Online Small loans – our test!

Online loan concept. Manager is holding money in a hand and laptop.

A small loan is only needed up to a certain amount and is well suited to fulfill a greater desire or to bridge a small bottleneck. The winner was the Bankate.

  • Fast microcredit up to 3,000 euros
  • Credit-independent interest
  • Low interest rate
  • Long payment period

What opportunities does Bankate offer you as the best online microcredit? We show you how the small loan of Bankate works!

The as a small credit test winner

The small loan test in 2019 has again taken a closer look at many providers. The advantages and disadvantages of the individual providers make it clear in the Small Credit Test which bank or which online bank can score points this year. The winner this time is the Bankate. The supplier convinces with excellent product details, very good conditions and good acceptance guidelines.

The Bankate offers with the BestCredit a small loan for customers and new customers on fair terms. The bank has its headquarters in Mönchengladbach and provides personal advice in the local branches or the loan application online.

The product information of BestCredit: Our information

The online small loan test has shown that the Bankate is particularly convincing with fair conditions. Thus, neither processing nor account maintenance fees for the loan are due. Special repayments are also on offer as well as an optional installment insurance. This applies, for example, when the borrower can no longer pay the rates due to unemployment. The interest on the BestCredit is independent of the credit rating. Applicants who do not have a good credit rating can still pay as little interest as applicants with a very good credit rating.

The terms of the small credit test winner Bankate

The test winner from our test offers fair conditions to the very good conditions. Thus, for the online small loans from an amount of 500 euros to 3,000 euros from 1.99 percent of annual interest payable. These are independent of the selected term. The term can be 12 months, 18 months, 24 months or even 36 months. However, a term of 36 months is only eligible for an amount of at least 1,000 euros.

The acceptance guidelines at a glance

If you want to apply for online small loans at Bankate, you must comply with some guidelines. Of course, this includes the age of majority. In addition, the loan will only be issued to borrowers with a positive Schufa. Residing in Germany is also an important requirement. In addition, it must be proven that a contract of employment exists for at least 6 months. Who is still in the probationary period, receives no small loan.

Online Small loans
Online Small loans

Essential Terms to Know When Applying for Small Loans

Navigating the world of small loans can be daunting, especially if you’re unfamiliar with the terminology commonly used in the lending industry. As an expert in personal finance and lending, I’ve gathered firsthand knowledge to help demystify the process for you. In this article, I’ll break down some key terms you need to know when applying for small loans, empowering you to make informed decisions and secure the financial assistance you need.

Interest Rate:

The interest rate is the percentage of the loan amount charged by the lender for borrowing money. It’s essentially the cost of borrowing and is typically expressed as an annual percentage rate (APR). A lower interest rate means you’ll pay less in interest over the life of the loan, while a higher rate means higher overall borrowing costs.

The interest rate is the percentage charged by lenders for borrowing money, representing the cost of borrowing over time. It’s important to understand whether the interest rate is fixed or variable and how it will affect the total repayment amount.


The principal refers to the original amount of money borrowed from the lender. It does not include any interest or fees that may be added to the loan. As you make payments on the loan, a portion of each payment goes towards reducing the principal balance.

The APR includes not only the interest rate but also any additional fees or charges associated with the loan, providing a more accurate representation of the total cost of borrowing.


The term of the loan refers to the length of time over which you agree to repay the loan. It’s typically expressed in months or years. Shorter loan terms usually have higher monthly payments but lower overall interest costs, while longer terms may have lower monthly payments but higher total interest paid over time.

The principal refers to the initial amount borrowed from the lender. It’s essential to know the principal amount, as it directly affects the total repayment amount and determines the size of the loan.


Collateral is an asset that you pledge to the lender as security for the loan. If you default on the loan, the lender has the right to seize the collateral to recoup their losses. Common types of collateral include real estate (such as a home or car) or valuable personal property.


The loan term is the period over which the borrower agrees to repay the loan, typically expressed in months or years. Understanding the loan term is crucial for budgeting and planning repayment.

Credit Score

Your credit score is a numerical representation of your creditworthiness, based on your credit history and financial behavior. Lenders use your credit score to assess the risk of lending to you and determine the terms of the loan, including the interest rate. A higher credit score generally qualifies you for better loan terms, while a lower score may result in higher interest rates or difficulty securing a loan.

Collateral is an asset that the borrower pledges to the lender as security for the loan. In the event of default, the lender may seize the collateral to recoup their losses. Common types of collateral include vehicles, real estate, or valuable possessions.


In addition to interest, lenders may charge various fees associated with the loan, such as origination fees, application fees, late payment fees, or prepayment penalties. It’s important to carefully review the fee schedule before agreeing to a loan to understand the total cost of borrowing.

A credit score is a numerical representation of an individual’s creditworthiness, based on their credit history and financial behavior. Lenders use credit scores to assess the risk of lending to a borrower and determine the terms of the loan, including interest rates and eligibility.

APR (Annual Percentage Rate)

The APR is a standardized measure that reflects the total cost of borrowing, including both the interest rate and any applicable fees, expressed as an annualized percentage. It allows borrowers to compare loan offers more easily, as it provides a comprehensive view of the true cost of the loan.

A credit report is a detailed record of an individual’s credit history, including their credit accounts, payment history, and outstanding debts. Lenders use credit reports to evaluate an applicant’s creditworthiness and make lending decisions.

