Benefits of microcredit
There are many reasons why individuals refuse bank loans. You have to collect a lot of documents, choose a bank, go to the office, stand in line, wait for a response from a bank representative. When money is needed urgently, this method of lending is not suitable.
In contrast to such a complex and lengthy scheme, MFIs offer the most simple and convenient format of work for clients:
- minimum requirements for the borrower;
- you can apply at any time, you only need a passport and access to the Internet;
- money is credited to a bank card instantly;
- microfinance companies fail much less frequently than banks, there are many reasons for this;
- In order for cooperation with a microfinance company to be productive, profitable, you should carefully consider your obligations to MFIs - repay the loan in a timely manner, fulfill all the terms of the agreement. Regular customers are offered more loyal lending conditions, promotions and bonus programs.
How to choose an MFI and get an urgent loan
Before applying for a quick loan without refusals, make sure that the company you choose is safe and reliable. To do this, check:
- whether the MFI has a license in the State Register;
- Familiarize yourself with the MFI;
- whether the company has title documents;
- Read reviews about the company.
The application "Urgent Money to Payday" presents reliable microfinance organizations that operate within the legal framework, so you do not need to check, just study the loan conditions and choose the best ones.
Requirements for the borrower:
- Over 18 years old
- Availability of a document: certifying document
Conditions for obtaining an online loan:
- Loan term from 81 to 230 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 no more than 365% per year.
An example of calculating an online loan:
A loan in the amount of 25,000 ₽ was issued for 136 days. The interest rate is 1% per day.
The amount of interest is 34,000 ₽.
The amount of the monthly payment will be 11800 ₽.
The total payment amount will be 59,000 ₽. (Principal debt: 25,000 ₽. and interest: 34,000 ₽)
Calculation formula 25,000 ₽ + ( 25,000 ₽ * 1% rate per day * 136 days ) = 59,000 ₽
TIC (full cost of the loan) as a percentage is 136% 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 0.2% of the total amount of delay per day, but this amount of penalty cannot exceed 15% of the entire loan.
