Microcredit, the conditions of obtaining a

Where to get a microloan? Face it.

In every person's life a situation may arise when money is needed in a particular time, but they are not. This happens when a little miscalculated your finances, but payday is still too soon, or broke the phone, and the credit card limit has already been spent.

A Particularly difficult situation is in case a person has no confirmed officially income or damaged credit history. Thus, a loan through a banking institution could be made.

Where to take a loan?

In such a life difficulties and come to the aid of micro-Finance company. They represent financial institutions, working as online and in person.

Their Main function-the issuance of small loans to potential customers without bureaucratic delays. It is possible to obtain a loan of 18. Necessary for obtaining the micro-loan documents limit passport and completed application. Approved funds will be credited to the account or card within a few minutes.

This article will discuss in detail the conditions and features of microcredit, the advantages and disadvantages of this system of lending, as well as reviews of micro loans.

Small instruction

Before you can take advantage of the many offerings of microfinance institutions and to get a loan, you must be absolutely sure that the money you really need and you are satisfied with the terms and conditions of issuance and future maturity.

It is a question of the credit limit and terms of their return are the main issues that arise while the registration of a microloan. Carefully consider your financial situation, perhaps it's not as bad as it seems, and you can find other ways to solve the problem. You can always peresent of money from friends and interest-free.

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In addition, most banks at minimum issue credit cards with a grace period of repayment up to two months. The latter option is much more reasonable than microcredit, and more profitable, because if to repay the funds within the grace period, we excluded the overpayment for using credit. And just in case all the above options have been exhausted should use the services of financial institutions.

Is there a microloan with no interest?

The Potential borrower is given a unique opportunity when first applying to qualify for a cash loan, and the interest will not have to pay. Indeed, this is very beneficial, especially when you consider that MFI charge for a loan from 365 to 720 % per year and more.

Unfortunately, not everything is so rosy. Time and the amount is strictly limited according to the individual conditions of the lender. The minimum size is 2000-3000 rubles. Term loan is also restricted to a week or two. If such a loan back on time, it will have a positive impact on subsequent cooperation. The organization will become more loyal and are more willing to give money to the debt.

Features

In this case also there is an important caveat: if financial difficulties are regular, it is better to find another solution and avoid the microcredit. After all, such a loan can give no better than the credit taken in Bank. While interest on microcredit large and huge penalties for late payment. For this reason, one should clearly understand when you will be able to return the entire amount as an overpayment a few months of use of funds to microcredit might increase the sum twice.

Not all available consumer loans, since it is impossible to provide the necessary documents or the person already has a number of loans. People with bad credit history micro loans help to solve financial problems. Moreover, reviews of the microcredit said that actually getting a loan problems do not arise, but it is still a last resort, when all other options of obtaining money tried.

Advantages

The Credit institution is ready to offer its customers a variety of programs to microloans. For the most part this is a small amount of money to 50 thousand. However, there are suggestions that a limit of up to 1 million rubles. The main advantages of this type of lending are as follows:

1. Instant decision on the loan. If a person is drawn first, then employees will conduct the necessary investigation and make a decision within a few hours after registration. In subsequent actions on the review is much faster as the data of the borrower is already in database.

2. To obtain the loan you need to provide only a passport. Sometimes this may require a second document from the list of the credit institution (this may be a social security number, driver's license or passport).

3. Micro-loans are issued without collateral, even guarantors do not need to look. The loan security may be required if we are talking about a large sum of money.

4. Microfinance organizations do not need to announce the purpose for which the loan is taken.

5. Relatively comfortable repayment options.

6. The income of a potential borrower does not matter for loan.

7. Microcreditwithout checking the credit history – it is also a great advantage.

Disadvantages

The Main drawback of this system of lending is the cost of the microloan. It is the most expensive type of lending. However, such loans are issued for short terms, therefore, the overpayment is not critical there.

The Main difference from a Bank loan is that interest rates on microloans are charged for the weeks or even days. For the most part interest is equal to 3-6 % per week or 1-2% a day.

