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.
When to take out long-term loans
Long-term microloans differ from short-term ones in that they have a longer lending period. Regular payday loans are issued for 3–30 days and are repaid in one payment, while long-term loans can be obtained for a year and repaid in installments.
How to apply
What you need to get a long-term microloan:
- Study the list and choose an offer. Compare the conditions of long-term microloans in different microfinance organizations – interest rates, maximum limit, regularity of repayment, requirements for the borrower
- Collect the necessary documents.
- Fill out an application. After registering on the MFO website or mobile application, enter your personal data and upload photos of documents. Specify the requested amount, return period and method of receiving funds
- Wait for a decision. The process usually takes several days depending on the complexity of the application and verification of supporting documents
- Sign the contract. To do this you need to enter a special code from SMS
- Get money. The amount will be credited to the card instantly
Advantages and disadvantages of a long-term loan
Advantages
Paying off debt in installments. Low monthly payments reduce credit burden
Large sum. Suitable for solving any financial issues
Low interest rate. Due to the long term, the percentage is reduced to 0.1–0.5% per day instead of the maximum 0.8%
Fast and simple registration. Most companies respond to an online application immediately and do not require a large package of documents
Online application. No need to go to the lender’s office, just submit a request via the Internet, which is processed around the clock
Various payment methods. You can pay off your debt by transfer, card, cash, or from an electronic wallet
Flaws
Overpayment increases due to a long credit period
Promotion not valid for new customers
You need to provide a collateral, a guarantor, and a salary certificate in order to receive the money without refusal.
In some companies, the tariff is available only to regular customers