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.
Do they give a microloan for a driver’s license?
To receive a microloan from an MFO, you must have a passport. But additional documents are often requested to verify the client’s identity.
Previously, the law did not allow the use of a driver’s license for identification when applying for a microloan online.
You cannot take out a loan on your license without a passport. This is a mandatory document, and a driver’s license is an additional one.
Features of obtaining a loan using a driver’s license
You can receive the required amount from the MFC or MCC for personal needs according to your rights in the same manner as usual. This does not affect the terms of the loan, the likelihood of approval or the process of issuing money.
If you have the necessary data, you can quickly fill out an application online and receive money within 15 minutes. If the client takes a small amount up to $100-15,000, a simplified verification of identity and solvency is sufficient. The risks of MFOs are covered by the high interest rate on the loan.
Advantages and disadvantages of loans
Advantages
The main advantage of microfinance services is simplicity and accessibility. Other useful characteristics of a microloan:
- Speed. Urgent receipt of money is often required in difficult life situations. It takes about five minutes to register and fill out the application. It will take the same amount of time for the creditor to review the application. The last five minutes will be required to sign the contract and transfer funds. It is possible that these terms may be extended for objective reasons, but usually you can get a loan on the same day
- Convenience. Online services operate around the clock. There is no need to go to the office, stand in line, or explain to the manager. Such financing becomes as accessible as possible
- Prolongation. Most microfinance organizations offer the option of extending the contract. This will help if you don’t have the entire amount at once, you can pay only the interest and extend the term. This way you will not ruin your credit history and avoid late fees
- Early repayment. You can repay the borrowed funds before the due date without additional fees. This is the legal right of the borrower, which cannot be limited by the lender
- Transparency of payments. The activities of microfinance organizations are strictly controlled. The law sets a limit on the maximum interest and overpayment, obliges to indicate the full cost of the loan and explain all the conditions to the client. It is not allowed to impose additional paid services, for example, insurance.
Flaws
- High interest rate – up to 292% per annum. This is significantly higher than what banks offer
- Limited amount. Typically, microfinance organizations provide payday loans of no more than 30,000 rubles. For a long term you can borrow up to $100,000 without collateral and up to $100-1,000 with collateral