Services of microfinance organizations that issue small loans online are very popular today. They are used by people in a difficult financial situation when they urgently need a small amount to pay. It is easier to get money from an MFO than from a bank, where fewer requirements are put forward to clients, and applications are processed much faster.
In an MFI, even those with a bad credit history can expect to get a loan approved. Bad credit history often causes the bank to refuse to issue a loan, and the worst defaulters are even blacklisted. This means that the person will not be able to use the bank’s services in the future. But even in this situation, there is a chance to get a loan from an MFI.
How to get a loan if I have a negative financial rating?
You can get a loan online with a bad credit history just as well as with a good one. Credit history is not a reason for the refusal. However, due to increased risks, such clients are often reduced the loan amount or asked to provide additional documents to verify their solvency. But usually, you only need a passport and TIN from the documents.
If you urgently need money, you must:
- Select a credit service using the catalog. Set the necessary filters by amount, term, interest rate, or city, and the system will offer current options.
- Then go to the MFI website and fill out the application. Pay attention to this. people with a bad history should fill in all the fields (not even mandatory ones), avoid mistakes and typos, and do not try to mislead the service by specifying, for example, a large salary.
- Wait for the company’s decision. If it is positive, you need to attach a bank card for the transfer and sign the agreement online.
The application process usually takes up to 15 minutes, but if the customer has a bad credit history, it may take longer.
How to return a loan?
It is very important to return funds on time, so as not to spoil the story even more. Keep track of the loan term and deposit money no later than the last day of the agreement. The fastest way the loan repayment in your account, the payment, in this case, takes place without a fee, instantly.
If you pay via a terminal, do it at least one day before the end of the agreement, and if you pay via a bank’s cash register, do it at least 3 days in advance.