Prequalification vs. Preapproval

Prequalification is an initial assessment of your creditworthiness based on basic information provided to the lender. Preapproval, on the other hand, involves a more thorough review of your financial documents and credit history, providing a more accurate estimate of the loan amount and terms you’re eligible for. Preapproval can strengthen your negotiating position when shopping for a loan.

Conclusion: By familiarizing yourself with these essential terms, you’ll be better equipped to navigate the process of applying for small loans with confidence. Remember to carefully review all loan documents, including the terms and conditions, before agreeing to any loan offer. With a clear understanding of the terminology and your financial needs, you can make informed decisions that align with your goals and financial well-being.


Now, let’s delve into the different types of small loans available:

Personal Loans

  • Offered by banks, credit unions, and online lenders.
  • Unsecured: No collateral required, but often comes with higher interest rates.
  • Secured: Backed by an asset like a vehicle, potentially offering lower rates.
  • Uses: Can be used for various purposes like medical bills, home repairs, or debt consolidation.

Payday Alternative Loans (PALs)

  • Offered by credit unions.
  • Safer alternative to payday loans: Lower interest rates (capped at 28%) and longer repayment terms (up to 12 months).
  • Purpose: Primarily meant for unexpected expenses.

Line of Credit

  • Functions like a credit card with a pre-approved limit.
  • Interest is only charged on the amount used.
  • Flexibility: Borrow and repay as needed within the limit.

Pawn Loan

  • Secured loan using a personal item as collateral (e.g., jewelry, electronics).
  • Short repayment terms: Typically 30-90 days.

Beware of high-interest rates and potential risk of losing your item if unable to repay.

Choosing the Right Loan for You

  • Consider the purpose: Identify what you need the money for and how long you’ll need it.
  • Evaluate your credit score: A good credit score qualifies you for lower interest rates.
  • Compare interest rates and fees: Don’t just settle for the first offer. Research different lenders and compare their terms meticulously.
  • Be mindful of repayment terms: Ensure you can comfortably afford the monthly payments within the loan’s timeframe.

Essential Tips

  • Borrow responsibly: Only borrow what you can realistically repay.
  • Beware of predatory lenders: Avoid loans with excessively high-interest rates and hidden fees.
  • Explore all options: Consider alternatives like personal savings or negotiating payment plans with creditors before resorting to loans.


  • Small loans can be helpful tools, but they should be used strategically and with caution.
  • Always prioritize understanding the loan terms and conditions before signing any agreement.


In order to eliminate a short liquidity problem or possibly make some renovations to the house, the Bankate offers the best online microcredit.

Especially the very low interest rate and the very flexible terms of up to 60 months convince.

Frequently Asked Questions:

What is a small loan, and how does it differ from other types of loans?

  • A small loan, also known as a personal loan or microloan, is a type of borrowing typically used for relatively small expenses or emergencies. Unlike larger loans such as mortgages or auto loans, small loans typically have lower borrowing limits, shorter terms, and may not require collateral.

How much can I borrow with a small loan?

  • The borrowing limits for small loans can vary depending on the lender, your creditworthiness, and other factors. In general, small loans may range from a few hundred to a few thousand dollars, allowing borrowers to access funds quickly for immediate needs.

What are the requirements to qualify for a small loan?

  • The requirements to qualify for a small loan can vary by lender but typically include factors such as a minimum credit score, proof of income, employment status, and residency. Some lenders may also consider factors such as debt-to-income ratio and credit history.

How quickly can I get approved for a small loan?

  • The approval process for a small loan can vary depending on the lender and the complexity of your application. Some online lenders may offer instant approval decisions, while others may take a few days to review your application and verify your information before making a decision.

What interest rates can I expect with a small loan?

  • Interest rates on small loans can vary widely depending on factors such as your credit score, the lender’s policies, and prevailing market conditions. Generally, borrowers with higher credit scores may qualify for lower interest rates, while those with lower credit scores may face higher rates to offset the lender’s risk.

Are there any fees associated with small loans?

  • Yes, small loans may come with various fees such as origination fees, application fees, late payment fees, or prepayment penalties. It’s essential to review the loan terms carefully and understand any fees associated with the loan before agreeing to the terms.

How long do I have to repay a small loan?

  • The repayment terms for small loans can vary depending on the lender and the loan amount. Repayment periods may range from a few months to several years, with shorter terms typically associated with smaller loan amounts and longer terms for larger loans.

Can I use a small loan for any purpose?

  • In most cases, yes, you can use a small loan for any purpose, including covering unexpected expenses, consolidating debt, making home improvements, or funding a vacation. However, some lenders may have restrictions on how the funds can be used, so it’s essential to check the loan terms.

What happens if I can’t repay my small loan on time?

  • If you’re unable to repay your small loan on time, you may incur additional fees, penalties, and damage to your credit score. It’s crucial to communicate with your lender if you’re experiencing financial difficulties to explore potential options such as payment extensions or loan modifications.

How does taking out a small loan affect my credit score?

  • Taking out a small loan can impact your credit score in several ways. Applying for a loan may result in a hard inquiry on your credit report, which can temporarily lower your score. However, making timely payments on the loan can help improve your credit score over time by demonstrating responsible borrowing behavior.

Begin typing your search term above and press enter to search. Press ESC to cancel.

Back To Top