Where to get a microloan? Let's figure it out.
In the life of each person, a situation may arise when money is needed at a particular moment in time, but they are not. This happens when you haven’t calculated your finances a little, and it’s not soon before your salary, or your phone has broken and your credit card limit has already been spent.
The situation is especially difficult if a person does not have officially confirmed income or the credit history is damaged. Thus, a loan cannot be obtained through a banking institution.
Where to get a microloan?
It is in such life difficulties that microfinance companies come to the rescue. They are financial organizations that work both online and in person.
Their main function is to issue small loans to potential clients without bureaucratic delays. It is possible to get a microloan from 18 years old. Documents required to obtain a microloan are limited to a passport and a completed application form. Approved funds are credited to the specified account or card within a few minutes.
In this article, we consider in detail the conditions and features of microloans, the advantages and disadvantages of this lending system, as well as reviews about microloans.
Little instruction
Before you take advantage of the numerous offers of microfinance organizations and take a loan from them, you must be absolutely sure that you really need this money and that you are satisfied with the conditions for their issuance and further repayment.
It is the question of the credit limit and the timing of their repayment that are the main issues that arise for the majority when making a microloan. Carefully analyze your financial situation, maybe everything is not as bad as it seems, and you can find other ways to solve the problem. You can always replay money from friends, and interest-free.
In addition, most banks issue credit cards with minimum grace periods of up to two months on minimum terms. The latter option is much more reasonable than microcredit, and more profitable, because if you return the money taken during the grace period, then overpayment for using the loan is excluded. And only if all of the above options have been exhausted, you should use the services of financial organizations.
Does microcredit happen without interest?
The potential borrower is given a unique opportunity at the first application to apply for a cash loan, and interest will not need to be paid. Indeed, this is very beneficial, especially when you consider that MFIs charge from 365 to 720% per year or more for a loan.
Unfortunately, not everything is so rosy. The term and amount are strictly limited by the individual conditions of the lender. The minimum size is 2000-3000 rubles. The loan term is also limited to a week, a maximum of two. If such a loan is repaid on time, then this will positively affect subsequent cooperation. The organization will become more loyal and more willing to lend money.
Features
In this case, there is also an important nuance: if financial difficulties are regular, it is better to find a different solution and avoid microcredit. After all, giving such a loan is not at all easier than a loan taken from a bank. At the same time, interest on microcredit is large and huge interest for late payments. For this reason, it should be clearly understood when you can return the full amount, since overpaying for several months of using funds under a microloan can double the amount.
Not all consumers have access to consumer loans, since it is impossible to provide the necessary documents or several loans have already been issued in person. Microcredits help people with bad credit history solve financial problems. In addition, reviews of microloans say that there really will not be a problem with getting a loan, however this is still an extreme case when all other options for obtaining money have been tried.
Benefits
Credit organizations are ready to offer their customers a variety of microloan programs. For the most part, these are small amounts of money up to 50 thousand. However, there are also offers, the limit of which reaches 1 million rubles. The main advantages of this type of lending are the following points:
1. Instant decision on the issuance of a loan. If a person applies for the first time, then the company's employees will conduct the necessary verification and make a decision within a few hours after the application is submitted. With subsequent calls, consideration is much faster, since the data of the borrower is already entered into the database.
2. To obtain a loan, you must provide only a passport. Sometimes a second document from the list of a credit organization may be required (it can be SNILS, a driver’s license or a foreign passport).
3. Microloans are issued without collateral, even guarantors do not need to be sought. A loan may be required when it comes to a large amount of money.
4. A microfinance organization does not need to articulate the purpose for which a loan is taken.
5. Relatively convenient repayment options.
6. The income of the potential borrower does not matter for the issuance of a loan.
7. Microloans without checking credit history is also a great advantage.
disadvantages
The main disadvantage of such a lending system is the cost of a microloan. It is considered the most expensive type of loan. However, such loans are issued for short periods, so the overpayment is not critically felt.
The main difference from a bank loan is that interest on microloans is charged on a weekly or even daily basis. For the most part, interest is 3-6% per week or 1-2% per day.
