The advantages of online loans over bank loans Automatic translate
Online loans are very popular, and this is not surprising, as they have many advantages over bank loans. We will not advise where you can get an online loan , but we will tell you about all the advantages of loans issued on the Internet at interest.
Simplicity of design
Online loans are much easier to get than loans from banks. The thing is that MFOs and IFCs do not require a large package of documents, collateral or surety from their clients. Usually, passport details are sufficient to obtain a small loan. Also, you will not need a certificate of income, since microfinance companies do not require borrowers to prove their income.
Also, the simplicity of design lies in the fact that you do not even need to leave the house. If in order to obtain a bank loan, you first need to get to the bank and stand in a long queue (and sometimes more than once), then with an MFI everything is much easier - you just register on the organization’s website and apply for a loan. If your application is approved, funds will be credited to your account almost instantly.
High percentage of approval of loan applications
Unlike a bank, an MFI does not have particularly strict requirements for clients, so the probability of getting a loan is much higher here. For example, banks do not want to cooperate with unemployed persons, as well as with those who are less than 21-23 years old, relying on the fact that students or people without official employment may be insolvent. Unlike banks, in MFOs loans are issued from the age of 18, and the microfinance company will not be interested in your employment at all.
In some MFIs, the percentage of approval of applications reaches 95-98%. This is especially true for those organizations that issue small loans for a short period.
Money can be received at any time
If financial problems have taken you by surprise, then there may not be time to contact the bank. The fact is that it can take up to several days to obtain a loan from a banking organization. But you can get a loan from an MFO in 10-15 minutes. In addition, you can apply for a loan at any time of the day, on any day of the week, including on holidays or weekends. Banks provide an opportunity to apply for a loan only during their working hours.
The purpose of the funds does not matter
In an MFI, no one will ask you what exactly you needed the money for, unlike a bank, where the manager will certainly ask you uncomfortable questions.
It is not necessary to have a positive CI
A positive credit history is a mandatory requirement of any bank. You will not be given a loan if you have had serious delays in the past in repaying loans. But even with a negative credit rating, you can contact the MFI, since many companies operate even without checking their credit history.
You can borrow even a small amount
Banks do not work with small loans, as it is simply not profitable for them. In contrast, MFOs are ready to give their clients from 500 rubles to 30-50 thousand rubles or even more, depending on the established credit limit.
You don’t need a whole package of documents
To apply to the bank for a loan, you will need to collect a whole package of documents, which will include a certificate from the place of work about your income. To obtain a loan from a microfinance company, a photo of your passport and TIN or other document of your choice that can confirm your identity is usually enough.
Are there any disadvantages to contacting an MFI?
There is only one significant drawback here - it is a rather high interest rate - it can go up to 1% per day. For example, if you borrow 30 thousand rubles for a period of 30 days, then you will need to return the same 30 thousand + 1% for each day of using the borrowed funds, that is, 30,000 + 9,000 rubles = 39,000 rubles. You will have to overpay 9 thousand rubles, which is a lot. But not all MFIs have such a high lending rate. For example, there are many companies that are ready to issue the first loan at all at 0%. MFIs also provide discounts for repeat clients. Therefore, it is necessary to carefully choose a microfinance company in order to take a really profitable loan.
Text: Tatiana Sergkir
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