The activities of microfinance institutions in Russia are aimed at providing urgent financial assistance to Russian citizens within the limited amount of funds for a short period of time. As a rule, applications for a microloan in MFIs do not have refusals, since a high interest rate fully compensates for unforeseen delinquencies in loans. One of these credit services is RosMoney. Customer reviews indicate the trouble-free issuance of short-term loans and loyal conditions that allow you to issue a microloan to citizens with a bad credit history.
What is a microfinance organization
The concept of "microfinance structure" has appeared on the modern financial market for a long time. The first MFI was founded in 1944. At that time, the profitability of microcrediting was evaluated by borrowers and accepted in society. Today, the majority of the country's population uses the services of microfinance organizations. According to the register of MFIs, which was organized by the Ministry of Finance, there are approximately 350 such institutions. Microcredit services are in the stage of intensive growth, and by the end of the year their number may increase to 450.
A high degree of demand among citizens of the Russian Federation is due to the loyal conditions for obtaining a loan and the ability to take an urgent loan without additional income statements and attracting guarantors. As a rule, microcrediting is carried out online, that is, without the need to personally visit the office of the company. Therefore, the client base of MFIs is constantly expanding due to new users, which creates healthy competition for loans in large banking institutions.
The similarity of a bank loan with a short-term loan
Both types of lending represent the receipt of borrowed funds in order to improve the financial situation and solve urgent financial problems. From the moment of receiving the money, the borrower has certain debt obligations to the organization, which he must fulfill upon the expiration of the established period. The lending period is indicated in the contract. Together with the principal amount of the debt, the client is required to pay a fixed interest rate accrued for the use of cash.
Unfulfilled debt obligations to a bank or an MFI can lead to serious consequences, including criminal liability. The imposition of penalties and interest on debt is also a common feature of both types of lending. Do not think that microfinancing with its simplified design system is a frivolous type of lending. Just like large financial institutions, MFIs take measures and collect debt from the borrower in the same way as banks.
Credit or microloan - what's the difference?
According to the opinions of borrowers, credit and microcredit are significantly different from each other.
- First of all, making a microloan in an MFI is much easier and faster than a bank loan. The bank carefully checks the identity of the client, solvency, and, as a rule, 50% of applications are refused. Microfinance institutions are more loyal to their customers and give out money even with a bad credit history. 9 out of 10 applications are approved by the credit service.
- The size of the loan amount in the bank is many times higher than the possible amount of the microloan. MFIs do not give clients more than 30,000 rubles, and the bank is able to lend to citizens for millions.
- The loan maturity is several years. A microloan must be repaid within a short period of time. According to reviews, "RosMoney" requires borrowers to return money in 17 days.
- To apply for a loan, it is necessary to collect a voluminous package of documents: passport, TIN, certificate of employment, certificate of average monthly income, medical insurance, a pension certificate, military ID, documents for property or motor vehicles, etc. A microloan is issued only according to the passport of a citizen of the Russian Federation .
- You can get a loan only at a bank branch. Microfinancing is carried out by transferring the requested amount to the client’s bank card. The identity of the borrower is verified by a scanned copy of the passport.
- Most large banking institutions issue loans in 5-7 days from the date of application. You can get an urgent loan on the same day.
- An urgent microloan can be issued at any time of the day, since credit services work around the clock. Loans are issued at the bank branch and only at the established working hours.
MFI Interest Rates: Myths and Reality
Among the comments of those who use the services of microfinance organizations, such as RosMoney, interest rate reviews are common. The annual percentage of loans in numerical terms is quite high and, compared with bank charges, is not profitable. The company set a fixed interest rate of 2% of the loan amount per day. That is, for each day of using the money, the borrower must pay the organization part of the funds. The shorter the loan term, the less money will be overpaid.
However, if we analyze and compare the annual interest rates of banks and MFIs, it turns out that there is practically no difference. The high ready rate is offset by a short loan term and a small loan amount. Instant bank loans that financial institutions issue on the day of circulation have an interest rate not much lower than microloans in MFIs. Reviews about the company "RosMoney" indicate the fact that it is quite realistic to lend money to a salary or pension, as well as to pay interest on the loan. However, do not forget that in case of untimely repayment of the debt to the borrower a penalty is charged every day in the amount of 2% of the amount owed.
