Mini loan - get money fast
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What is a mini loan?
A mini loan is an installment loan in the amount of around €100 to €1,500. It is usually taken out to bridge financial bottlenecks and can usually be applied for quickly and easily online due to the small amount. The term is between 30 and 90 days, as repayment can be made with the next incoming salary or various extra payments.
WHERE CAN I TAKE OUT A MINI LOAN?
As most banks only grant loans for amounts of at least €3,000, other options are suitable for amounts below this:
Apply for an overdraft facility
pawn loan
Online loan from private individuals
Credit card
Advance salary payment
Loan from family or friends
WHAT REQUIREMENTS DO I HAVE TO MEET FOR A MINI LOAN?
It all depends on the provider you choose:
Bank overdraft facility: You must receive monthly income from employment. Most banks will provide you with a limit of 3 months' salary.
Online loan from private individuals: After registering with a corresponding platform, you must state what you need the money for and have regular income and a medium to good credit rating.
Pawn loan: For a pawn loan, all you need is collateral from your own property that you can use as security. You can find out how much money you can get for which item and how high the fees for your loan are on cashy.at before making a personal request.
Credit card: Apply for your credit card either directly via the bank (a card is often included free of charge in the account package) or contact credit card providers such as card complete or Paylife directly. Regular payments and a good credit rating are required.
Salary advance: The only requirement for a salary advance is that your employer is willing to lend you the money. The chances of receiving an advance payment are high if you can pay the money back through planned payable overtime or a bonus payment such as a vacation or Christmas bonus.
Loan from family or friends: To be able to take out a loan from your relatives or friends, you need to find someone who can first of all conceal the money and secondly is willing to lend it to you. There are usually no other requirements.
CAN I APPLY FOR MY LOAN EASILY AND IMMEDIATELY ONLINE?
Yes, this is possible in most cases. However, for a salary advance or a loan from friends or family, we advise you to seek a personal consultation.
HOW QUICKLY WILL I GET MY MONEY PAID OUT?
The payout varies in speed depending on the provider, below you will find the usual payout time depending on the variant:
Overdraft facility: Regardless of whether you request your line via the app, by email or in person, it is usually approved the next working day so that you can use your line straight away.
Pawn loan: You receive your money immediately after handing over your item in cash, via PayPal or as a bank transfer.
Online loans from private individuals: Smaller amounts are often paid out immediately, but after 5 working days at the latest.
Credit card: You should allow up to a maximum of 30 working days for the actual use of a new credit card. However, if you want to convert an existing credit card to installment payments, the conversion usually takes place on the same working day.
Advance salary payment: Depending on your employer, payment is of course possible immediately, but must be agreed individually.
Loan from family & friends: The duration until pay out is agreed individually according to the possibilities of your lender.
Your variants at a glance:
MINI-CREDIT VARIANT | DURATION UNTIL PAY OUT |
|---|---|
Overdraft facility with the bank | approx. 1 working day |
pawn loan | Immediately possible |
Online loan | approx. 1-5 working days |
Credit card | approx. 2-30 working days (depending on processing) |
Advance salary payment | Immediately possible (individual) |
Borrow money from friends | Immediately possible (individual) |
WHAT LOAN AMOUNT CAN I GET? HOW ARE THE FEES MADE UP?
The following table gives you an overview of how much money you can borrow in most cases.
MINI-CREDIT VARIANT | MAXIMUM LOAN AMOUNT |
|---|---|
Overdraft facility with the bank | Maximum 3 monthly salaries |
pawn loan | Unlimited depending on the value of your item or car |
Online loan | In most cases up to €50,000 |
Credit card | Depending on the frame, starting at €1,000 |
Advance salary payment | Depending on the agreement with the employer |
Borrow money from friends | Depending on the possibilities of your sponsor |
YOU HAVE TO RECKON WITH THESE FEES:
Overdraft facility at the bank: Annual commitment fee, up to 15% interest per year.
Pawn loan: €1-€15 issuance fee and €0.5-€3 storage costs per month (depending on the loan amount) and 1.5% fixed interest per half month. You can find the exact amounts depending on the loan amount in the fee schedule.
Online loan from private individuals: Depending on the provider, between around 10% and 15% per year + brokerage fee (usually 1-2% of the total loan amount).
Credit card: An annual fee of between €4 and €12 per month is charged for your credit card. If you activate the installment payment option, the interest rate is between 9 and 15% per month.