Such high interest is because the results of microloans is highly risky for financial institutions.

Design

Microfinance organizations at the moment mostly concentrated in the Internet, there you can receive urgent microcredits online. The market in this area is crowded, it is sometimes difficult to make a choice. The main recommendation in this case is the choice of the organization, the terms of which you will be able to perform for a small period of time.

Although the amount of the microcredits, usually small and do not exceed 50 thousand rubles, if you do not repay them on time, then a few months the initial cost of the loan will increase tenfold. This is due to the fact that interest rates on microcredits are much higher than in banks. If the consumer credit is given, on average, below 40 percent per annum, micro-credit bet can reach 365 % or even twice as much – numerous reviews of the microloans confirm this. It is therefore important to assess all the risks before making a microloan.

For registration of a microloan, as already mentioned, you only need the passport of the citizen of the Russian Federation. On the organization's website to complete the application for microcredit, and graphs relating to the place of work, address and telephone, do not require documentary evidence. Employee of the company, which will consider the application, may call you to verify these details. The loan is approved in the vast majority of cases. After that the funds will be transferred to your Bank account or card.

The Availability and ease of obtaining a microloan is definitely appealing to potential customers. No need to spend time gathering the necessary documents to go to the Bank to find guarantors. However, the potential risk of being in financial bondage is quite large. Therefore, you should not delay the loan repayment, it is better to repay it within a specified period.

Types of microloans

Depending on how the funds approved microzyme are issued to the client, allocate the following types:

1. Microcredit in cash. The contract in the office of the company is signed (by the client is carefully studied, especially items for repayment, maturity and interest), then throws the approved amount. Rate, usually equal to 2-3 % per day.

2. A microloan on the card. The loan is issued at any time on the Internet. After approval the money is credited to the specified card number, and mailed the contract. If the card is not available, it can be obtained directly from the office of the company. Subject to early or at least timely repayment of the microloan the client may continue to rely on a larger amount of loan at reduced interest.

3. Kivi-purse. This is made special service. The main convenience of this method is that the loan can be drawn directly through the Kiwi purse.

4. "Yandex. Money." The scheme of obtaining a similar plastic card, but only in the details indicate the number of Yandex-purse.

5. The System "Contact". In this case, after registration and approval of the application for the grant of a microloan should contact the point of Contact with the passport and the transfer number.

6. Home. After registration and the application is approved the money is brought to the specified address in the form of cash or credit card.

Most popular microloan organizations

The Most common today, microfinance institutions that offer to apply for micro-loans online, are:

1. “Home money”. The loan amount does not exceed 50 thousand rubles. The application is considered within several hours on the passport. Since 18 years microcredit can take any citizens, for a period of one year, at a rate of 8.9 % per month. The additional fee be waived. The application can also be made via telephone. Once approved, the Manager will deliver cash or a plastic card of microcredit at the specified address.

2. “Viva Money”. During the first call, the client can calculate the amount to 16 thousand, in re to 40 thousand. The age of the borrower is limited from 21 to 70 years. The maximum term of the loan-six months, under 18.9% in a month. You can get the money in cash or through "Contact". Borrower's credit history does not matter.

3. “Migkredit”. In the first stage can receive up to 25 thousand rubles, then this amount could double. After the approval the loan will be transferred to the Bank account, card "Corn" or transfer through «Euronetwork». The age of the borrower should be more than 23 years, maximum loan term – 6 months at 9% on a monthly basis.

4. “Yes!Money». The company is represented in many major Russian cities. Loan amount up to 10 thousand rubles. Application is processed within half an hour. Age from 21 to 65 years, for up to 15 days at 2% per day.The failure to pay is punishable by a fine in the amount of 2 % per day. All interest is paid at the end.

5. “E loan». You can get up to 20 thousand rubles. Credit period of up to one month and borrower's age from 20 to 65 years. Interest on the loan up to 60% per month. An obligatory condition is the presence of a phone number and a Bank account.

