The Guarantee Foundation’s Miniloan

The Guarantee Foundation’s miniloan is an affordable and reliable financing option for unexpected expenses or well thought-out purchases.

The miniloan is intended for people with low income who cannot get an affordable loan on the credit market due to low income or a payment default entry.

The amount of the loan can be between 200 and 2,000 euros.

The repayment period is up to two years.

The monthly instalment is calculated according to your ability to pay.

The loan’s total interest rate is 7.00 per cent (1 January 2023). There are no other charges for the loan. The interest rate is based on the base rate set by the Ministry of Finance at the time of withdrawal, with 4.50 percentage points added.

For example, for a loan of 1,000 euros, you will pay a total of 1,055 euros, if you pay it off in 1.5 years with 60 euros per month.

Is a miniloan right for you?

Yes, if you have a solid financial standing and are able to repay the loan regularly every month.

When you apply for a loan, we assess your financial standing based on your income, expenses and debt information.

Before applying for a loan, consider the following questions:

  • How much money do you have coming into your account per month?
  • How much of it goes to rent and everyday expenses (e.g. food, medications, commuting expenses)?
  • How much debt do you have and how much money goes into paying them each month? Debt includes all credits, overdue bills and instalments that you pay monthly or that are in debt collection or recovery proceedings.
  • How much can you repay a miniloan each month?
  • Could you save for the purchase in advance?
  • Could you receive income support for the purchase from Kela or your local social services?

The miniloan cannot be granted, if

  • you regularly receive basic income support
  • your debt servicing costs are already high
  • you already have a debt arrangement in force,
  • you have debts in debt collection or recovery proceedings.

Ask about the Miniloan and how to how to apply for it:

tel. 050 566 1930 or 050 384 5962,