Find great guaranteed loans for bad credit
A guaranteed loan for bad credit from this post is a small loan that you can apply for quickly and easily. Loan providers offer loans of 100 euros, 500 euros or even 1000 euros. Guaranteed loans for bad credit are popular with people who want to borrow money quickly or apply for a small loan.
Mini loans are expensive loans and are therefore not recommended. Especially people who already have debts have to pay attention to what they do. The mini loans are usually valid for one month, sometimes for two weeks. You must then repay the loan including interest. In many cases, the interest rate rises to 25%. If you do not pay back, the interest at some providers (see below) will continue to rise.
If you borrow 400 euros, you will pay back 480 euros after a month. If you borrow 200 euros as a private individual or self-employed person, you pay 240 euros according to our calculation. The interest rate is thus many times higher than the maximum permitted interest rate of 14% on an annual basis (in 2016). The loans are therefore very expensive.
Loan providers in the Netherlands
Well-known mini-loan providers in the Netherlands are Viloan, Sandcash and Eicredit, the last of which recently stopped. Viloan and Sandcash are the same provider that uses both names.
Loanfor is a new platform where you can take out a mini loan. They only do not offer the website in Dutch and since 2016 Loanwon has stopped. The conditions of a Loanwon mini loan are stricter than those of the other providers and the interest will continue if you do not repay the loan after one month. This provider is not known to be very reliable and it is highly questionable whether your mini-loan application is actually approved. The provider has now also stopped.
Eicredit.nl is another well-known mini-loan provider in the Netherlands. This provider was active from 2014 to 2016 and has since also stopped. Applying for a loan with Eicredit was just as easy as, for example, with Viloan.
All mini-loan providers offer loans from abroad. They do this to bypass the supervision of the Dutch AFM. This is because mini-loans with such high costs are not permitted under Dutch law. The reason that a number of mini-loan providers in the Netherlands no longer offer a mini-loan is therefore due to pressure and fines from the AFM.
The AFM, the Netherlands Authority for the Financial Markets, says: “These providers, like all credit providers, must test whether the loan can be granted responsibly and do a BKR test and they must adhere to the maximum interest payment.” By being abroad, the AFM cannot do much against the providers.
Providers Other Loans
An alternative to the mini loan is Senduco. Here you can request a private loan from 2500 euros. But those are not loans that are paid out within one or two days. Often it takes a week to pay and approve this loan. Another alternative is Crosscash. There you can borrow from as little as 1500 euros and payback in 6 monthly installments. But there are also other providers for an ordinary private loan.
With such a loan you can pay off current or expensive debt. Think of being red at the bank or a credit card debt. Experience shows that you have to wait a week or more before you receive the money through Senduco. However, you do not pay extra high costs as with the mini-loan providers. In addition to Senduco, there are other providers where you can apply for a personal loan.
Another option you have is to request a revolving credit. Here you choose a higher amount to borrow, for example, 2,500 euros, but you only have to withdraw that amount that you need. There are providers who can offer you a revolving credit within 3 days.