Do you urgently need help for treatment / purchase of equipment / repair of housing? Take a microloan – the money will go to your account on the day of application! Such a transaction does not require the collection of numerous documents, the cost of money and time from the client are also not provided. Such loans are issued by microfinance organizations (lending companies) in person or sent to a bank card after online application. This transaction does not imply verification of the borrower’s credit history.
Great possibilities provided by lending companies
Another plus of microcredit – the terms for which loans are granted. If necessary, the loan can be issued with a repayment period of up to 30 days. Such a loan is appropriate when you, for example, urgently need money before paycheck. Quick loans are the best option for those cases where there is no one to lend money. A significant disadvantage of such a deal is high interest rates. Interest is calculated not monthly, but for each day of using the issued money.
Microcredits are really beneficial for you only if you are going to pay money over several days or weeks. Even if you took such a loan for a long term, try to pay it back as soon as possible to avoid overpayment of interest. Fortunately, lending companies differ from banks in that there are no taboos for early repayment of a loan from these companies.
In the bank you probably will not be able to get a loan in such a short time. First, the financial institution will check your credit history, the authenticity of all documents, and then may require the provision of guarantors. All these procedures take time, and when it is not, every minute counts. In such cases, microfinance organizations come to the rescue.
Features of the online loan
To get money – a microcredit – without leaving home, make a deal online. There are several ways to obtain credit from the Network:
- transfer to your card / bank account. This method is the most popular at the moment. Almost every Filipino has a payment card at his disposal, for which citizens receive scholarships, salaries, other social benefits or pensions. To get such a loan, you must go through a simple procedure. You need to fill in the online application form (specify passport data and your card / account number). This procedure takes no more than 15 minutes. Funds will be credited during the day, delays can occur only on weekends. You no longer need to worry about the fact that there is no place to get a certificate of income – the services of this type of lending are also provided to those citizens who are not officially employed;
- cash loan. No time to wait for crediting to the card, need help here and now? Visit the lending company’s office in person and withdraw cash. Properly fill out the application will help the employee of the organization. You will not have to wait long for an answer, the decision will go as fast as when considering an online application. The only significant difference is that you will immediately receive the money. The disadvantage of such a loan is to contact the company only on the office’s working days.
As a rule, microcredit is issued for a period from one week to 65 days. In some organizations you can borrow a fairly large amount of money, in this case, you will have to additionally provide the company with a security deposit.