Mini loans always come in handy when it comes to making one off payments or dealing with an unexpected expense and you don’t have enough cash for it. On the contrary, when it comes to lending huge sum of money, you need to pay strict adherence to the requirements and conditions. When purchasing a car, remodeling your home, you may need to cover some small cash amounts which you can easily pay off with these mini loans. This makes your processing fast and doesn’t have major requirements for the borrowers.
How to apply for a mini loan?
These mini loans are generally lent by financial institutions associated with banks and not directly by these banks themselves. Hence, the most common way to apply for these loans is over the internet by the means of Installment Loans | Online Financial Help | SlickCashLoan at slickcashloans.com. You just have to fill out a simple form, provide your personal details like your full name and ID, account number etc. Apart from these, in order to prove your ability for the loan, you also need a bank statement as an evidence to prove the status of your accounts and documentation to support the income.
Interest charges and repayment period
Like any loan you apply for, the interest charges with the mini loans are dependent on the credit institution that grants it. The normal rate for mini loans is usually 1 percent. This type of loan has higher interest charges than the other loans. Besides, unlike the regular loans, mini loans should always be repaid in a month. There is no possibility to split up the payment. When given their interest charges and fast maturity, this loan is only suitable for customers that have to deal with unexpected charges or an emergency and are able to repay the capital requested and the associated interest charges within 30 days. They also have a fixed interest rate and a short repayment period, the borrower is always aware of what is the exact cost of their loan will be.
Requirements of a mini loan
The most beneficial part of these loans is there are minimal to no requirements at all. Unlike the regular loans for huge sum of money, these loans do not need the borrower to offer an endorsement, a salary, albeit they are needed to have an income source that the applicant can present as an evidence. As the needs for applying for this loan are barely minimal, they are normally granted on the same day when they are applied for and in many cases, in a matter of minutes the application has been submitted.