Advance salary payment: Depending on the employer, interest can be agreed individually, but an interest-free loan is also possible.
Money from friends or family: You can usually get an interest-free loan from your friendsor family, but interest can also be agreed individually here.
HOW DO I PROCESS A MINI LOAN?
Processing varies depending on the provider:
OVERDRAFT FACILITY AT THE BANK
Contact your bank or ask for your desired overdraft limit in the app.
If necessary, a bank employee will take care of releasing your credit line and inform you as soon as you can access it.
Once approved, you can immediately overdraw your account by the agreed amount and thus access more money.
PAWN LOAN WITH CASHY
You can have the value of your item checked live and in real time at CASHY.at. Simply complete your pawn loan online and have your collateral collected if you wish. Of course, you can also send it by post or bring it to the store in person. Pay out immediately in cash or as a PayPal or bank transfer.
ONLINE LOAN FROM PRIVATE
First create an account on your chosen platform and request the desired loan amount. If you are approved, you can identify yourself by video and sign by text message.
REQUEST CREDIT CARD
A comparison of interest rates for different credit cards pays out in advance in any case.
Contact the credit card company or your bank to have a credit card issued to you (or ask to switch to installment payments).
After a credit check and verification of regular payments into your account, you may be granted a credit card or a switch to installment payments.
You can make full use of your frame as soon as you receive your credit card.
SALARY PREPAYMENT
Contact the HR department or your line manager to request an advance salary payment.
Agree the conditions - for example, repayment in the form of paid overtime or retention of a bonus payment. In some cases, it is also possible to pay the advance payment in installments - you will be paid out a correspondingly lower salary in the following months.
BORROW MONEY FROM FRIENDS
Explain to those around you what you need the money for and communicate in what form and in what time frame you will pay it back.
Please provide interest and a private loan agreement as collateral.
You will receive your money individually according to the agreement.
DIRECT COMPARISON OF MINI LOAN PROVIDERS
Each provider has different requirements - here you will find a quick overview to help you decide on your preferred provider.
MINI-CREDIT VARIANT | ADVANTAGES | DISADVANTAGES |
|---|---|---|
Overdraft facility | ✅Quick and easy | ❌High fees |
pawn loan | ✅Quick and easy | ❌You can only take out your mini loan with collateral. |
Online loan | ✅Quick and easy | ❌Often minimum amount of €3,000 |
Credit card | ✅Ongoing bridging option | ❌Limited options depending on the framework |
Advance salary payment | ✅Guaranteed repayment | ❌The employer finds out about private bottlenecks |
Borrow money from friends | ✅Mostly interest-free credit possible | ❌Asking for a loan often requires a lot of effort from friends. |
ALTERNATIVES TO A MINI LOAN
The following alternatives can replace a mini loan:
If you need to bridge the gap for a specific service, such as dental or veterinary costs, you can also ask your doctor directly for an installment payment.
You can defer certain fixed amounts such as loan repayments or insurance for a certain period of time. As a result, no installments will be deducted for 3 months, for example, and you can bridge your shortfall in other ways.
You can sell collateral - if you need money urgently, we recommend selling directly to a dealer like CASHY. You'll receive an instant offer for your items online and can have your money paid out in cash or by bank transfer.
FREQUENTLY ASKED QUESTIONS ABOUT MINI-LOANS
What is a mini loan?
A mini loan is a short-term loan for amounts between €100 and €3,000.
Whatcan I usea mini loan for?
The money for a mini loan is generally available for your own use.
How quickly can I take out a mini loan?
Depending on the provider, it is possible to take out a mini loan immediately with immediate payout.
Do I have to have a good credit rating?
Depending on the provider, it is also possible to take out a mini loan without a credit check .
Does every request for a mini loan at a pawnshop appear on the KSV?
No. In the case of a pawn loan, for example, your financial situation is completely irrelevant. You are only liable with your collateral.
What is the difference between a mini loan, a small loan and a conventional loan?
The difference between a mini loan, a small loan and a conventional loan usually depends on the intended use, the loan amount and your financial situation.
Is a loan from a pawnshop reputable?
Pawnshops such as CASHY - with the WKO seal of approval - are reputable as they adhere to the regulations of the Association of Financial Service Providers and have their fee rates approved accordingly.
Click on the image and get an instant quote for your pawn loan.
