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.
Why you should take a loan from a little-known microfinance organization
Unknown microfinance organizations are trying to attract as many clients as possible. To do this, they use marketing tools that make microloans profitable for borrowers. In such companies you can borrow money for two days or for a longer period.
Advantages and disadvantages of newly emerged MFOs
New MFOs offer their clients:
- Low rates
- First loan at 0%
- Loyalty programs
- Approval of 95% of applications
- Servicing borrowers with open arrears in other credit institutions
- Minimum documents (usually only a passport)
- 24/7 transfer of money to card, account, e-wallet
- The main disadvantage of new microfinance organizations is the unknown quality of service. These companies still have few reviews, so it is difficult to draw a conclusion about the level of their service. There are organizations that actually give microloans, but there are also those from whom it is difficult to get money.
There are two more disadvantages that apply to all microfinance organizations, including MCC and IFC:
- High interest rate compared to banks
- Small loan amount
How to get a loan on a card from an MFO
To get a loan on a card you need to follow the algorithm:
- Select a creditor company
- Fill out an application
- Specify the method of receiving money (to card)
- The money is transferred instantly after the application is approved.
FAQ
How to pay off a microloan debt?
MFOs offer several options for debt repayment – ATMs, terminals, communication shops, online transfers. It is advisable to clarify the exact list when submitting an application.
The main condition for repaying debt is timeliness. If payment is late, you will have to pay fines and penalties. In addition, this will have a bad effect on your credit history.
When there is a risk of delay, you need to contact a company representative and agree to extend the contract. Usually, creditors accommodate their requests and increase the repayment period for their clients. In this case, fines and penalties are not charged, and the borrower’s rating is not reduced.
Is it possible to get a loan without checking your credit history?
Microfinance organizations, just like banks, check the client’s credit history. Therefore, you cannot take money without verification. But these credit institutions have different evaluation criteria – microfinance organizations are much more loyal to clients with poor CI and issue money to those whom banks refuse.