Such high interest rates are due to the fact that the issuance of microloans is highly risky for a financial organization.
Decor
Microfinance organizations at the moment are mostly concentrated on the Internet, where you can get an urgent microloan online. The market in this area is crowded, sometimes it is quite difficult to make a choice. The main recommendation in this case will be the choice of the organization, the conditions of which you can fulfill in a short period of time.
Although the amounts of a microloan, as a rule, are small and do not exceed 50 thousand rubles, if you do not repay them on time, then in a few months the initial cost of the loan will increase tenfold. This is due to the fact that microcredit rates are much higher than at banks. If a consumer loan is given, on average, at 40 percent per annum, then the microcredit rate reaches 365% and even twice as much - numerous reviews of microcredits confirm this. Therefore, it is important to assess all risks before applying for a microloan.
To make a microloan, as already mentioned, you only need a passport of a citizen of the Russian Federation. An application for a microloan is filled out on the organization’s website, and the columns regarding the place of work, address and telephone do not require documentary confirmation. The employee of the company who will consider the application may call you back to verify the information you provided. The loan is approved in the vast majority of cases. After that, the funds will be transferred to your bank account or card.
Accessibility and ease of processing and obtaining a microloan are certainly attractive to potential customers. No need to waste time gathering the necessary documents, go to the bank, search for guarantors. However, the potential risk of falling into financial bondage is quite large. Therefore, you should not delay the repayment of the loan, it is better to repay it on time.
Types of microloans
Depending on how the funds under the approved microloan are issued to the client, the following types are allocated:
1. Microloan in cash. The contract at the office of the company is signed (carefully examined by the client, especially the points on repayment, terms and interest), then an approved amount is issued. The rate, as a rule, is 2-3% per day.
2. Microcredit on the card. The loan is issued at any time of the day on the Internet. After approval, the money is credited to the indicated card number, and the contract is sent by mail. If the card is not available, it can be obtained directly at the office of the company. Subject to the early or at least timely repayment of the microloan, the client can subsequently rely on larger loan amounts at reduced interest rates.
3. "Qiwi" wallet. For this, a special service is issued. The main convenience of this method is that the loan can be issued directly through the Kiwi wallet itself.
4. "Yandex. Money." The design and receipt scheme is similar to a plastic card, only the details indicate the Yandex wallet number.
5. Contact system. In this case, after the registration and approval of the application for the issuance of a microloan, you should contact the Contact point with a passport and a transfer number.
6. Home. After execution and approval of the application, money is brought to the specified address in the form of cash or on a plastic card.
Most Popular Microloan Organizations
The most common microfinance organizations today, which offer to fill out an application for the issuance of microloans online, are:
1. "Home money." The loan amount does not exceed 50 thousand rubles. The application is considered within a few hours according to the passport. From the age of 18, any citizen can take a loan for up to one year at a rate of 8.9% per month. No additional fees are charged. An application can also be made by phone. After approval, the manager will deliver cash or a plastic microcredit card to the specified address.
2. "Viva Money." At the first call, the client can count on up to 16 thousand, with repeated calls up to 40 thousand. The age of the borrower is limited from 21 to 70 years. The maximum loan repayment period is six months, at 18.9% per month. You can get money in cash or through "Contact". The borrower's credit history does not matter.
3. MigCredit. At the first stage, you can get up to 25 thousand rubles, then this amount can double. After approval, the loan will be transferred to a bank account, to the Corn card, or by transfer through the Euroset. The age of the borrower must be more than 23 years, the maximum loan term - 6 months at 9% per month.
4. "Yes! Money." The company is represented in many large cities of Russia. Loan amount up to 10 thousand rubles. The application is considered within half an hour. Age from 21 to 65 years, for up to 15 days at 2% per day. Delay in payment is punishable by a fine of 2% per day. All interest is paid at the very end.
5. “E-loan”. You can get up to 20 thousand rubles. The loan term is up to one month, and the age of the borrower is from 20 to 65 years. Interest on loans up to 60% per month. A prerequisite is the availability of a phone number and bank account.
