Quick loans: when to take “payday loans”

Быстрые кредиты: когда стоит брать "займы до зарплаты"

Microfinance services (MFIs), at the offices or the Internet really can be good in situations when an urgent need small amount of money.

To use these services also need to correctly not to overpay and not to be in a more difficult financial position.

The benefits of fast loans

First and foremost, simplicity. If there is a minimum package of documents, you fit the requirements for borrowers, there are no problems with outstanding loans – money with a high probability will be given. The review process will not take more than 30 minutes of time, while employees of service will check your details or contact specified in the application form trusted contacts.

Turning to a specialist firm, you can apply for a cash loan and receive the money on the card, filling out forms, sending scanned documents on the official website of the microcredit organization. A lot of them – such as “Patch”.

Disadvantages of fast loans

It’s a lot of interest. Yes, get money from MFIs is easier than in a Bank, but reduced requirements to the borrower the customer pays high interest, fines for late payment. If you delayed the payment for one day – the overpayment will be significant.

In addition, MFIs will never give out large amounts for a long time. The reason is all the same reduced requirements for borrowers. If you care to take a bigger amount, for longer time, a smaller percentage it is better to go into the banking organization.

When you can seek the services of MFIs?

Given the fairly strict conditions of lending to seek the services of an MFI to take a loan online on the card or in cash in our office, it is only in extreme cases. When you are 100% sure you will be able to pay the money with interest according to the payment schedule. Try to take the lowest possible amount for a short period of time, clearly understanding how much you are overpaying in the end.

Check in advance about the possibility besprotsentno credit for new customers, the possibility of early repayment – all this will allow you to save money. It will not hurt to clarify about the option of extension, if available – force majeure cannot be ruled out.

Of course, not take loans, not sure if cash receipts in the future and not know whether to return the loan. It would be desirable, but in this case, the loan is better not to take.

How to choose a credit institution?

Pay attention to the key factors of choice, which will save you nerves and at least a few hundred hryvnia.

  • loan terms – interest, period, amount
  • a method of obtaining money and repay the loan
  • penalties
  • the possibility of early repayment, prolongation
  • reviews on

Carefully read the contract – the amount of the total overpayment and terms should be spelled out crystal clear. Additionally make sure there are no hidden commissions, fees, and term of the loan begins only after the actual receipt of the money.

Be prudent, soberly assess their financial capabilities, check the terms of lending to MFIs before to get credit. And perhaps a micro-credit firm with a good reputation, customer service and human respect will come when you will need a small amount to pay.