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Question-Answer

Requirements for borrowers and terms of the loan.

The borrower must be a citizen of the country, aged 18 to 65 years.

Required documents: passport, TIN and active bank card of any bank.

The loan is issued mainly for up to 30 days with the possibility of extension (prolongation).

How to increase your chances of getting a loan?

First, check that all the data is filled in correctly. Make sure you don't confuse anything, check the numbers again. Usually, many mistakes are made in filling in the TIN field and passport number. By the way, it is also important to check whether your card has expired, whether it is currently active. It is also important to have a positive balance on the card, because during the verification the MFO usually blocks a small amount to make sure that your card is active and you can get a loan.

After receiving a refusal, do not rush to re-submit. Check all the data and try again in a few days. By then, the system will have time to upgrade and may make a different decision.

Can I get more than one loan?

Yes, but you will have to contact another MFO. Because no MFO issues more than one loan at a time.

However, we strongly DO NOT RECOMMEND you to do so. Because it will not only not improve your financial situation, but also increase your debt burden and can severely damage your credit history.

If you have difficulty repaying the previous loan, use the loan extension service for a new term. It is provided to all MFOs.

Maximum credit amount

The maximum loan amount depends on the specific MFO. On average, the first loan is issued in the amount of 4,000 - 5,000. The maximum amount of the first loan will not exceed 10,000. In the future, the maximum loan amount may be increased to 25,000 or more. To increase your chances of getting the maximum loan amount, we recommend that you send applications to several MFOs at once.

How soon will the loan application be processed?

If you are applying to an MFO for the first time, the online loan process will take some time. Because you will need to fill out a registration form. It usually takes 10-15 minutes. It will take another 5-15 minutes for the MFO to verify your credit history, according to the Credit Bureau.

If the MFO makes a positive decision, the funds are transferred to your card immediately after signing the contract. Thus, getting a loan for the first time will take an average of 15-30 minutes. Applying for the next loan will take up to 2 minutes: up to 1 minute to complete the loan application and up to 1 minute to verify the data. The money will be credited to your card instantly.

How to repay the loan?

You can repay the loan:

  • In the Personal Account on the MFO website.
  • In terminals.
  • In any branch of any bank (payment is made according to the details of the MFO).

Can I repay the loan early?

You can repay the loan early at any time.

In case of partial early repayment of the loan, interest will be accrued only on the amount of outstanding balance on the principal amount of the loan.

In the case of full early repayment of the loan, the accrual of interest on the loan is terminated on the date of full early repayment of the loan.

The full current amount of the early repayment of the loan can be seen in your Personal Account, which is automatically created on the side of the MFO when applying for a loan.

Can I get a loan with a bad credit history?

Credit History (CI) is a file with information about how each person fulfilled their financial obligations. When forming your credit history, not only your relationships with creditors are taken into account, but also overdue payments for utilities, unpaid alimony.

Credit histories can be of the following types:

  • Zero. If you have never approached a credit institution and prefer to pay for all purchases at once.
  • Positive. If you paid all your bills on time and never overdue.
  • Negative. It occurs in the event of late payments, waivers of financial obligations, and actions by bad credit institutions.

In the case of a negative credit history to take a large loan from a bank to buy a house, apartment, car, starting your own business will be simply impossible. After all, all banking structures will be sure to check the potential borrower with the Credit Bureau.

However, taking a loan from an MFO with a bad credit history is as easy as getting one with a good one. After all, MFOs do not divide clients into "good" and "bad". Therefore, if you have a bad credit history - the terms of credit for you will not change.

MFOs can afford to lend even with a bad credit history because:

  • MFOs are less at risk: they issue smaller amounts for a shorter period. Even if there are problems with the return, the company will quickly find out and be able to take action;
  • Due to the higher interest rate, the MFO will earn more when the client repays the loan.

MFOs also have much lower costs than banks: they do not need to retain a huge staff, a network of branches, "heavy" and expensive sites and applications. Therefore, such companies are ready to issue loans without a large number of inspections.

By the way, a consumer loan in an MFO is also a great chance to quickly correct your CI. If you repay it quickly, this data will be included in your CI and it will improve (even if the amount and term of the loan were minimal). You can then try applying to the bank for a mortgage or other large loan.

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