The microcredit company FinaGuru issues short-term and long-term online loans to individuals. The organization does not have a branch network; it operates remotely via the Internet.
Creditnice is a microfinance company operating since 2013. It specializes in loans with online processing, including to pay for purchases from partners; it also issues virtual credit cards and provides credit lines.
Offers on the financial services market are not always profitable and safe. Clients are faced with unscrupulous lenders: from black lenders to legal microfinance organizations that mislead buyers.
To avoid becoming a victim of deception, you need to study the documents in detail, regardless of the method of signing them. But even if you were deceived, you can defend your rights. Applications about unscrupulous creditors should be submitted to the Central Bank.
Signs of MFOs operating without deception
You need to be serviced by microfinance organizations that meet the Central Bank criteria for:
- Volume of equity capital
- Issue limits
- Maximum interest rate
- Total amount of overpayment
The company must have a license. The information is usually posted on the company’s website: it is required to be provided to clients upon first request.
Clients have access to the option of prolonging the loan. There are no limits on early repayment of debt.
Advantages of proven microfinance organizations
The main advantage of bona fide microloans is fast, round-the-clock and secure access to finance. To apply for a loan you need a smartphone, internet and a passport. The money will be transferred to the card within an hour. The preliminary decision will be known in 10 minutes.
Both clients with a good credit history, as well as citizens without credit history and those who have defaulted on loans can take advantage of the offers.
The legality of the company’s activities is the key to the security of the borrower. If the company operates legally:
- Fraudsters will not steal personal data from your application
- The interest rate will not be higher than the level regulated by the Central Bank
- The amount of the overpayment will not exceed the amount of the original loan
- Legal MFOs do not use illegal methods of debt collection and do not turn to black realtors to collect debts.
You can determine the legality of services by studying information about each financial partner in detail.
How to pay off debt
You can repay the debt in the ways provided for in the agreement:
- According to account details
- In the company’s personal account
- Through the lender’s cash desk or terminal
- In the office of an MFO partner
- If payment is delayed, interest will be charged on the amount owed. If a payment is late, you should definitely notify your microfinance organization.