Are you in a difficult situation where you need money right now? It is possible to borrow money directly, so you have the money in your account faster than before. You can decide for yourself which loan suits you best! You can choose from a personal loan, a revolving credit or a mini loan. There are of course advantages and disadvantages to each form.
With the personal loan you get a fixed amount deposited in your account. The expectation with this loan is that you pay the amount monthly with the corresponding interest rate, which is fixed. In many cases, this interest rate is slightly higher than, for example, a revolving credit. You agree on the duration of this personal loan in consultation with the lender. You borrow a large amount once for the specified duration. An important condition within the personal loan is that early repayment is unfortunately not possible, since lenders take into account the full duration of the loan in the case of interest income.
With direct borrowing, a revolving credit is an excellent option. You will receive a continuous credit limit, from which you can withdraw money at your own discretion. You pay interest on this withdrawn money, and you can repay the remaining amount free of charge. You can then withdraw repaid amounts. A revolving credit requires more from the customer, because people naturally withdraw money more quickly with a revolving credit loan, which means that the repayment of the credit takes longer. A disadvantage is the fact that interest rates may change in the meantime, so you may suddenly have to pay more in one month in interest costs than in the other month.
As a student you have the option to apply for student finance. Applying for a MIO loan can have many benefits for you as a student. The loan can be applied for quickly and often you do not pay interest on the MIO loan.
If you do not want any problems with your BKR registration, then it is best to opt for a mini loan. Borrowing money immediately takes on a different dimension with the mini loan, because you can already have the money in your account within minutes. This is the big advantage of a mini loan compared to the personal loan and the revolving credit. However, the name says it all, a mini loan is actually a mini loan. It often concerns small amounts between 50 and 1000 euros. This can be seen as an advantage if you are afraid of a high repayment. A disadvantage of the mini loan is the fact that in many cases this loan has to be repaid faster and the interest rates are higher.
Quick and easy money in your account?
So if you want to borrow money directly without too much fuss and without the risk of a BKR registration, then it’s best to opt for a mini loan. If you need a larger amount (monthly), the personal loan and the revolving credit offer a solution. As indicated, you must stand firmly in your shoes with the revolving credit, so as not to get in trouble with repayment in the future. Before you directly borrow money, always compare several providers, so that you choose the best offer at the lowest possible interest rates.