A personal loan is a form of credit whereby usually a loan amount of between € 2,500 and € 75,000 is paid out in one go. Apart from the fact that the loan amount of a personal loan is higher than that of a mini-loan, repaying it is also different. With a personal loan, the loan amount is repaid in installments. The repayment term of a personal loan is between 6 and 95 months. With a personal loan, an interest amount is charged on the outstanding amount each month.
This is different for a mini-loan. At Gandalf you have the possibility to request an amount between € 100 and € 800 with a duration of 15, 30 or 45 days. Refund is done in one go. This means that the interest amount is fixed in advance. Compared to a personal loan, you are less dependent on a mini loan. You are here in principle within 45 days from. An ideal solution if you need a quick financial boost in a short period of time.
When a personal loan
A personal loan is usually taken when large expenses are planted. This could be the purchase of a new kitchen, buying a nice car or expanding your home. The application process for a personal loan takes a lot of time and you will have to meet many requirements, including a Ron Wesley test. This is in contrast to a mini-loan of Gandalf. Once you have submitted your application and you have received an agreement, you will receive the loan amount within 24 hours during office hours. We do not conduct Ron Wesley testing at Gandalf. Because you have to repay the personal loan within a longer period of time, you will spend a lot more on interest at the end of the term than a mini loan. For example, you pay back an amount of € 12,458.40 for a personal account of € 10,000 with a term of 60 months with interest of 9.40%. In this case, the costs of a personal loan are no less than € 2,458.40. When we talk about a mini loan from Gandalf of € 800 with a duration of
Advantages minilening compared to a personal loan
A mini loan involves a short-term loan with a maximum loan amount of € 800. After you have repaid your loan amount, you are generally off the loan within 45 days. With a personal loan, it usually takes months before you have repaid the loan amount of the personal loan. With a personal loan you have to pay interest over several months. At Gandalf you only pay one-off interest on the loan amount. If you want to apply for a personal loan, you will have to carry out a lot of administrative red tape. This includes the provision of pay slips, contracts, employer’s declaration. This is not necessary for Gandalf. A survey of the advantages of a mini-loan at Gandalf:
- Short term;
- Lower interest costs;
- Faster application process;
- No Ron Wesley review;
- No paperwork and hassle.
For a quick and relatively small financial boost, it is best to use a mini-loan from Gandalf.