Just borrow 500 euros. It’s a small amount, can’t it be difficult? The mini loan is well known, but there are also other options to quickly borrow 500 euros. You can of course visit family or friends, but you can also opt for standing in red, requesting revolving credit, requesting a loan from individuals and borrowing money with collateral.
Apply for a mini loan
The mini loan is an easy option to quickly borrow 500 euros. See below also the providers of a mini loan in the Netherlands. Note that the costs of a mini loan are relatively high. For example, if you choose a mini loan of 500 euros that you repay within a month, you can easily pay 150 euros in costs. That means that you have to pay back 650 euros after a month. A mini loan is therefore certainly not a good idea if you are in debt or if you are without income.
Are in red
You can often arrange a red request at your own bank in a few days. You can do that online in most cases. You then log in to your banking environment and look for the option of being in the red. If you already have the option to be in the red, you can also increase your credit limit. This can often be up to 1500 euros. Be careful with being red: you can be red for up to 3 months. You must have a positive balance at least once every 3 months.
If you want to borrow 500 euros quickly because you have reached the credit limit for the maximum period, then you can also quickly contact the bank to see if you can make a repayment arrangement. Sometimes there is the possibility to convert your red position into a short loan. You have to actively ask for that. You must then request a repayment arrangement. The option to be in the red is canceled and you have to repay a certain amount of credit each month.
Apply for ongoing credit
A revolving credit can be a smart option to borrow money quickly. With a revolving credit you can always borrow up to a certain amount. Suppose you choose a revolving credit of 2,500 euros. That means that you can withdraw 500 euros and that you still have 2000 euros left. That 2500 is your credit limit, you can always borrow extra up to that amount.
So you do have to repay a certain amount every month, but that is fairly flexible. The interest is also flexible and can change every year. You can also pay off in one go without having to pay a fine (for example, you pay that with a personal loan). A revolving credit is often linked to your credit card, but you can request it from any bank or intermediary. Then it is often just called different, for example a flexible credit or staggered payment facility.
Requesting a loan from private individuals
You can also contact private individuals for a loan from 500 euros. But often this is not really cost-effective. In 2016, this is only possible at the GoodCash platform. For example, placing a loan application is not cheap. To apply for a loan you have to pay 125 euros. The platform does this to raise a threshold. But someone who is shy about 500 euros will not have 125 euros to pay in advance.
However, with a number of other platforms it is possible to request a loan of 1500 euros. For example at CashLend that is possible. CashLend is another platform for borrowing money through crowdfunding that also attracts foreign investors. You can apply for the loan directly and the process is fairly easy, but unfortunately there is no guarantee that the loan will be placed.
Borrow money with collateral
Finally, it is also possible to quickly borrow 500 euros through collateral. This is a safe way of borrowing money because you run no risk of making debts. With collateral you can simply borrow money by leaving items that have value. This includes jewelery, bicycles, telephones and (game) computers. If you do not repay the loan on time, you run the risk of losing your things, because they will be sold. You can borrow money with collateral in most major cities. Search for the Lomelay in Amsterdam for example or Pawn shops in other cities.