribute their customers’ creditworthiness to two special features: on the one hand to income and on the other hand to the information provided by the Federal Agency.
For every loan, a reasonable salary is a basic requirement, which in many cases also applies to the credit bureau information. However, there are also credit institutions at the closure office with a primarily foreign head office, which waives this credit function and does not need credit bureau information from the borrower. Even in such cases, there is talk of a loan without credit agency, which of course also exists in this special form in the form of a small loan without credit reporting.
So you can apply via our website and our customer service both classic installment loans and standard microloans and microcredits without request of the Federal Labor Office. In addition, you have the advantage that we perform a detailed comparison of offers for you. This comparison is completely tailored to you and has the consequence that we can determine without the help of the Federal Financial Supervisory Authority (credit bureau) the most suitable for you microcredit.
So do not take the opportunity to inquire about microcredit issues or send us a free and straightforward inquiry so we can find the best microcredits for you – be it in the “normal” version or as a loan without a loan agency. The microcredit is a special installment loan that is not used by many banks.
The average loan amount is relatively small and is usually between 500 and 3000 USD. If you have a positive credit bureau entry, you can make a detailed micro-loan comparison without credit bureau through our customer service in Germany. This allows us to determine the best balance for you, even if you have a bad credit bureau entry.