If you urgently need a small amount of money – for example, to pay for utilities or important purchases – then you can apply for a loan from a microfinance or microcredit company. Many of them offer to borrow an amount of $6,000 or more. To apply for a loan, just leave an application on the IFC or MCC website. Here are all the companies that issue microloans in amounts starting from $6,000. When choosing, consider the amount and term, interest rate, requirements for borrowers and other conditions.
Advantages
It is convenient to repay a small amount at the end of the term with interest
Completing the application does not require a large package of documents
Flaws
The smaller the amount and term, the higher the interest rate
How to avoid problems when obtaining a loan from an MFO?
This is necessary to make sure that the MFO is not an illegal (“black”) lender. When concluding a loan agreement, you need to carefully read the conditions for issuing money and repaying the debt. The agreement must contain a QR code with all the necessary information about the IFC, as well as information about the full cost of the loan. The document must reflect the full amount of the overpayment.
Will information about the loan taken be included in the bookkeeping department of the selected MFC?
Yes, information about a loan received from the IFC will be included in the BKI database. All microfinance organizations are required to enter information about loans issued and the payment discipline of their borrowers into the Credit History Bureau. Otherwise, the IFC will not receive the right to conduct its activities, that is, to issue microloans. All actions of each client are carefully recorded, thus forming his credit history.
What is an unsecured loan?
An unsecured loan is an agreement under which a microfinance company provides money to a borrower for a specified period at interest or zero interest without guarantee or property as collateral. These loans are unsecured for the lender, so the maximum amount is up to $100,000.