Loans without commission

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The microcredit company VAYVND issues microloans to individuals online and in branches.
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.
Creditify is a service for issuing urgent online loans to a bank card. You can take out a loan on a card from this company for various purposes. Income certificates and guarantors are not required.

Can MFOs issue loans without commission?

A commission is a fee for a service. Interest is charged for using a microloan; there are no other fees for receiving borrowed money. According to current laws, a lender cannot impose additional paid services on a client. The choice must be voluntary. MFOs issue loans without commission at a set percentage. The maximum rate is 1% per day.

Often, a company, along with a microloan, offers various services for which you need to pay. The client has the right to refuse them. This applies to the following services:

  • Insurance
  • SMS notification
  • Legal consultation
  • Telemedicine
  • Emergency commissioner

Attempts to include hidden fees in the contract for the services listed below are a direct violation of the law and a reason to file a complaint with the financial ombudsman:

  • Consideration of the application
  • Issuing a loan in cash or on a card
  • Making a payment to pay off a debt (at least one option must be free)
  • Early closure of the contract
  • Bank card verification
  • Credit history analysis

Important! The client’s refusal to pay for paid services should not influence the decision to issue a loan. Any services are connected only at the request of the borrower. In addition, the lender must provide detailed information about their terms and conditions.

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