Features of a loan for 21 days
A microloan for 21 days belongs to the short-term category and has the following features:
- The money must be returned in one payment after three weeks.
- You can apply online without visiting the office
- Issued for any personal needs and helps to urgently solve a financial problem
- Some microfinance organizations offer the option of extending the contract for a new term after paying accrued interest
Conditions for obtaining a microloan for three weeks
Most companies can take out a payday loan for up to $30,000. This is the maximum limit that is available to regular customers. When you first apply, the approved amount will be less. But if the MFO has a promotion for new users, you can get money for 3 weeks at 0%.
- Pros and cons of loans for 21 days
- Advantages of a microloan
- 24/7 processing of applications and quick response from the lender
- Minimum requirements for the borrower and documents
- Instantly receive money to your bank card
- Early repayment or loan extension
- No collateral or surety required
- Possible risks
- A loan for 21 days without interest is not available in every MFC or MCC
You can take out a small amount with a rate higher than in the bank
What you need to know about a 3-week loan
Can I get a loan if I have a bank loan?
Having active loans or credit cards will not be an obstacle when applying for a loan from an MFO. But the lender will check your debt service history and total current monthly payments. If there is a current delay or the debt load is too high (more than 50%), a refusal will follow.
What are the methods for issuing and paying for a microloan?
The list of options may vary from company to company. But the most popular methods are a bank card, e-wallet and cash. Cash transactions are available at the MFO cash desk, payment acceptance point, and through the terminal.
What conditions do companies offer for loans?
As a standard, you can get a microloan in most microfinance organizations in an amount of up to $30,000 for a period of up to 30 days at 0.8% per day. But sometimes the rate drops to 0.28-0.7%. If a client contacts the company for the first time, up to $15,000 for a period of no more than 21 days can be received from the promotion without interest.