A mini-loan in 2022 and 2023 is by definition a financing facility for a small amount called also small loan that is quickly accessible and intended for a borrower who must either pay for an urgent purchase or meet urgently a payment obligation.
A mini-loan or mini-loan is a type of personal loan intended for short-term repayments of small amounts that can be quickly available and the mini-loan is a financing option that allows a person to meet the unexpected.
The mini-loan is a new method of financing known for its speed, because it allows any individual to have a sum of money quickly, in particular in a few hours and it is intended for people who have a real need for money to face to the emergencies of life.
The small loan in 2022 and 2023 that is granted through diverse types of lenders that request a simple documentation and sometimes no credit check, nor proof of revenues given shorten term nature for this small credit facility that is limited to certain amounts.
The mini loan or small loan allows to obtain access to 200 US Dollars to 3000 US Dollars repayable from 1 to 12 months and it is designed to respond to an urgent request and the funds are often available very quickly keeping in mind that the interest rate excluding insurance varies according to the lenders between 4% and 35% per year.
WHAT IS THE DIFFERENCE BETWEEN A MINI-LOAN AND A MICRO-LOAN?
The difference between a mini-loan and a microcredit is essentially due to the objectives of the two financings, whereas the mini-loan is purely commercial, the microcredit has a social vocation.
What differentiates the mini-loan from the microcredit is that the first is dedicated to helping out a borrower to satisfy a short-term need for money, while the second will help a person create his own business and reintegrate him economically.
While a mini-loan applies high interest and fairly high fees and for a short duration, microcredit takes into account the precariousness of the borrower and will offer him social interest with professional and moral support.
A mini-loan consists of non-affected credit often intended for consumer products and granted by any commercial lender, while micro-credit is intended to make funds available in a social context and contribute to banking and social inclusion of the borrower.
MINI LOAN OPTIONS