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.
A loan for a large amount for a long period allows you to receive money on more favorable terms compared to a regular payday microloan. You can apply for up to $10,000 for a period of up to 1 year. The maximum rate is 1% per day, but most microfinance organizations significantly reduce the interest rate for long-term lending to 0.3%. You need to repay the debt not in one payment, but regularly according to a schedule – once a week or 2 weeks. There are long-term loans with monthly payments, which are most similar to a bank loan.
How to increase your chance of approval
Simple tips will help you take out a long-term loan. You must carefully fill out the information in the form, avoid making mistakes, and do not skip lines. This will allow the lender to evaluate and identify the client. Before submitting an application, you should check whether the borrower meets the requirements established by this particular company. Otherwise, the system will issue an automatic refusal.
It is also important not to have serious problems with your credit history or other debts. This information is directly related to the client’s solvency. If you have a current overdue debt or a large debt load, it will be difficult to get money.
You can also contact new, little-known services that are building a client base and are more loyal to borrowers. Providing collateral or surety, as well as proof of official employment can really help.
Advantages and disadvantages of large loans
Like any financial product, long-term loans have their pros and cons.
Advantages
A long term allows you to choose a convenient regular payment amount
A large amount will help solve various financial problems
Low rate ensures less overpayment
Can be used to refinance short-term loans
Most offers are available online without an office visit
Flaws
Not all companies issue long-term microloans
The interest rate is noticeably higher than at a bank