Microcredits: reviews, conditions for registration and receipt

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Where can I get a microcredit? Let's figure it out.

In the life of every person, a situation may arise when money is needed at a particular moment in time, but there is none. This happens when you didn’t calculate your finances a little, and it’s not long before payday, or your phone breaks, and your credit card limit has already been spent.

The situation is especially difficult if a person does not have an officially confirmed income or a credit history is damaged. Thus, obtaining a loan through a banking institution cannot be carried out.

Where can I get a microcredit?

It is precisely in such life difficulties that microfinance companies come to the rescue. They are financial institutions that operate both online and in person.

Their main function is to issue small loans to potential clients without bureaucratic delays. It is possible to get a microcredit from the age of 18. The documents required for obtaining a microloan are limited to a passport and a completed application form. Approved funds are credited to the specified account or card withinminutes.

In this article, we will consider in detail the conditions and features of microcredit, the advantages and disadvantages of this lending system, as well as reviews of microcredit.

A little advice

Before you take advantage of the numerous offers of microfinance organizations and take a loan from them, you must be absolutely sure that you really need this money and that you are satisfied with the conditions for its issuance and further repayment.

It is the question of the credit limit and the timing of their return that are the main questions that most people have when applying for a microloan. Carefully analyze your financial situation, perhaps everything is not as bad as it seems, and you can find other ways to solve the problem. You can always re-borrow money from friends, and interest-free.

In addition, most banks issue credit cards on minimum terms with a grace period of up to two months. The latter option is much more reasonable than a microcredit, and more profitable, because if you return the borrowed funds during the grace period, then the overpayment for using the loan is excluded. And only if all of the above options are exhausted, you should use the services of financial institutions.

Is there a microcredit without interest?

A potential borrower is given a unique opportunity to apply for a cash loan at the first application, and there will be no need to pay interest. Indeed, this is very profitable, especially when you consider that MFIs charge from 365 to 720% for a loan.a year or more.

Unfortunately, not everything is so rosy. The term and amount are strictly limited according to the individual conditions of the lender. The minimum amount is 2000-3000 rubles. The term of the loan is also limited to a week, a maximum of two. If such a loan is returned on time, this will have a positive effect on subsequent cooperation. The organization will become more loyal and willing to lend money.

Features

In this case, there is also an important nuance: if financial difficulties are of a regular nature, then it is better to find a different solution and avoid microcredit. After all, such a loan is no easier to repay than a loan taken from a bank. At the same time, interest on microcredit is large and huge pen alties for delay. For this reason, you should clearly understand when you can return the entire amount, since an overpayment for several months of using funds on a microloan can double the amount.

Not everyone has access to consumer loans, as it is impossible to provide the necessary documents or a person has already received several loans. For people with bad credit, microloans help solve financial problems. In addition, reviews of microcredits say that there will definitely not be any problems with obtaining a loan, but this is still an extreme case when all other options for obtaining money have been tried.

Benefits

Credit organizations are ready to offer their clients a variety of microloan programs. For the most part, these are small amounts of money up to 50 thousand. Howeverthere are also offers, the limit of which reaches 1 million rubles. The main advantages of this type of lending are the following points:

1. Instant loan decision. If a person applies for the first time, then the company's employees will conduct the necessary checks and make a decision within a few hours after the application is made. With subsequent requests, the consideration is much faster, since the borrower's data has already been entered into the database.

2. To obtain a loan, you only need to provide a passport. Sometimes a second document from the list of a credit institution may be required (this may be SNILS, a driver's license or a foreign passport).

3. Microloans are issued without collateral, you don’t even need to look for guarantors. Loan security may be required if the amount of money involved is large.

4. A microfinance organization does not need to state the purpose for which the loan is taken.

5. Relatively convenient repayment options.

6. The income of a potential borrower does not matter for issuing a loan.

7. Microloans without credit checks are also a big advantage.

Flaws

The main disadvantage of such a credit system is the cost of a microloan. It is considered the most expensive type of lending. However, such loans are issued for short periods, so the overpayment is not critically felt.