RosMoney: customer reviews
The company specializes in providing urgent microloans to citizens of the Russian Federation and provides financial support on the day of application. MFI "RosMoney", reviews of which can confirm its popularity among borrowers, was founded in 2010 in St. Petersburg. Today it is the leading federal microfinance network, represented in 33 regions of the country and with about 300 offices. Thanks to the activities of the company’s employees, more than 1,000,000 people have already received urgent financial assistance from RosDengi. Feedback from MFI employees characterizes the company only on the positive side. Employees continue to serve customers with pleasure.
It is possible for all adult citizens of the Russian Federation with a regular income to apply for an urgent loan at RosDengi. Loyal conditions of registration allow the company to constantly increase its customer base and, accordingly, provide proven services to individual clients.
Conditions for obtaining a microloan
The company "RosDengi" provides an opportunity to urgently obtain credit funds without income statements, as well as without attracting guarantors and liquid collateral. You can issue a microloan on the following conditions:
- a loan is issued in the amount of 1,000 to 30,000 rubles;
- maximum loan term - from 7 to 17 days;
- loan interest rate is 2% per day of the total amount.
Having a microloan and not being able to timely pay the full amount of the debt, the borrower has the right to use the loan extension service, paying off only the interest for the actual amount of the loan provided by RosDengi. The reviews of numerous customers indicate the convenience of this service, since no one is safe from force majeure situations.
Timely payment of short-term loans guarantees customers with a bad credit history the opportunity to improve it. According to statistics, most loan delinquencies were not due to the fault of the borrower. This can be a sudden illness or a delay in salary due to the fault of the leader. Therefore, poor CI cannot objectively characterize a person as an insolvent client. Microfinance organizations meet their customers and provide loans in 96% of cases. Thus, using microcredit services, you can not only improve your financial situation, but also change your credit history for the better.
Basic requirements for borrowers
An urgent microloan can be issued by every solvent client who meets the basic requirements of the company:
- the age of the borrower must be within a certain framework (at least 18 and no more than 70 years);
- the client must be a citizen of the Russian Federation;
- a potential borrower must have permanent registration in the territory of one of the subjects of the country;
- the availability of a stable income is a prerequisite for micro-lending RosMoney.
Feedback from borrowers who enjoy financial support from the company testifies to the loyalty of the requirements, since not all microfinance organizations have been lending to citizens since the age of 18. This fact allows you to take an urgent loan to students who receive a scholarship, but still do not have the opportunity to officially find a job and provide a certificate of income. As a rule, adult citizens of the Russian Federation do not yet have any credit experience, which means that their identity cannot be verified by the bank for a transparent credit history. MFI "RosMoney" does not submit a request to the Central Catalog of Credit Histories, therefore citizens who are on the list of bad borrowers can also issue an urgent microloan. By repaying debt in a timely manner, the client can change the credit history for the better, which in the future will allow him to take more serious loans (mortgage or car loan).
"RosMoney": delay, customer reviews
LLC "RosMoney", whose debtors testify to the seriousness of the problems in case of non-payment of the debt, sets a fine for late payment of the debt in the amount of 2% of the actual amount for each day. If the circumstances of the borrower fit the category of force majeure, the company can prolong the loan by paying only daily interest. If the client did not consider it necessary to warn the MFI about a possible delay in payment, then for a small loan amount an impressive debt may accumulate. For example, unpaid 5,000 rubles can grow into 70,000-80,000, which the borrower will have to return to RosDengi.
Delay, feedback and letters from the company, as well as unpleasant conversations with collectors - all this can be expected by the debtor in case of non-payment of the amount spent. As a rule, a company does not immediately take serious actions with respect to a borrower. Prior to litigation and transferring debt to collection agencies, a client may receive more than one written or telephone warning from MFI employees.
MFI "RosMoney" in different cities of the Russian Federation
- "RosMoney" (Moscow). Customer reviews receive mostly positive. In the capital, there are 12 branches located at different points in the city. MFIs are one of the three largest organizations providing short-term loans to residents of Moscow.
