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.
Is it possible to get a loan with a foreign passport?
A mandatory condition for receiving money from a microfinance organization or pawnshop is the presentation of a national passport. The lender needs the document for several important reasons:
- Identify the identity of the borrower, that is, distinguish it from other clients
- Confirm citizenship
- Check availability of registration
- Make sure the client is over 18 years old
Comply with the requirements of the law, which obliges the provision of services only if you have a passport
A foreign passport cannot replace a regular one for any of the above purposes. This document is needed when traveling abroad. It does not contain registration information. In addition, a foreign passport has a limited validity period—it can be changed or not received at all.
Conclusion: you cannot apply for a loan without a passport; a foreign passport is only suitable as a second identification document.
Does the foreign passport remain with the owner?
All documents that the client presents when applying to the MFO remain with him. A foreign passport is not accepted as collateral. If you submit an application online, all you need to do is present a photo and fill out the information in the form.
How much can you get?
The loan amount depends on the tariff plan and other factors:
Short-term microloan up to 30 days – up to $30,000
Long-term microloan up to one year – up to $100,000
Collateral loan up to 3-5 years – up to $500,000 in MCC and $1,000,000 in MFC, but not more than 50-70% of the value of the collateral
Lombard loan – up to 90% of the asset’s valuation
Despite the established loan terms, the debt can be repaid ahead of schedule at any time. In this case, the lender is obliged to recalculate interest in accordance with the actual number of days of use of borrowed funds.
Ways to receive money:
In cash at the lender’s cash desk immediately after signing the agreement
Transfer to a debit or credit card issued in the name
Requirements for the borrower
Requirements for clients in a microfinance organization are minimal. This is what makes the service attractive to different categories of citizens.
The standard set includes the following parameters:
Temporary or permanent registration
Age from 18-21 to 65-90 years
Capacity
Stable income
Availability of a mobile phone
In a pawnshop there are even fewer requests – it is important that the client is an adult citizen with permanent registration.
List of required documents
To apply for a loan you will need the following documents:
Citizen’s passport
driver’s license or international passport (as a second document for identification)
MFOs may additionally request salary certificates for long-term programs for a large amount with a low interest rate. The pawnshop is not interested in the borrower’s credit history and income.
How to pay off debt
The client has different options for repaying the debt; it is not necessary to pay the debt in the same way as the microloan was received. When choosing, pay attention to the commission and terms for crediting funds.
The list may differ in each company, but the following methods are most often used:
- Cash at the cash desk
- Online payment by card on the lender’s website
- Electronic money
- In cash at terminals, payment acceptance points, bank branches
- Transfer via Internet Banking
- Postal transfer
Payment is accepted from the borrower and other persons if the necessary payment information is available. You need to know the required details – the full name and INN of the company, the client’s full name, the number and date of the loan agreement, the exact amount of payment. At a pawnshop, people often pay in cash in order to immediately pick up the property.
It is important to make payments on time so as not to spoil your credit history and avoid penalties. Long delays may result in loss of deposit.