Planning and diversifying your expenses allows you to live up to your next paycheck without any problems and even save some amount. However, unforeseen circumstances and unplanned spending can leave you without money at the wrong time. Surely you have found yourself in a similar situation more than once. And you already know how difficult it is to find money to live up to advance payment or payday. True friends are always ready to help. But is it worth burdening other people with your problems? A small loan offered by microfinance organizations is the best solution for such a case.
What is Small Loan?
A small loan is a short-term loan, a feature of which is a small number of funds issued for several days or weeks. Otherwise, it is no different from a regular consumer loan. You will hardly be able to get a small loan from a bank since the size of bank loans is too large. Moreover, they generally do not work with clients who need a small amount by their standards.
At the same time, MFIs are always ready to provide you with a small amount: from several hundred to several thousand dollars which is just enough to calmly wait for your next paycheck. In addition, the clients of MFOs are people who urgently need a certain amount of money. At the bank, you will have to wait for a response to your request for a few more days. However, it is not yet known what decision the institution will make. In an MFO, a small loan can be obtained in just a few minutes by filling out a form at Moneyzap or an application from your home computer or directly from your workplace.
Small Loan Benefits
– Efficiency is the main advantage of small credit. The process of filling out the application is as easy as possible. After filling it out, the money will come to the card in 15-20 minutes;
– Availability. You can get the required amount at any time of the day from any locality in the country;
– Maximum convenience. You do not need guarantors or the transfer of property as a pledge, you do not need any certificates and additional documents, except for a passport and identification code;
– Practicality. There is no need to indicate the reason for a small loan as you can spend the money received for any purpose.
What To Do When You Need Money?
Small payday loans can solve many financial problems. At the same time, there is no need to go in search of an MFI. On the Internet, you can find all the information you are interested in and familiarize yourself with the conditions for obtaining a small loan and interest rates in different companies. You can independently choose the best loan conditions by choosing the size of the loan and its repayment term.
Many companies allow clients to adjust the timing of repayment. Often, they reduce the payment for using a small loan in the event of early repayment or allowing deferred payment subject to interest payment.
Small loans are characterized by the complete absence of hidden fees and additional commissions and can be seen when using an online calculator. Having established the required amount of a small loan and the repayment period, you can find out the final cost of the loan even before submitting an application. An online calculator eliminates the tedious calculation of the interest rate. Also, it allows you to quickly compare lending conditions in different companies in order to find the most profitable loan.
Having decided on the choice of the company and the size of the small loan, you should fill out an application. To be guaranteed to receive approval for issuing money, you must provide up-to-date contact information and personal data trying to avoid the slightest mistakes and inaccuracies. Do not forget to include your bank card details and mobile phone number.
After considering the application, you will receive an SMS with the decision to issue a small loan. Immediately after signing the agreement, you will be able to receive money on the card. The digital code specified in the SMS is used as a signature in the agreement.
How to Repay a Small Loan Online?
Methods for funds repayment are discussed when signing the contract. As a rule, MFIs do not limit their clients in their choice giving them the opportunity to independently choose a convenient way to repay a loan.
Most often used for the debt repayment use:
– self-service terminals;
– cash desks in bank branches or in the MFO itself;
– transfers from a bank card online to a personal account.
It should be remembered that delays in the payment schedule or non-repayment of the small loan in due time entail the accrual of penalties and penalty interest. Other sanctions provided by the law may be applied to persistent defaulters up to the transfer of the case to court or appeal to a collection company.
Microcredit is almost the only way to fix your credit history but is subject to payment deadlines. At the same time, all cases of violation of the agreement will negatively affect your further lending. Therefore, we recommend that you analyze your financial capabilities for the timely return of credit funds.
Internet Is the Best Assistant in Getting Small Loans
It became possible to get a microloan before paycheck online only with the development of the Internet. The Internet allows you to use credit funds of any financial organization even if its office is located in another city. This equalizes the opportunities for residents of large cities and remote settlements allowing all citizens of the country to solve their financial difficulties with the help of borrowed funds.
Online lending does not imply a personal visit to company offices, communication with managers, or long-term coordination of a decision on the issuance of a small loan. The whole procedure is carried out from a home computer and does not take much time. In recent years, services have become popular which collect information from dozens of MFOs. They display the main conditions for obtaining a loan which saves you even more time when choosing a lender.
On the lenders’ sites, it is very convenient to compare the main indicators of different financial institutions lending to the population.
When choosing a small loan, consumers are most often interested in:
– the maximum possible loan size;
– loan terms;
– the size of interest rates.
Comparing these data, you can find the most favorable conditions for each specific situation and successfully cope with the material difficulties that have arisen. Receiving a small loan should be treated with the same responsibility as when applying for other consumer loans. With the right approach, such loans can be a convenient way to change the quality of life by improving your financial situation.