The essence of microcredit
Among the usual banking products - loans (loans) and cards - microloans are in great demand, and online loans on the card are boldly entering our lives. This is a simple and affordable way to solve financial issues. Microloans are an alternative to traditional bank loans. Unlike banking organizations, microfinance companies are loyal to customers - they do not require a large package of documents and often do not check credit history. Just 15 minutes and your bank card will have the required amount, while you do not need to visit the office of the company, just install the application “Credit to All: Online Loans on the Card” on your smartphone.
In what cases is it appropriate to contact the MFI:
- when there is not enough money to buy an expensive thing, for example, a new gadget;
- payment of utility bills or training, business development, debt payment;
- assistance in emergency situations - purchase of medicines, urgent car repairs, treatment.
- Important! One of the reasons why microloans are popular is that the financial burden on the borrower is less than when repaying a regular bank loan, since we are talking about a small amount for a short period of time.
Microfinance companies cooperate only with individuals and specialize in providing short-term loans with a limited limit.
Clients who applied to the MFI for the first time for a loan are approved, but the amount, as a rule, does not exceed the minimum limit. When applying again, if the borrower has fulfilled all the conditions under the contract, the amount may be increased.
Who can get an online loan?
A citizen with an identity document aged 18 to 65 years old, who has a bank card or an account in any bank.
How quickly is a loan application processed?
In most cases, the decision is made instantly, but usually within 10 minutes.
How long does it take for the money to arrive?
Money is credited to your card after the application is approved and the electronic contract is signed by both parties.
Where can you repay a loan?
You can make a loan payment at any bank branch, as well as at self-service payment terminals.
Requirements for the borrower:
- Over 18 years old
- Availability of document: identification document
Conditions for obtaining an online loan:
- Loan term from 68 to 263 days
- Loan in the amount of 5000 to 30000 ₽
- Minimum interest rate on the loan 0.1% per day
- Maximum interest rate 1% per day
- Money can be received in 5 minutes, after confirmation
The annual effective remuneration rate (APR) is not more than 365% per annum.
An example of calculating an online loan:
A loan in the amount of 26,000 ₽ was issued for 148 days. The interest rate is 0.6% per day.
The amount of interest is 23088 ₽.
The amount of the monthly payment will be 9818 ₽.
The total amount of the payment will be 49088 ₽. (Principal debt: 26000 ₽. and interest: 23088 ₽)
The calculation formula is 26,000 ₽ + ( 26,000 ₽ * 0.6% rate per day * 148 days ) = 49,088 ₽
TIC (full cost of the loan) as a percentage is 89% per annum.
Consequences of non-payment on the loan:
In case of violation of the terms of payment of the online loan, the amount of the penalty may be 0.3% of the total amount of delay per day, but this amount of interest cannot exceed 15% of the entire loan.
