Mini loan offer: costs, features and product details

The Berlin-based company Neofunding can without a doubt be called the pioneer in mini-credits / short-term loans in Germany. Already in 2012, at a time when the granting of loans was a priority banking business, the company, founded by Manuel Prenzel and still running today, was the first and for a long time the only provider of mini loans. Thus, the Neofunding mini-credit offering enjoys a high level of awareness and reputation among consumers, which is reflected in the repeated winning the Banking Check Award in Berteich short-term loans. During the launch phase of its lending business, Neofunding received an official certificate from the Dufol on the issue of short-term subordinated loans. Since 2013, Neofunding AG has been cooperating with the Munich-based net-m private bank 1891 AG, ​​which has given it the legally secure option to settle the deposit-taking business since then. The company operates with its Neofunding mini-loan offer exclusively in Germany and is also the operator of the credit platform Creditmore, which lends small loans to self-employed.

The Neofunding mini loan offer

The Neofunding mini loan offer

As a pioneer of the mini-credit market in Germany, Neofunding offers its customers as well as its current competitors short-term credits of between € 100 and € 3,000 (for existing customers) at a current effective interest rate of currently 13.9%. Thus, Neofunding is after the interest rate cut at Viloan with its offer for a small loan at the effective annual interest rate the most expensive mini loan provider in Germany. An instant loan taken out at Neofunding can be “stretched” up to a maximum of 60 days on request (additional fee-based option!). It is also possible to repay the microcredit taken out in 1, 2 or 3 monthly installments (also subject to a fee). As an existing customer, the loan can also be paid in up to 6 monthly installments.

The Neofunding mini loan offer at a glance 

  • Mini loan from 100 € to a maximum of 3000 €
  • Credit certificate allows credit even with a burdened private credit
  • 2-rate options allows up to 60 days to run
  • Express option allows you to receive the loan on the same day
  • 3-rate option for new customers
  • 6-rate option for existing customers 
  • Cash and Go option for existing customers

Neofunding Credit: Requirements & Services

Neofunding Credit: Requirements & Services

As with any other short-term credit provider, the Neofunding mini-credit offer also requires a few points when it comes to granting potential buyers such a short-term loan. So also applies to Neofunding that you have the age of 18 completed, of course, have a registered residence in Germany and ultimately should prove a regular income. On the other hand, it is unclear in which minimum amount Neofunding has to prove a regular income. Due to some blog articles at Neofunding, however, the hurdle does not seem to be that high, because Neofunding offers its mini-credit to students as well as apprentices and retirees, provided the other requirements are met. Consequently, the Neofunding mini loan offer is also interesting for those target groups who would have a hard time getting a loan in a classic bank.  

If these conditions are met and the decision has been made to accept the loan offer, you as a customer have the opportunity to benefit from the Neofunding mini loan offer as follows:

Online requirement of Neofunding short term loan

At Neofunding, the entire process of applying for credit takes place online. For this purpose, all credit interested parties on the website of Neofunding an online loan calculator available. By means of this credit calculator you enter your desired loan amount and the desired term. You will immediately receive the calculation of the total cost of the loan including interest. If the result of the loan calculator tells you, you can apply for the selected loan by pressing the button “Apply now”. As a result, personal information is requested.

Since the entire application process for Neofunding short-term credit is automated, processing is very fast. Once all the required documents have been sent to Neofunding via e-mail, the legitimation is still in place, which can be carried out quite quickly and simply using the Video-ID procedure of Web-ID. If the application for a short-term Neofunding loan is completed before 2 pm on working days, the approved loan will be transferred on the same day.

The cost of Neofunding mini loan

The cost of Neofunding mini loan

As mentioned earlier, Neofunding’s lending offer is at the upper end of the effective annual interest rate of 13.9%, but to date still the market interest rate level for mini-loans. This results in the following calculation example for a Neofunding loan:

Loan amount: 600,00 € Credit term: 30 days interest due: 6, 54 € Total repayment amount: 606.54 Annual percentage rate: 13.9%

With this interest rate, Neofunding’s mini loan is equal to that of competitor Viloan in terms of pure borrowing costs.

The costs at a glance

service costs
registration free
credit request free
processing free
Guarantee optional
Faster processing optional
early repayment free
Effective interest rate 13.90%
Debt interest rate tied pa 13.90%
Reminder costs in case of default 9 EUR

If the service extras offered are used, these costs will be deducted from the credit, which will increase the loan repayment amount by the corresponding amount. However, there are no exceptions that Neofunding incurs no EXTRA COST!