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.
Loans with extension
Extension of a loan agreement is a change in the terms of the loan, which must be formalized by an additional agreement. The new agreement between the lender and the borrower concerns the extension of the loan repayment period.
An important condition for extending the term of a microloan is the payment of already accrued interest. You can reschedule the payment date only after you have paid the specified amount. Prolongation can be automatic or non-automatic. Typically, microloans are extended for up to 30 days, but the conditions depend on the specific company.
How does extension work?
If the client does not have time to pay the microloan on time, he can apply for an extension of the loan term. You can activate the service in person at the organization’s office or instantly on the MFO website online. The option is provided by many microfinance organizations.
Before signing an additional agreement to extend a loan from an MFO, find out the conditions and restrictions:
- The client must not violate the terms of the loan, allow delays, or delay payments
- The limit on the number of possible extensions has not yet expired
- The borrower paid the accrued interest
- The applicant’s credit rating has not decreased
- The borrower provided reliable information in the application form
How to get a microloan with extension
Loan extension is an additional service. It is found in many microfinance organizations. You can connect it in different ways:
- In any office of the organization
- In your personal account on the official website
- By hotline number
If you really need money, but you can’t borrow from friends, you can instantly get a loan without a lengthy personal data check. Leave a request in the office or on the official website. You can receive money in 10–15 minutes at any time in cash or by transfer to a card. Most services operate online and the entire procedure from filling out the application form to issuing funds takes place remotely.
MFOs are more loyal than banks, so they give out money even with a bad credit history, without work or constant income. When you first apply to some companies, you can get a microloan without interest. In this way, companies attract new customers and expand their audience.
MFOs offer a variety of tariffs for borrowers:
- Short-term – issued for up to 30 days
- Long-term without collateral or with a guarantor – available for a period from 30 days to one year
- Long-term secured by car – can be issued for a period of up to five years
- You can repay a microloan in one payment or in equal installments according to the schedule, depending on the tariff. The longer the loan period, the lower the rate. You can make payment by debit card, cash, bank transfer, electronic money and other methods.
Borrowers often have access to various promotions, such as discounts for regular customers or birthday people. They can be combined with prolongation.
Please note that an extension is usually possible if the loan is received for a short period of 1-2 months, which means repayment in one amount. This function is not provided for long-term programs, as it does not make much sense.