The BKR in Tiel checks whether candidates for a loan are creditworthy and whether or not they are on a blacklist of defaulters. This procedure was established on the one hand to protect the lenders, but on the other hand to protect those who take out a loan from borrowing amounts that cannot be repaid in arrears, thereby increasing the debt mountain. That is why we look briefly in this article why you would like to borrow money without a BKR test.
Borrowing money without BKR testing is possible for a mini loan
The smaller the amount, the smaller the risk you take when taking out an online loan. This certainly applies when taking out a mini loan. With this type of loan, the loan amount varies from 100 euros to 800 euros, and you can choose to repay the amount in 15, 30 or 45 days. The short term of the loans is immediately noticeable. Then, of course, it becomes clear that not only the amounts are small, but also the duration very short.
How does a mini loan work?
Just as with a regular loan, you also have to pay interest on a mini loan. With a short term such as 15, 30 or 45 days, it is possible that the interest is not expressed as a percentage, but that the total amount of the loan is repaid at the end of the term with a fixed amount of interest on top. This concerns interest amounts in the order of approximately 0.60 cents to approximately 15 euros. Depending on the lender’s working method, a fixed interest rate or fixed interest rate will be used that is adjusted to the loan amount (for example 2, 4, 6, 8, 10, 12 or 14 euros).
How much interest do you actually pay?
Although the actual interest amounts that you pay back when you take out a mini-loan seem to be well manageable, you may be faced with surprises when you look at interest rates. We found a fixed interest rate of 14.90% at a lender. This is high in comparison with other loans tested by BKR, but it is acceptable again when you start comparing it with actual usury rates that we found with another provider. There the interest rates ranged from 8.42% to 159.70% with the spicy detail that the interest rate peaked at the smallest amount borrowed.
As with any loan, it is therefore important that you also compare the conditions of the various providers with the mini loan! In addition, it is good to remember that many little ones make a big one because without BKR testing there is a greater temptation to take out a loan. Certainly, with the accumulation of various small amounts, you run the risk of not being able to repay the loan at the end of the journey.