Online loans - features that you should pay attention to Automatic translate

The economic crisis, which is growing so rapidly in the country, is causing delays in wages, mass layoffs and a rapid rise in prices for products and services. In this regard, many faced unexpected financial difficulties, which it is not possible to solve on their own. If you urgently need to solve a financial problem, then online loans at a low percentage will help. Next, we will consider what advantages the appeal to MFIs and MFCs has.

Benefits of online loans

One of the main advantages here is the speed of registration. If you urgently need to pay utility bills or buy food for the family, then you can apply for a loan within half an hour (and if you apply again, in 5 minutes). You don’t even need to leave your home to apply, as everything can be done online.

At the same time, you will not need to apply for financial assistance to friends or relatives, because sometimes it is not very convenient. Many simply do not want to let anyone in on their financial problems, which is why they apply for loans from MFIs and IFCs. None of your friends and family will know that you took out a loan on the Internet, unless you yourself tell them about it.

Another important advantage for new clients of credit institutions is the possibility of obtaining the first loan without interest. Such a promotion is provided by all large microfinance companies, as well as some smaller ones. You should definitely take advantage of this unique opportunity.

Regular customers are usually given discounts and great deals when they return. For example, if you take part in the referral program, you can get up to 100% discount on interest on the next loan.

To apply for a loan, you do not need a large package of documents, as is the case with a bank loan. All you need is a scan of your passport, TIN and any other identity document (for example, a driver’s or pension certificate). Everything must be sent electronically. The money will go to the specified bank card immediately after the approval of the application. At the same time, you can apply for a loan from anywhere in the country. The main thing is to have access to the Internet.

The intended purpose of the borrowed funds does not concern the lender issuing online loans, which cannot be said about bank lending, where the manager, during registration, will certainly interrogate the client about the intended purpose of the funds.

In case of early repayment, most MFIs recalculate interest in favor of the benefit to the client. That is, he will have to pay interest for the actual days of using credit funds. But this item should be found and carefully studied in the loan agreement, since not all companies provide this.

If you need to extend the term of the loan, then this service can also be ordered. Usually it is paid, but there are MFIs where they offer to extend the repayment period for several days for free. Renewal is needed to avoid late fees and negative credit scores.

You can get a loan for any amount - from 500 rubles to 30-50 or even 100 thousand rubles. Consideration of the application is usually carried out automatically. The system, created on the basis of AI, checks the user’s data in the credit bureau, and also uses other services. A decision to approve an application or to refuse a loan is made within a few minutes. No need to go to the bank, stand in line and answer the manager’s uncomfortable questions.

Disadvantages of online loans

There are practically none. If you carefully select a loan company and read the loan agreement before signing it, you can minimize the risks of falling for scammers. The main thing is to contact only popular and trusted companies, about which there are a lot of positive reviews on the Internet. It is worth taking a loan only from legally operating MFOs and MFCs, a list of which is on the website of the Central Bank.

Criteria for choosing a microfinance company to apply for a loan:

1. The presence of the company in the list of officially registered MFIs and MFCs.
2. The period of existence of the company in the market.
3. Reviews about the lender on the Internet.
4. Availability of promotions for new customers and discounts for regular borrowers.
5. Interest rate.
6. Minimum and maximum loan amount.
7. Application approval percentage.
8. Requirements for clients.
9. Is it possible to extend the loan, and what are the conditions.
10. Is it possible to repay the loan ahead of schedule and will there be a recalculation of interest.

Thus, in order to quickly improve your financial situation, you need to contact the MFIs or MFCs that issue loans online. But before submitting an application and sending documents, you should make sure that the company operates legally and has a lot of good reviews from customers. All this is freely available on the Internet. In addition, do not forget to carefully read the loan agreement to make sure that there are no pitfalls in it. What does it mean?

For example, on the banner of the MFI, located on the main page of the site, there is an advertisement for an interest-free loan for new customers. But at the same time, certain conditions may be prescribed in the loan agreement to be able to take advantage of this offer. For example, you need to register a friend in the system or subscribe to some channel.