Features of a loan for 20 days
Such a microloan does not differ in basic terms from an offer for two weeks or a month. You can submit an application online and immediately receive the required amount on a bank card. The borrower repays the debt in one payment at the end of the term along with interest. The shorter the period, the less the overpayment will be.
Many MFCs and MCCs offer to take out a loan for 20 days without interest for the first time under the promotion. But new clients are given a smaller amount – typically from $1,000 to $15,000.
Basic conditions of microcredit
You can borrow money for twenty days on standard terms for short-term loans. Each company sets tariff plans at its own discretion, but on average the following parameters apply:
- Interest rate – from 0% to 0.8% per day
- Amount – from 1000 to 35000 dollars
- Repayment – at the end of the term
Pros and cons of loans for twenty days
Getting a microloan for 20 days is much easier than getting a loan from a bank. The borrower does not have to confirm income or visit the office. The money is transferred instantly, immediately after the application is approved and the contract is signed.
Other positive aspects of such a microloan:
- Fast and easy online checkout
- Availability of interest-free offers for new clients
- Issuance of money using a passport without guarantee or collateral
- Minimum failure rate
Disadvantages of borrowing money for a period of 20 days:
- Reimbursement of the entire debt amount in one payment
- Large overpayment due to high interest rate