In the savings Bank microcredit now too issue.

What is a microloan Sberbank?

The Money given for a short time. Such loans are ideal in cases when you urgently need money and payday is still far. It will be the perfect solution, as you long-term loan will not have to borrow and pay a large percentage is also not necessary. A microloan Sberbank are available online in a few minutes. However, the amount of this is small, but no need to go to the Bank and waste your time for a couple of thousand rubles.

The Customer will need through your personal account in the «Sberbank» to request the desired amount. A few days later just as easily loan you can pay back, and charge him with his payroll card.

Repayment Terms

Microcredit without interest, to execute all. But most often it is impossible.

Each microfinance institution has its own requirements and conditions of repayment of the loan. Most often, customers are encouraged to pay the full amount of the loan at the end of the prescribed period or to pay weekly a certain amount of money. Payment can be made in the offices of the organization, and through the Internet services and terminals.

It is Very important not to forget that the late payment will be charged large fines, which will increase the initial amount of times. Microfinance institutions transfer the debts of unscrupulous clients collectors.

The Study of credit conditions and all points of the contract is obligatory at registration of a microloan. The possession of full information on the loan taken will help to avoid unpleasant consequences, and unexpected surprises when you use cash.

Repayment of the microloan, which was issued for the long term, can occur in the following ways:

1. In cash through the cashier in the office of the credit institution.

2. Non-cash payment.

3. Through electronic payment systems.

4. Through the terminals and ATMs.

5. Mail order.

Reviews about micro-loans: the pros and cons

If you perform all of the above, the conclusion that the loans in certain situations can solve the financial problems. It is an affordable and quick way to get some money simultaneously. The main thing - to understand that this decision is appropriate and indeed necessary. It is important to adequately assess the potential risk and their financial ability to return the loan amount. This is a last resort in solving financial problems. If there are other options like going to the Bank, it is better to use them.

As for the reviews, they are quite ambiguous and controversial. Those who are faced with the delay and charging extortionate fines, of course, complain about the constant calls and outright extortion by employees of the microfinance organization.

Of Course, this situation is unpleasant for the debtor and for the company itself. That is why you should assess your financial capabilities before you take such a loan. It is important to return the funds in specified period and to prevent arrears.

Most reviews on the activities of microfinance organizations, however, positive. Many microloans have helped in difficult situations. Someone went on a trip, forgetting house credit card, someone has formed an unexpected urgent expenses and payday is still far. In such cases, to take a loan is really beneficial, especially if for a short time and provided fast payment. The convenience of processing via the Internet is also attracting more customers. This greatly facilitates the process of obtaining the money in any convenient form.

The negative feedback that quite often you can find the information that is already approved for the loan the money is credited to the account within four days. This, of course, caused a wave of complaints from customers because often the funds when applying for the microcredit need “yesterday”.

Microfinance institutions explain such delay established regulations. So when you make sure to check with the Manager, the deadlines for transfer of funds in order to avoid such misunderstandings.

Pretty much dissatisfied with the company «Rodange”. However, the majority of complaints compiled by those who through their own fault are behind on your payments. There are, however, several justified complaints, particularly in relation to raising interest rates for delinquent debtors. Thus, commitment to the organization are constantly rising, will drive the debtor in endless financial bondage.

However, there is still a large part of the blame lies on the person, arrange the loan, because all the conditions prescribed in the contract. In order to avoid misunderstandings should just carefully read this document and do not sign it, not being confident in the possibility of fulfillment of its terms.

The Desire of microfinance institutions to recover their funds is justified by the fact that this is the basis of their activities. They go on potentialrisk giving loans to virtually everyone, and to forgive the debts, of course, will not.

However, their obsession often leads to backlash on the part of the borrower. It should be remembered that to avoid dialogue with the company that issued the loan, in case of delay of payments is not worth it. It makes sense to discuss possible options and the period of repayment.