Microfinance organizations were born in Russia in the early 90s. In the last century, they enjoyed relatively little popularity. Microfinance companies were in a free graze until 2010, when a law was finally passed at the federal level, which allows regulating relations between organizations providing microfinance services and the population.
What is an MFI and what is it eaten with?
MFIs are financial organizations that provide microloans to the public. We are talking about small monetary favors granted for a certain period, with the return of pre-determined interest for using them. The return period is from a minimum of 5 days to a year. But the most popular period through which the population repays debt is a month.
Appearance story
The year of birth of microfinance in the world is considered to be 1976, when the Grameen Bank was founded by Professor Mohammed Yunus. He specialized in microloans to poor Bangladeshis.
Much later, services such as micro deposits and microinsurance were added to the existing ones. This financial assistance was designed for people with low incomes. Today, around the world there are about 10,000 microfinance organizations that serve more than 20 million people in third world countries and in developing countries.
The difference between MFIs and banks
The main difference between an MFI and a bank is its high loyalty to its potential borrowers. For microfinance organizations, it is not a problem for a client to have a dysfunctional credit history, while for banks, this item is very important. MFIs are issued to all groups of the population - students, retirees, officially unemployed citizens, and even those who have nothing to confirm their income with.
Banks and MFIs are not competing companies. These are rather complementary structures - the proposals of banks and MFIs vary. Banks offer long-term loans with optimally selected interest, and MFIs - small cash loans for a short time.
Cost of interest for use
Given that when issuing cash loans, any credit institution is at risk, it tries to foresee this. To minimize cash loss, MFIs put their risk in the interest on the loan.
The daily interest rate on a microloan averages 2%, and the annual, respectively, 730%. Citizens who are negatively opposed to MFIs, as a rule, emphasize this in their reasoning. But in the calculations, it should be remembered that the period for which a loan is taken is usually about a month. The main purpose of the loan is to reach the next financial payments, so the interest for use does not seem very high.
How to apply
Making an application is extremely simple. It is enough to fill out an application at the office of the MFI. Microloans are issued without checks. To obtain a loan, neither guarantors, nor the provision of collateral, nor the collection of a specific package of documents will be needed.
The response to the request for the issuance of money comes very quickly: only 15-20 minutes of waiting. Immediately after making a positive decision on the loan application, the money will be handed out.
How to get a microloan without leaving your home
The increasing daily demand for microloans leads to the emergence of dozens of new organizations in the financing markets. And in order to survive in today's conditions of fierce competition, companies have to go to new tricks.
To attract more borrowers to their ranks, financial institutions endow the services provided with comfort and ease of use. For example, microfinance organizations have been created where you can apply for a loan around the clock. Now you don’t have to wait for a certain hour of opening a company - as soon as there is a need for money, you can immediately apply.
Also, organizations that carry out their activities completely online have gained great development. To get a loan in such a company, it is enough to fill out an online application on the official website or the partners website and wait for an answer. In 15-20 minutes he will be ready. With a positive decision, the loan amount can be transferred to a card or account, a loan can be withdrawn using electronic systems (for example, Yandex.Money), or using an instant payment system.
As financial analysts predict, the current situation of MFIs around the world has a sufficient impact on the economy, and over time it will only increase.
How to choose the right company
Among many MFI “Sperm Whale Finance”, the feedback on the work of which we offer in this article, has the most transparent and favorable conditions for the borrower.
The microfinance organization Cachalot Finance is an association of 35 credit organizations that are ready to accept and process a loan application quickly and around the clock. The most prominent MFIs in this group are Mayak, Union Finance and Leader.
The feedback on Kashalot Finance regarding credit conditions makes it clear that it differs from its own kind:
- The company is adapted for long-term cooperation with a client (more than a year).
- MFI “Sperm Whale Finance”, when filling out the corresponding application for receiving money on the official website, immediately sends the request of the borrower to all the companies included in the group.
All this is done with the written consent of the client. After a few hours, or maybe minutes, depending on the workload of the operators, a call will arrive from the company informing you of the decision.
Where and to whom to apply
Working on the site is very easy. On the main page there is a proposal to fill out an application, in which you must specify the usual data: gender, age, name, and phone number for feedback. While the application is being considered, you can read reviews from people who have already used the services of this company on the Sperm Whale Finance page.
MFIs, through the use of innovative techniques in their work, have contributed to lending to more than 25,000 people. And this is not the limit!
Get a loan at Sperm Whale Finance not difficult. The starting amount is from 1000 rubles, and it will finish with a serious 100 000 rubles. You can return the money in a week or for a maximum period of time - after 1.5 years. No difficulties like having guarantors or providing job certificates. Only a document of a citizen of the Russian Federation. Clients with a “killed” credit history have more than 90% confidence that they will issue a loan at Cachalot Finance. Interest for use is light: from 0.5% daily.
Filling out the application, the client gives a typical consent to the processing of his personal data, to verify the accuracy of the data provided by him and to allow circulation to the BKI, as well as to clarify possible outstanding credit debts.
Who will be given a loan and its terms of return
It should be prepared that in certain cases, MFIs may be additionally requested the following documents:
- if available, a driver’s license or passport;
- SNILS;
- Bank statement on the borrower's financial assets or in the form of 2-NDFL.
To issue a loan, a potential client should ideally be suited for two parameters: be in the age range of 18 to 75 years and be a citizen of Russia.
For various categories of citizens applying to MFIs, there are certain programs due to which the most comfortable loan with flexible repayment periods is selected. In cases of repeated appeal, borrowers can be sure of the subsequent favorable conditions with pleasant interest.
Refunds to Cachalot Finance may vary. This may be a weekly payment of equal payments, until the end of the specified period in the contract. Or, at the end date, the borrowed amount of money must be repaid, with interest for using it.
The customer is given the right to independently choose the method of return and the means by which he will do it. Money can be transferred through a card, account, e-wallets and other instant money transfer systems.
After reading customer reviews about Cachalot Finance, we can conclude that the only minus of the company is territorial incompatibility. In other words, only residents of certain regions of the country can borrow money from the company.
If in this article, there are no answers to all questions, you can always call Sperm Whale Finance (the phone number is on the official website of the company) or order a call back operator that can fully satisfy your curiosity.
To use the services of MFIs or not is everyone's personal business. But do not forget about the saying that you take someone else’s for a short while, but then you have to leave yours forever.