The main difference from a bank loan is that interest on microloans is accrued weekly or even daily. For the most part, the interest is 3-6% per weekor 1-2% daily.

Such high interest rates are due to the fact that issuing microloans is highly risky for a financial institution.

Design

Microfinance organizations are currently mostly concentrated on the Internet, where you can also get an urgent microloan online. The market in this area is crowded, sometimes it is quite difficult to make a choice. The main recommendation in this case will be to choose the organization whose conditions you can fulfill in a short period of time.

Although microcredit amounts are usually small and do not exceed 50 thousand rubles, if they are not repaid within the agreed time frame, then in a few months the initial cost of the loan will increase tenfold. This is due to the fact that microcredit rates are much higher than in banks. If a consumer loan is given, on average, at 40 percent per annum, then the microcredit rate reaches 365% and even twice as much - numerous reviews of microcredits confirm this. Therefore, it is important to assess all the risks before applying for a microloan.

To apply for a microloan, as already mentioned, you only need a passport of a citizen of the Russian Federation. An application for a microcredit is filled out on the organization's website, and the columns relating to the place of work, address and phone number do not require documentary confirmation. An employee of the company who will consider the application may call you back to verify the information you provided. The loan is approved in the vast majority of cases. After that, the funds will be transferred to your bank account or card.

Availability and ease of registration and obtaining a microloan, of course, are attractive to potential customers. No need to waste time collecting the necessary documents, going to the bank, looking for guarantors. However, the potential risk of falling into financial bondage is quite large. Therefore, you should not delay the repayment of the loan, it is better to repay it within the agreed time frame.

Types of microloans

Depending on how the funds under the approved microloan are issued to the client, the following types are distinguished:

1. Microcredit cash. The contract is signed in the office of the company (carefully studied by the client, especially the points on repayment, terms and interest), then the approved amount is issued. The rate is usually 2-3% per day.

2. Microcredit card. The loan is issued at any time of the day via the Internet. After approval, the money is credited to the specified card number, and the contract is sent by mail. If the card is not available, it can be obtained directly from the company's office. Subject to early or at least timely repayment of the microloan, the client can further count on larger loan amounts at reduced interest rates.

3. Qiwi wallet. There is a special service for this. The main convenience of this method is that a loan can be issued directly through the Qiwi wallet itself.

4. "Yandex money". The scheme of registration and receipt is similar to a plastic card, only the number is indicated in the details"Yandex" wallet.

5. "Contact" system. In this case, after completing and approving the application for issuing a microloan, you should contact the "Contact" point with your passport and transfer number.

6. Home. After registration and approval of the application, the money is brought to the specified address in the form of cash or on a plastic card.

Most popular microloan organizations

Today the most common microfinance organizations that offer to apply for microcredits online are:

1. "Home Money". The loan amount does not exceed 50 thousand rubles. The application is considered within a few hours according to the passport. Starting from the age of 18, any citizens can take a microcredit, for a period of up to a year, at a rate of 8.9% monthly. Additional commissions are not charged. The application can also be made by phone. After approval, the manager will deliver cash or a plastic microcredit card to the specified address.

2. Viva Money. At the first appeal, the client can count on an amount of up to 16 thousand, with repeated ones up to 40 thousand. The age of the borrower is limited from 21 to 70 years. The maximum loan repayment period is six months, at 18.9% per month. You can receive money in cash or through "Contact". The credit history of the borrower does not matter.

3. "MigCredit". At the first stage, you can get up to 25 thousand rubles, then this amount can double. After approval, the loan will be transferred to a bank account, to the "Corn" card or by transferthrough Euroset. The age of the borrower must be over 23 years old, the maximum loan term is 6 months at 9% monthly.

4. "Yes! Money." The company is represented in many large cities of Russia. Loan amount up to 10 thousand rubles. The application is considered within half an hour. Age from 21 to 65 years, for up to 15 days at 2% per day. Late payment is punishable by a fine of 2% per day. All interest is paid at the very end.

