Pros and cons of microcredit services

The banks have a serious competitor – these are microcredit organizations. There are now several dozen organizations operating in Ukraine, their work is licensed, that is, it is 100% legal. You can take a fast loan on a card using your passport. The percentage of approval of applications is maximum. This means that the loan will be paid back to you with a high degree of probability. The answer is usually given within 1-60 minutes, which cannot be said about banks, which consider applications for about a week. So, in more detail about microloans, the advantages, and disadvantages of their registration.

Advantages of microloans

A microloan has a number of advantages over bank loans. Basic:

  • issuing money within an hour or even faster;
  • consideration of applications and approval online without your personal presence;
  • the minimum age of the borrower is 18 years;
  • no need to provide a certificate of income;
  • the ability to repay debt ahead of schedule without commissions, fines, additional payments.

The credit organization will not hand out a large amount of money, but here you can quickly, without unnecessary problems and checks, intercept the money before the paycheck. Submit applications through a browser or application. Before choosing a company, you can search for information on the Internet, read reviews in order to understand exactly what you can count on.

You can spend all the funds at your discretion without reporting it. Also. if the deadlines are met, you will never have problems with hidden payments or unexpected overpayments for the service. In addition, if you reapply for a loan, then it is highly likely that the company can lower your rate or increase the loan term, or raise its amount. Repeat customers often receive such pleasant bonuses.

The purpose of the h5 loan is not important. At most, the organization will ask you to indicate the purpose of lending in the questionnaire, but no one will actually check the spending of funds. The main thing is to repay the loan with interest on time – and there will be no problems in the course of cooperation.

Are there any downsides?

Yes, the microcredit service is not perfect. For example, the interest is noticeably higher than in banks, but if you use the service wisely, in the end the overpayment will be adequate. The credit history of the borrower of the organization is practically not important – the secret is precise that such organizations cover the risks for themselves with increased interest rates. Before taking out a loan, make sure that you can return it on time, try to pay off debt obligations on time. If you take out a loan for a couple of weeks, the overpayment will be small.

You can really save money by taking part in the promotion. In some organizations, you can take out a microloan at 0% upon the first application. Promo codes are regularly sent, promotions are held, which will also help to reduce the percentage. Follow the newsletters by SMS, e-mail, so as not to miss a profitable offer. Compare the terms of different organizations before applying, they sometimes differ.


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