Microcredit is a quick payday loan. Where to get a quick payday loan
This term refers to bank loans for individuals that are issued on a non-collateral basis only on the basis of the analysis of available information about the borrower. Naturally, the risk of financial and credit institutions is quite high with unsecured lending.
Therefore, fast loans are characterized by rather small loan amounts (up to 10 thousand, in some cases up to 20 – 30 thousand hryvnia). Why they are widely used in the well-known name ” microcredit “. The second feature of microcredits is the increased interest rates on them, which in turn are designed to insure the increased credit risks of banking institutions.
Benefits of a quick payday loan
The advantages of microcredit include:
- No need for a property pledge. After all, the risks the lender insures a small amount of the loan , and increased interest on it.
- Accessibility for a wide range of individuals. After all, there are quite a few working people with regular pay , or receiving regular social benefits, and therefore quite solvent to pay less than the size of bank loans.
- Ease of microcredit design . In this case, banks do not need to check the existence of the mortgaged property and analyze its liquidity. It is enough to identify the borrower’s identity, solvency and financial discipline (in the past credit history). even machines can do such procedures today (computer programs) that search for and analyze the information you need in just minutes.
Where to get a quick payday loan ?
Previously , it was possible to take a payday loan quickly without collateral only from acquaintances who personally know both the borrower and his reputation. With the development of information technology and extensive electronic databases, virtually any banking institution can know its customers well in absentia. In addition, it is in their interest to have a Credit Bureau, where data about all customers, when ( successfully or not ) contacted banking institutions – is collected, systemized and analyzed.
Almost any natural person, small in size, a quick loan without property collateral can get :
- At the branch of any network bank , which practices unsecured consumer lending, or issuance of universal micro loans “for any purpose” without collateral . But when contacting the bank for a quick payday loan , you should be prepared to visit the nearest branch in person, spending a certain amount of your working or personal time. At the same time, you should have (in advance take care of their presence) a certain list of mandatory documents:
- certifying the identity of the applicant (Ukrainian passport, IDN card) ;
- confirm its solvency (certificate of income from work, tax, pension fund, etc.).