Weekly loans have their own specifics. They can easily be obtained by every who has reached the age of majority and who has a regular income.
Borrowers who take out a microloan for the first time can count on a grace period without interest. This condition is stated in the contract. An amount of $15,000 is available for new clients.
Before deciding to apply for a loan from an MFO, it is worth assessing your financial capabilities, since in case of delay, increased interest will be charged.
If the borrower is unable to repay the debt on time, you can pay only the current interest and extend the contract. The availability of this opportunity should be clarified in advance.
Basic loan terms
Each microfinance organization has individual requirements for borrowers, but the basic conditions are the same in almost all microcredit organizations:
Loan amount – $100–30,000
Rate – up to 0.8% per day
The deadline for receiving money is in most cases immediately after the application is approved
Advantages and disadvantages of a weekly loan
Loans for 7 days have their advantages and disadvantages, which determine whether it is worth applying to an MFO. Here are a few of them:
Advantages
Money is available to clients with different income levels
Bad credit history is not an obstacle to application approval
Loans can be applied for 24 hours a day
Flaws
Small amount
High repeat rate
How to get a microloan for seven days
Choose a suitable offer from our catalog
Fill out a form in which we indicate your data, amount and method of receiving money
If the decision is positive, the applicant will receive a notification by phone. Money can be received in the specified way – to a card, current account, electronic wallet or in cash at an MFO branch
If errors are made when filling out the form, the application may not be approved, so it is recommended to check the entered information
Requirements for the borrower
Most organizations issue money who are over 18 years old. In some microfinance organizations, you cannot get a loan until you are 21 years old. The maximum age of the borrower is 65–99 years (depending on the conditions of the selected company).
Loan for 7 days is available:
- For students
- For pensioners
- People with open credits and loans
- Borrowers with low credit ratings