- "RosMoney" (St. Petersburg). Received reviews of employees regularly. Branches in St. Petersburg provide jobs for many residents. Employees are satisfied with the work and salary.
- "RosMoney" (Saratov). Customer reviews are mostly positive. Borrowers note that microfinance centers in Saratov are located at 6 addresses, and loan conditions allow you to take an urgent loan of up to 30,000 rubles.
- "RosMoney" (Ulyanovsk). Customer reviews indicate the convenient location of the branch at 47B Moskovskoye Shosse, which provides the opportunity to lend money to a salary or pension in the office of a microfinance institution.
- "RosMoney" (Samara). Reviews of borrowers, as a rule, are not bad. The microfinance center in Samara is located at 96 Metallurgov Avenue.
Online application for a quick loan
You can urgently receive financial support from RosDengi LLC not only in one of the company’s branches, but also online, without leaving your home. The official website works around the clock, so you can send a loan application at any time convenient for the client. The application must specify the personal data of the borrower, and the accuracy of the information is one of the requirements of the company. The questionnaire should indicate the source of stable income. This information is necessary, as the lender must be sure of the solvency of the client. There is no need to provide an income statement, which allows you not to waste time collecting documents. MFIs may ask you to send a scanned copy of the borrower's passport. The scan should be of good quality, photos and personal data of the client should be clearly visible.
Borrowers note the fact that applications for financial support are considered instantly. As a rule, this procedure does not take more than half an hour. The creditor sends the response decision by e-mail or mobile phone in the form of an SMS message. The credit limit is indicated on the borrower's profile. Based on the data provided, company employees can reduce the amount of borrowed funds requested. To obtain a loan, you must provide a bank account or borrower card number. If desired, a loan can be obtained in cash at one of RosDengi's branches.
How to repay micro loan debt
Customers note that timely repayment of debt on a microloan will allow you to easily use the financial services of RosMoney. Collectors, reviews of which prove the seriousness of debt obligations to MFIs, sometimes apply cruel measures to debtors, including blackmail and threats, so it is worth taking the loan repayments as seriously as possible and avoiding unjustified delinquencies. After 17 days, the borrower is obliged to pay the debt in full: loan body and interest for each day of using the money. Microloan payments are accepted by the company in any way convenient for the client:
- at any of the offices of MFIs;
- through electronic payment systems;
- by transferring the required amount of debt from the borrower's bank card to company details;
- using service centers of mobile operators.
Force majeure circumstances can happen to everyone. They delayed a salary or pension, didn’t repay the debt at the right time, or any other situation may catch the borrower by surprise. If after a loan has expired for a number of good reasons, the client cannot repay the debt, then the RosDengi MFI (customer reviews from all cities of the country prove the convenience of this service) provides an opportunity to prolong the loan for a period of 3-5 days. During this period, the borrower can pay only the interest on the loan without paying the actual loan amount.
The benefits of microcredit
- The main advantage of microfinance is, of course, the ability to urgently lend money.
- There is no need to collect a voluminous package of documents and personally visit the office of the company.
- The entire lending procedure can only be completed with a scanned copy of the borrower's passport.
- The company "RosMoney" does not require customers to have an impeccable credit history. This is also an important advantage of microfinance, as large banking institutions do not lend to citizens on the list of insolvent customers.
- It takes 10 minutes to consider the application, after which the borrower can receive money on the card of any bank.
Minuses
- The loan is provided for a short period of time (17 days), so you need to know for sure whether the borrower will have a material opportunity to repay the company's debt in 2 weeks.
- Unfulfilled debt obligations can lead to serious problems: a significant amount of debt, litigation, and even criminal liability. In addition, the company has the right to deprive the borrower of property equal to the amount of debt.
- If the debt is resold to collection agencies, then you can expect night calls with threats, and blackmail, and other illegal actions.
Therefore, before you take a loan in an MFI, you should carefully analyze the financial situation and not commit rash actions. Remember that the debt to the bank, formed once, has a tendency to rapid growth.