Lenders market micro-loans, mini-loans and small loans such as sms loans or fast loans. You can take small loans and mini loans directly without credit record or income and also with payment note, in addition, the payments are usually fast. About 10 years ago, the concept of micro-loans was highlighted. The basic idea here is that private individuals should be able to borrow a small amount of money during the day without security quickly and easily. In Sweden, mini loans and small loans have been offered since 2006.
What are micro loans and small loans?
A micro loan is a bit as it sounds, a mini loan that is not as large as one can in most cases take without security. In addition, you can often take it with a payment note. Because a small loan does not require any collateral, you can buy what you want with the loan or do what you want with the money. The lender does not require you to explain what you are going to spend the money on. Micro loans are thus small loans that are quickly paid off to your account. Often, there is a short repayment period and slightly higher interest rates than other types of loans. If you are looking for a smaller loan and if you may have payment notes then this is a good option. In addition, you usually do not have credit information at credit record.
Direct loan with BankID
Actually, there does not need to be any difference between mini-loans, micro-loans and fast loans. It depends on the interest rate the different loans have. A small loan does not have to have as high interest rates as a fast loan, which almost always has a higher interest rate. When applying for a mini-loan, it is no more difficult than any other loan. You fill out the loan form of the desired lender. You then verify the application through mobile BankID and then get the message directly on the screen. A credit report always happens, but when it comes to micro-loans, you usually do this at Astro Credit or BizMode.The money can be held in the account on the same day the loan was granted, but it depends on the lender and at which bank you have your account.
Micro-loans and mini-loans with payment note and without credit record
Today it is quite possible to get a micro loan without credit record granted despite having one or more payment notes. Usually, the lender then makes an individual assessment when applying for the micro loan. The assessment is instead based on your financial conditions and not on your financial history. When applying for a small loan, however, you always make a credit report. This is a requirement of all lenders in Sweden. However, you do not always use credit record when making information. Without lenders can use alternative information companies such as BizMode and Astro Credit. The advantage of alternative information companies is that the credit information is not visible at credit record. Which is a big advantage if you are applying for larger loans in the future.
Is it possible to take a micro loan without credit information?
No, there will always be a credit report if you take a micro loan. All loans over $80,000 today require that you take a credit record check. As we mentioned, most mortgage loans and micro loans are without credit record, but you can also take larger loans up to $150,000. This means that all small loans up to it can be without credit record.
Small loans without income
Sometimes it may be that you have no declared income. You may have just got a job and simply haven’t been able to declare yet. Or maybe you are a student or a pensioner. No matter what, it is actually possible to take small loans and micro loans without income. For this to be possible, you may need to prove that your current finances are sufficient after you pay all other bills each month. This can be substantiated by means of salary specifications, work certificates or other.
To think about before taking a micro loan directly
A micro loan is best suited when you are looking for a small amount of money directly. What one should keep in mind is that the effective interest rate may be higher than other types of loans, such as private loans and interbank loans. The interest rate is usually a little higher because you can take the loan without credit record and that you can usually have payment notes. This entails a higher risk for the lender, which results in a higher interest rate. What you should always keep in mind is not to take a mini loan unless it is necessary, which can sometimes be difficult to determine.