Loans up to 30 days, or until payday, are the most common type of microfinance services. Its peculiarity lies in the small amount and short loan period. Such loans are provided by almost all MFOs and MCCs. By taking out a loan for a month, you can solve an urgent financial issue without borrowing money from relatives or friends. Next, you will learn about the main conditions, pros and cons of obtaining microloans for 30 days. Read reviews from other borrowers, loan repayment methods and features of obtaining an interest-free microloan for 1 month.
Many organizations offer microloans for a short period, for example, a month. This method is convenient for small and medium amounts up to $20,000. The application can be completed online and money will be received via bank card, e-wallet or money transfer. We have collected all MFCs and MCCs that offer monthly loans on this page. When choosing, consider the amount and term, interest rate, requirements for borrowers and other conditions.
Conditions for obtaining a monthly loan
MFOs usually issue loans of medium size up to $20,000. The loan is provided to people over 18 years of age without refusal. The maximum age varies from 60 to 80 years. You also need a permanent source of income and registration. A bank card issued in the client’s name is required to receive a loan online. The interest rate cannot exceed 0.8% per day.
On the microfinance company’s website, you need to fill out a form, which includes: passport data, information about employment and income, availability of assets, other loans, and marital status.
Why is it profitable to take a monthly loan online?
Short-term loans have their obvious advantages due to the fact that they are issued online:
- The speed of obtaining a microloan – from filling out the application to receiving the money will take no more than 1 hour
- Simplicity and accessibility of receiving services – online services allow you to receive money around the clock in any locality
- The ability to quickly intercept money before your salary or pension
- Wide selection of different offers – you can choose the best option
- Minimum requirements for the borrower and documents provided
- Opportunity to issue interest-free loans to new clients
This service also has its disadvantages:
High interest rate compared to a credit card or bank loan – up to 365% per annum
Limited limit on the loan amount – you won’t be able to borrow a large amount for a month
Applying for a loan without interest for 30 days
Many MFOs and MCCs offer new clients preferential conditions when applying for their first microloan. The borrower gets the opportunity to borrow money without interest and test the service, as well as improve their credit history. For MFIs, this marketing ploy is also beneficial – they can lure clients away from competitors and expand their client base. Next time, the loans will already be paid, but regular borrowers have their own discounts and bonuses.
If you are taking out a loan for the first time, it is important to repay the money on time, otherwise interest will be charged in full for each day you use the borrowed funds.
Advantages
This loan is convenient if you urgently need money before your salary or pension
The amount of debt must be repaid once at the end of the term along with interest.
Loans with a small amount per month are the most popular service from MFC and MCC. Therefore, most organizations issue them
Flaws
Paying a large amount for a month is often inconvenient