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.
An online microloan is a service provided by a microfinance organization (MFO) to individuals via the Internet. It will take no more than 15 minutes to complete the application. To do this, you need to go to the MFO website, fill out an application and enter your passport data. The money will instantly be credited to your bank card, account or e-wallet. You can borrow up to $100,000 for up to one year.
Applying for a microloan remotely allows you to urgently solve a financial problem. You can return the money in one payment or in installments according to the schedule, along with accrued interest. Repayment by cash or online transfer is available.
How to choose a microloan?
We recommend comparing offers according to several parameters: the amount of the final overpayment, the time it takes to consider the application, the possibility of extension, methods of receipt and repayment.
You should only contact a legal MFO, which is in the official register on the website of the Central Bank. You can also study reviews from other people who have already taken a microloan and can share their experience. The VZO rating presents only verified MFCs and MCCs.
It is better to clarify the lender’s requirements for the borrower in advance. This applies to age, citizenship, residence permit (registration), income. Many companies offer special conditions for retirees or new clients.
Microloans are issued for any purpose. For example, you can pay utility bills or have your computer repaired. You need to understand that the rate will be significantly higher than in the bank. Therefore, it is worth contacting an MFO if it is not possible to get a loan, or you need a small amount for a short period.
What documents are needed to receive money?
A microloan does not require a large number of documents. A citizen’s passport with a registration mark is required. A second document, for exampl driver’s license, IFC or MCC may be requested if necessary. This is quite enough to quickly get a payday microloan. Information about salary and work is indicated in the application form.
If we are talking about a large amount and a long period, the lender will additionally require a certificate of income, proof of employment, documents for the property being pledged and for the guarantor.
Methods for issuing and repaying microloans in microfinance organizations
Each company offers its own list of options. The client can take out a microloan in cash at the office, receive it on a bank card, electronic wallet, bank account or by money transfer. These are the most popular methods.
Payment to a card can be issued at almost every microfinance organization. Money arrives instantly and around the clock, allowing you to urgently solve the problem.
Debt repayment methods:
- Bank card. Online repayment is available in your personal account or instant payment without logging into your account using your contract or phone number. You can also set up auto payment
- Cash payment in the office
- Transfer using bank details. At a branch of any credit institution, through online banking or at the post office
- Electronic wallets
- Repayment by card, through an electronic wallet or at the MFO office occurs immediately. Other methods may take up to five business days.
Advantages and disadvantages of microloans
Like any financial service, a microloan has its positive and negative sides.
Advantages:
Availability. A citizen over 18 years of age with a passport can use the service. No need to collect a large package of documents
Speed. The entire process takes place online and takes no more than 30 minutes. You can contact us 24 hours a day
Simplicity. You can fill out an application online from any device connected to the Internet. No office visit required
Transparency. No hidden fees or mandatory payments. The refund amount is known immediately. In addition, the loan can be repaid early
Flexibility. You can get a microloan without refusal if you have a bad credit history or other debts
Benefit. Good conditions are available to new clients (loan at 0%) and regular borrowers (discounts, large limits, loyalty program)
Flaws:
Short loan term. On average, a microloan is issued for 30 days, long-term – for one year
High stakes. Maximum value – 0.8% per day
The MFO requests additional documents or collateral if a large amount is needed for a long period