A mini credit generally takes the form of revolving credit. There is also micro credit for professionals. If you need a small loan for a small sum, there are several possible options: revolving loan, bank overdraft, payday advance… Let’s see how to find the cheapest mini loan.
Mini credit: how much and when?
When you need a mini credit, it is generally to deal with an emergency situation. The consumer credit law is fairly specific. Any amount borrowed over a period greater than 90 days and / or an amount greater than 200 USD is considered to be credit.
For a mini credit of maximum 200 USD, there are ultra specialized organizations like Viloan or Astro Finance, which have developed offers adapted to this regulatory framework:
- Maximum credit amount of $ 200 (which can be increased later)
- Fast credit within 24 hours if the subscription is requested early enough in the day
This credit does not give the impression of being expensive because it will only cost a few USD but it is nevertheless very expensive for a small amount and a short duration. In fact, generally the rate of this mini credit is set on the maximum rate authorized in this case: around 20%. It is the fastest form of credit but is limited to less than 200 USD.
Mini credit over 200 $
Obviously, even if you are looking for a mini credit, you may need more than 200 $. Things will necessarily be a little more complicated, unless you already have a reserve of money on an existing revolving credit.
We carried out a detailed survey to obtain a credit of 1000 USD. Several solutions exist. They all have advantages and disadvantages. When you want a quick mini credit, you still have to rely on legislation that imposes deadlines. The ideal being to use a small credit which one already has. Often in the form of a store credit card. But here you have to be careful about the costs.
Revolving credit already open
We often forget that, but most store cards are backed by revolving credit. We don’t think about it because we mainly use cash or multiple payments. However, revolving credit works like a reserve of money from which we can draw when we need it. This is the category of small credits since they can go up quite high. But they are generally used up to 1000 to 2000 $. But they can also be used very well for mini loans.
Simply contact the organization that manages the credit card or log in directly to the account management area to request a transfer. Depending on the amount available, it is possible to obtain a mini credit, generally up to a 3000 USD credit. The time that the transfer is actually operated, the money takes between 24H and 72H to arrive on the bank account.
Mini credit is not, like micro credit, not given. Indeed, these credit cards are backed by revolving credit solutions, whose APR rates generally hover around 20%. The APR rate for a small revolving loan is also revisable and not fixed. This indicates that it is likely to evolve between several uses. The huge advantage of revolving credit is to offer early repayment without penalty. However, requesting a rapid revolving credit repayment, before maturity, implies a reduction in the total cost.
How to get a mini credit?
Last case, if you need more than 200 $ (credit 500 USD or 1000 USD for example) and you do not have any card attached to a contract, then you will have to request the opening of a new credit. We can consider that the request for a mini credit will be limited to a maximum of a loan of 3000 USD. In this case, the reimbursement cannot exceed 36 months, in order to prevent the cost of the credit from skyrocketing.
In this case, most banks and organizations offer as a priority a revolving small credit solution. You should know that in this case, the law on the withdrawal period of the mini credit will impose delays. Between the request for mini credit online and the arrival of funds on the customer’s bank account, it takes at least 8 days.
Mini credit request on our comparator, how does it work?
Our credit comparator always displays a revolving credit solution when the demand is less than or equal to an amount of $ 4,000. Here are the criteria on which the classification of organizations is determined:
- Revisable APR rate
- Proposed reimbursement speeds
- Chances of receiving a positive opinion