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.
Long-term loans with bad credit history
A microloan becomes an alternative to a bank loan if the bank refuses. MFOs are more loyal in assessing clients and put forward less stringent requirements. However, if there are serious problems with the CI, they must be corrected first, otherwise you will not be able to get the money.
A large long-term loan has different conditions from a short-term microloan. You can borrow up to $10,000 for up to 1 year at a rate of 0.3–1% per day. Repayment is carried out regularly in accordance with the approved schedule, for example, every 2 weeks. You can apply online.
Microloan repayment methods
The list of debt payment options may vary in each company, but we will highlight the main ones:
- Bank card. You can transfer funds in your personal account, quickly and without commission
- Cash at payment acceptance points. The intermediary can be communication shops, self-service terminals, and special services. You will need your contract number or details. Commission is charged at the discretion of the operator
- Transfer to account. You must contact the bank office or use Internet banking. Deposit may take up to 3 days, a commission is charged at the rates of the sending bank
- Electronic wallets. Fast online transfer
How to increase your chance of approval
MFOs do not always issue loans without checking the borrower. Therefore, to increase the likelihood of approval to receive money, it is recommended:
- Pay off overdue debt
- Reduce your monthly debt obligations
- Contact a company whose services the client has previously used
- Fill out the form carefully and carefully, without errors.
- Provide collateral or surety
- Confirm employment and income with documents
Advantages and disadvantages of large loans
A long-term loan with a bad credit history has a number of pros and cons, like any service. We recommend that you study all the parameters in advance.
Advantages
Large selection of different offers
Opportunity to receive money urgently
A large sum to solve various problems
Use for refinancing other loans
Long lending period and repayment in installments
Flaws
More thorough and lengthy assessment of the borrower
The loan rate is higher than on bank loans