Repeated loans

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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.

Features of re-loan

A repeat loan is receiving a secondary microloan from an MFO, in which the borrower is already listed as a client and has previously repaid the received microloan.

Microfinance organizations offer various preferential conditions for regular clients, because the company is already familiar with the person and is confident in his solvency and integrity. It is more convenient for a borrower who wants to take out a microloan again to contact the MFC or MCC where he previously borrowed money. This increases the chance of approval of the application, and the decision on a microloan comes faster, because the lender does not carry out lengthy checks.

Loan conditions will be more favorable, for example, the loan term will increase, the maximum loan amount will increase, and the interest rate will decrease.

Conditions and registration of a repeated microloan

Basic conditions for a repeated microloan:

  • Loan term – from 1 to 365 days
  • Loan amount – from 100 to 100,000 $
  • Interest rate – from 0.1% to 0.8% per day
  • A free re-loan at 0 percent cannot be obtained from the same organization where the borrower has already applied. This microloan is valid only for clients who come to a microfinance company for the first time.

You can get a microloan online on the MFO website; you just need to fill out a form. After approval, the money will arrive on the card within a few minutes. In addition, the client can come to the office in person, fill out an application and pick up the funds in cash.

If the borrower wants to apply for a microloan without interest 2 times, you need to contact another organization with a similar promotion. But there are also discounts and various bonuses for regular customers. We recommend that you carefully study the lender’s offers.

Is it possible to take out a new microloan before the first one is repaid?
Not every organization agrees to issue a new loan without repaying the first one. The main requirement for a repeat microloan is the presence of the previous debt closed on time. It is easier to take out a second microloan with current debt if you apply to another microfinance organization.

Is it possible to take out a second loan with an overdue loan?
If the client is slightly overdue on the loan payment, but previously paid off the debt with the microfinance organization on time, the organization is more likely to approve the application. However, in a situation where the borrower is late in paying the loan from this microfinance company and wants to take out funds again there, he will be refused.

How many times can you re-borrow?
The law does not limit the number of loans one person can borrow. The borrower can borrow funds any number of times if he repays the microloan on time. Many microfinance organizations offer various bonuses, promotions and benefits for regular clients. Usually, repeat microloans are given without refusal, since the lender is confident in the borrower.

What is the most current offer for today?
The number of best offers is 271 from reliable microfinance organizations. Loan amount from $10,000 to $500,000. Minimum interest rate 0.03%.

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