5. "E Loan". You can get up to 20 thousand rubles. The loan term is up to one month, and the age of the borrower is from 20 to 65 years. Loan interest up to 60% per month. A prerequisite is the availability of a phone number and a bank account.

Sberbank now also issues microcredits.

What is a microloan from Sberbank?

Money that is given for a short time. Such a loan is perfect in cases where you urgently need money, and the salary is still far away. This will be an ideal solution, since you do not have to take a long-term loan and you do not need to pay a large percentage either. A microloan at Sberbank can be obtained online within a few minutes. True, the amount will be small, but you don’t need to go to the bank and waste your time for a couple of thousand rubles. The client needs to request the required amount through his personal account in Sberbank Online. A few days later, you can just as easily repay the loan by debiting it from your salary card.

Repayment terms

Microcredit without interest want to get everything. But most often this is not possible.

Each microfinance institution has its ownrequirements and terms of repayment of the granted loan. Most often, clients are asked to pay the entire amount of the loan at the end of a specified period or to pay a certain amount of money weekly. Payment can be made both at the offices of the organization, and through Internet services and terminals.

It is very important not to forget that delay in payment will lead to the accrual of large fines, which will increase the initial amount by several times. Microfinance organizations transfer debts of dishonest clients to collectors.

Studying the terms of credit and all clauses of the contract is a mandatory step when applying for a microloan. Having full information about the loan taken will help to avoid unpleasant consequences and unexpected surprises when using funds.

Repayment of a microloan that was issued for a long period can take place in the following ways:

1. Cash through the cash desk at the office of a credit institution.

2. Cashless payment.

3. Through electronic payment systems.

4. Through terminals and ATMs.

5. Postal transfer.

Reviews on microcredits: pros and cons

If we analyze all of the above, then the conclusion suggests itself that a microloan in a certain life situation can solve financial problems. This is an affordable and fast way to get some amount at once. The main thing is to understand that this decision is expedient and really necessary. It is important to adequately assess the potential risk andtheir financial ability to return the amount taken. This is an extreme measure in solving material problems. If there are other options, such as going to the bank, then it is better to use them.

As for the reviews, they are rather ambiguous and contradictory. Those who are faced with delays and the accrual of extortionate fines, of course, complain about constant calls and outright extortion from employees of a microfinance organization.

Of course, this situation is unpleasant both for the debtor and for the company itself. That is why you should evaluate your financial capabilities before taking such a loan. It is important to return the received funds within the specified period and not to delay.

Most feedback on the activities of microfinance institutions, however, is positive. Many microloans helped out in difficult situations. Someone went on a trip, having forgotten their credit card at home, someone had unforeseen urgent expenses, and the salary is still far away. In such cases, it is really beneficial to take a microloan, especially if for a short period of time and subject to quick repayment. The convenience of registration via the Internet is also attracting an increasing number of customers. This greatly facilitates the process of receiving money in any convenient form.

In negative reviews, you can often find information that money was credited to the account for an already approved loan within four days. This, of course, caused a wave of complaints from clients, because most often when applying for a microcredit, funds are needed “yesterday”.

Microfinanceorganizations explain such a delay by the established regulations. Therefore, when applying, be sure to check with the manager for the timing of the transfer of funds in order to avoid such misunderstandings.

There are quite a few dissatisfied with RosDengi. However, most of the complaints are made by those who, through their own fault, are late in payments. There are, however, several justified claims, especially regarding the increase in the interest rate for delinquent debtors. Thus, the obligations to the organization are constantly growing, driving the debtor into endless financial bondage.

However, even here, most of the blame lies with the person who issued the loan, because all the conditions are spelled out in the contract. To avoid misunderstandings, you should just carefully read this document and do not sign it without being sure of the possibility of fulfilling its conditions.

The desire of a microfinance organization to return its funds is justified by the fact that this is the basis of their activities. They take a potential risk, issuing loans to virtually everyone, and, of course, they will not forgive debts.

However, their obsession often leads to a backlash from the borrower. It should be remembered that it is not worth avoiding a dialogue with the company that issued the loan in case of late payments. It makes sense to specify possible options and terms for a refund.