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.
Long-term loan with low interest
A small interest rate is the main advantage of a long-term loan. Compared to a regular microloan, MFOs set a rate lower than the maximum 1% per day. On average, 0.3%–0.5% is charged daily. The limit on the amount is $100,000, on the term – 1 year. You can receive money on your card 24 hours a day.
You need to repay such a microloan in installments, once a month or a week, as indicated in the schedule. All details about the amount and payment date are set out in the loan agreement. This method of debt repayment is more comfortable for a person, it allows you to plan a budget and gradually pay off the debt without harming your wallet.
How to increase the chance of your application being approved
It is easier to take out a loan with a minimum rate for a regular client who has previously applied to this microfinance organization and has established himself as a conscientious borrower. The chances are also high for those applicants who do not have serious problems with their credit history, debt burden, or income level.
Another option is to choose a recently opened company that is gaining a client base and is more loyal to clients. IFC and MCC are more willing to give money to borrowers who have confirmed their employment and earnings.
Advantages and disadvantages of large loans
A long-term microloan at a small interest rate is characterized in different ways. We advise you to first compare all parameters.
Advantages
Favorable conditions – large amount and long loan term
Possibility to use funds for any purpose, including refinancing
A variety of offers on the market, everyone can choose the right one
Online registration without office visits and queues
Convenient repayment with regular payments that won’t break your pocket
Flaws
Compared to a bank loan or card, the interest rate is still high
A collateral or surety may be required as security