In Sberbank, microloans are now also issued.
What is it - a microloan from Sberbank?
Money that is given for a short time. Such a loan is perfect in cases where you urgently need money, and the salary is still far away. This will be an ideal solution, since you do not have to take a long-term loan and you do not need to pay a large percentage. A microloan in Sberbank can be obtained online in a few minutes. True, the amount will be small, but you don’t need to go to the bank and lose your time for a couple of thousand rubles.
The client needs to request the necessary amount through his personal account in Sberbank Online. After a few days, it is just as easy to repay the loan by debiting it from your payroll card.
Repayment conditions
Everyone wants to issue a microloan without interest. But most often this is not possible.
Each microfinance organization has its own requirements and terms of repayment of the loan. Most often, customers are asked to pay the full amount of the loan at the end of the deadline or to pay a certain amount of money on a weekly basis. Payment can be made both in the offices of the organization, and through Internet services and terminals.
It is very important not to forget that late payment will result in large fines, which will increase the initial amount by several times. Microfinance organizations transfer the debts of dishonest customers to collectors.
Studying the conditions of lending and all clauses of the contract is a mandatory step when making a microloan. Having all the information about a loan taken will help to avoid unpleasant consequences and unexpected surprises when using funds.
Repayment of a microloan, which was issued for a long period, can occur in the following ways:
1. In cash through the cashier in the office of a credit institution.
2. Cashless payment.
3. Through electronic payment systems.
4. Through terminals and ATMs.
5. By postal order.
Microcredit Reviews: Pros and Cons
If we analyze all of the above, then the conclusion suggests itself that a microloan in a certain life situation can solve financial problems. This is an affordable and quick way to get a certain amount at a time. The main thing is to understand that this decision is expedient and really necessary. It is important to adequately assess the potential risk and your financial ability to return the amount taken. This is an extreme measure in solving material problems. If there are other options like contacting a bank, then it is better to use them.
As for the reviews, they are rather ambiguous and contradictory. Those faced with delinquency and predatory fines naturally complain of constant calls and outright extortion by employees of the microfinance organization.
Of course, such a situation is unpleasant for both the debtor and the company itself. That is why you should evaluate your financial capabilities before taking such a loan. It is important to return the money received within the specified period and not allow delay.
Most reviews of microfinance institutions, however, are positive. Many microloans came to the rescue in difficult situations. Someone went on a trip, having forgotten a credit card at home, someone had unexpected expenses, and salaries are still a long way off. In such cases, taking a microloan is really beneficial, especially if for a short period and subject to quick repayment. Convenience of registration via the Internet is also attracting an increasing number of customers. This greatly facilitates the process of obtaining money in any convenient form.
In negative reviews, quite often you can find information that money was already credited to the account within four days under an already approved loan. This, of course, caused a wave of complaints from customers, because most often money is needed when applying for a microloan “yesterday”.
Microfinance organizations explain such a delay by the established rules. Therefore, when registering, be sure to check with the manager the timing of the transfer of funds in order to avoid such misunderstandings.
Quite a lot of people are dissatisfied with RosDengi. However, most complaints were made by those who, due to their own fault, delayed payments. True, there are several justifiable claims, especially regarding the increase in the interest rate for delinquent debtors. Thus, obligations to the organization are constantly growing, driving the debtor into endless financial bondage.
However, here, too, most of the blame lies with the person who issued the loan, because all the conditions are spelled out in the contract. In order to avoid misunderstanding, it is worth only carefully reading this document and not signing it, not being sure of the possibility of fulfilling its conditions.
The desire of the microfinance organization to return its money is justified by the fact that this is the basis of their activity. They take potential risks by giving loans to virtually everyone who wants to, and, naturally, they will not forgive debts.
However, their intrusiveness often leads to a backlash from the borrower. It should be remembered that you should not avoid dialogue with the company that issued the loan in case of late payments. It makes sense to stipulate possible options and terms for a refund.