A microloan is one of the most demanded services in the field of lending. Microfinance institutions impose significantly fewer requirements on their borrowers than banks. Thanks to this, almost every consumer can get a quick loan without having to prepare various documents and certificates.
MFIs provide customers with the opportunity to apply for loans for small amounts using an online application without leaving home. Bank cards are most often used for crediting funds. Such loans are issued at a certain percentage, which are charged for each day of use. The service is designed for a short period of use, and debt repayment is made in one payment.
A microloan is a service available to all social strata of the population. Unlike banks, MFIs lend to unofficially employed persons, the unemployed, pensioners, and students. Small loans can be used for anything from paying for medical care or housing to buying essential goods, gifts for loved ones or buying tickets for a trip.
The benefits of taking out a loan from an MFI include the following:
To submit an online application, you need to go to the website of the selected organization, get acquainted with the basic terms of lending and register. Usually, this requires entering a personal phone number, which will receive a message with a code to confirm registration.
Then the borrower needs to determine the desired amount of the microloan and the period for which it will be granted. Many sites provide an online calculator for these purposes, allowing you to immediately see the full amount of future debt, along with interest.
The next step is to fill out a small questionnaire, in which you need to carefully fill in all the fields. MFIs may request information such as:
In addition, scanned copies or photographs of the documents indicated on the website (usually only a passport and an identification number) should be attached to the questionnaire.
If a microcredit is issued to a bank card, data on it must also be entered in the fields provided for this. In this case, the means of payment must be registered in the name of the borrower. After completing all the above steps and confirming the application, the company will make a decision automatically or manually.
If the application is approved, the client will be offered an electronic contract. The borrower must carefully read all the points and sign using a special code from the message. Usually, money is credited to the card almost immediately after the conclusion of an agreement between the parties.
Today, there are many microfinance companies operating in the financial services market with various lending conditions. Often, potential borrowers have difficulty choosing the best MFI, and the search takes a lot of time. Therefore, if you need to get a small loan, it is very convenient to use our service.
The site has a large selection of organizations with favorable interest rates and minimum requirements for clients. Here you can quickly compare the loan conditions offered by different MFIs and choose the most suitable offer. In addition, to increase the chances of loan approval, it is recommended to apply for all microloans to all MFIs.