How to choose a company giving the loan?

The important features of credit organizations, their advantages and disadvantages. Terms and limitations.

The mission: to choose from a variety of really attractive option.

so there you go.

Finance market of individuals interest is saturated with a large number of companies offering services on favorable terms. But before you take the first available offer, it is necessary to weigh all "for" and "against". Which company to prefer, and how not to miscalculate with a choice – will tell you in this article.

How to find the best bargains on loyal conditions?


What types of organizations give loans and to whom it

In the market of credit services has established two types of organizations – public and private. Also along with them successfully and actively operating an MFI offering high-interest loans with a minimum set of requirements. Their popularity is extremely high and the benefits are obvious: for the right amount of money you will need only 5-10 minutes of your time and a short wait the callback Manager. The probability of failure in the loan when it tends to zero. Disadvantages of MFI also have: this is a small amount loan, short repayment period, high interest rates.

To receive the credit amount within any type of organizations required to provide ID. Also plays an important role in the achievement of the borrower is 18 years of age at the time of application. If MFIs are these conditions enough for banks willing to provide large amounts will require auxiliary evidence base your ability to pay. To err and to ensure the solvency of a potential client, banks require a certificate 2-pit, surety or collateral. In this regard, despite the favorable conditions of banks to apply to such firms is not always convenient.


Advantages of online loans before a Bank loan

In spite of higher interest rates compared to banks, microfinance companies are popular and not scare away customers. Compared to a traditional Bank loan, get a loan in MFO a lot easier. The customer will not have to spend a lot of time office visit, consultation with the credit Manager and long-term advocacy in the miles of queues.

To compare the terms of loan in banks and microfinance institutions in the table:

ActionsBanksmicro-Finance company
the Speed of the application1-3 days3-5 minutes
the Speed of transfer of funds with the approval of the1-2 day10-30 minutes
the Need to visit the office of the companyHasNo
the Ability to apply online, HasHas
Early repaymentPossible, but with finesis Possible without any penalties


a review of the popular banks issuing loans to the population

Consider the TOP 7 banks in Russia, issuing loans or cash loans population:

In the list of the most reliable and trusted banks can be attributed to several organizations. They provide the loan on the card or receiving cash:

  • Bank TINKOFF. The rate is 19.9%, the processing time is 2 minutes. You can get the money on the card.
  • SOVCOMBANK. To take a loan by surrender to the office of the Bank. Rate – 12%, term of consideration – 1 day.
  • Alfa Bank. The institution provides loans at 23.99%, the time of the application is 2 minutes.
  • RAIFFEISEN Bank. The institution provides loans at 14.9 per annum with consideration of the application for 1 hour.


Overview of microfinance institutions

Among microfinance companies you can also select a few reliable options:

  • TIMER. Rate is 2.1% on the day, the consideration is done in just 4 minutes.
  • TURBOSIM. Rate of 2.17 per day, processing time is only 5 minutes.
  • KREDITO This is another proven company that provides credit loans at 1.9% on the day. A distinctive feature is the automatic approval of the application.
  • The Moment Of The Loan. After a moment's consideration of the application the user can expect to receive a loan was 0.27% on the day.


what to look for when obtaining a loan?

Many people facing financial difficulties, interested in question of which company should contact in order to maintain confidence in the reliability and transparency of all transactions. It turns out that there are several signs that indicate the reliability of certain MFIs, and they are discussed later.

We propose to consider 6 main characteristics of reliability of the MFI on the example of company Timer.

design of the home page

The first begins with the introduction of the borrower and potential lender website. If there is no sufficient information, and there is only the call for the speedy clearance of loan, there is a high probability of the bad faith of the company. Proven company strive to give the most complete and comprehensive information, without being challenged.


information about the details and registration in the registry

In the public domain should be information about the details of the company, its full name, and the license for carrying out activities. This approach says about the integrity of the company. If absent, the potential borrower should consider whether to cooperate with such an organization.


The availability of information about the company and its offices

The more data provided about the location of the office, the greater the likelihood that the company really exists. Ideally, the potential borrower should come personally to the office to ascertain the reality of its functioning. Also the client must have access to information about the rules of loan repayment in certain cities and countries


The presence of the calculator microloan

Good companies give their clients the option of counting the amount borrowed under convenient terms and rates. On the websites of the reliable companies on the main page you can see the calculations, where the exact amount of the overpayments.


the Ability to leave feedback

If you want to get information about the degree of transparency of the company, you should look for reviews about it on the website of the company. Unfortunately, not all organizations provide their customers the option to leave your opinion. If the site only a couple of reviews of positive content, most likely the reviews were written by the creators of the website, not real users. To trust such creditors is clearly not worth it.



Another key sign of reliability of the company is the free telephone hotline 8-800. Also it is important to specify the time during which the user can order a call and receive consultation on issues of interest.

Given the above points, you will be able to understand the trustworthiness of the company and to make a conclusion about transparency and integrity of its work.


How to avoid fraud on the part of MFI

How MFIs can you trust? What to look for when choosing a micro-Finance company?


Ways to cheat customers:

Is often a small start-up companies can be real scams. If the organization has no official registration, and it is not included in the state register, it has no right to provide loans. Often the scammers are asking the customer to provide the most detailed information about your personal data, including Bank account number, work place, salary level. With the knowledge of all these nuances detractors have everything in order to access an account at a Bank or Rob an apartment while you are at work.

Another cruel way of cheating is as follows. Scammers give you the money, then two strong guys lie in wait near the office of issue and just Rob you, leaving with nothing. Moreover, can hurt, breaking his leg, arm and then disappearing.

The following, however, more "humane" method of deception is to provide hidden fees and interest. In advertising such MFIs write one info and it turns out that the scheme of cooperation is completely different. Despite the conclusion of the contract, the MFI does not always give customers it to read or write the essential terms of the contract especially the fine print. Even if you go to court, it is unlikely to help. All you can do judge, to offer you next time a closer look at the terms of the contract before signing.


Other pitfalls:

If to speak about other aspects, then it's probably just trouble. However, to deal with them do not want anyone.

  1. The first point is the requirement to collect a large number of documents. Of course, sometimes the MFI just want to confirm the creditworthiness of its potential customers, but in some cases they are collecting information for other purposes.
  2. Second, you should pay attention to long to send money. Most often they promise to send the loan for an hour, and the funds transferred to the account until the next day. If it is possible to fail one day, do not worry. If not, and you had to go to another organization, you will have to return double-duty.
  3. Another nuance that occurs often enough, bad service. For example, it includes negligence of staff, poor designed website, unattractive office space.

If you notice any of these blemishes, it is best not to pull and turn at once to another company. The right choice of organization will allow you to avoid different kinds of problems and get the desired amount quickly and without incident.


Best deals in obtaining a loan according to the specialists

We will select the best offer for You based on the experience with our clients and the subscribers of the website. You just need to leave a request in the form below, the rest of the work on data collection, Analytics and training the most beneficial suggestions we will take.

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Ilya Adamov
Leading credit specialist , JSC Alfa-Bank
Experience more than 7 years on the market of credit products for small and medium businesses, consumer credit in Yekaterinburg. Education: bachelor of the Higher school of Economics in Moscow.