It’s no secret that getting a bank loan is now more difficult than 3-4 years ago. Against this background, the number of citizens appealing to microfinance organizations has significantly increased. The popularity of online loans issued by microfinance organizations is also growing.
What are the best personal loans online and who issues them?
Personal loans online are loans that are made out on the Internet and you must not even leave home. Microfinance companies can issue online loans. At the same time, it is not necessary to visit the office of a microfinance organization – the company will conduct remote customer identification through a credit organization. However, in this case, the identification will be simplified, in which the maximum loan amount is relatively small, and give it out for a period not exceeding 30 days. If you plan to take a loan for a larger amount or for a longer period, you still have to go to the office. To obtain a personal loan just fill out a form on the microfinance organization’s website, indicating your passport data. Often the decision to approve an application is made within one hour or even faster. Microcredit companies can also issue online loans. Their borrowers must visit the company’s office at least once for identification.
What do you need to know about the company when you make a loan?
First of all, you need to choose a microfinance company and make sure that it is listed in the state register of microfinance organizations. You should carefully read the rules for granting microloans and the terms of the contract on the microfinance organization’s website then you need to fill out a questionnaire posted on the same site, indicating the passport number and bank card or account details. Having considered the application, the lender sends an SMS about the decision to the phone number indicated by the applicant. In the case of a positive response, the SMS contains a confirmation code, which the borrower enters in a special field on the company’s website. And after the code is entered, the lender transfers money according to the specified details.
How to get a personal loan?
The first, traditional, method is getting to a bank card or account. In this case, the statement must specify the details of the bank account. The second way is to receive “electronic money”. Instead of an account, you specify the details of your “e-wallet”, to which funds are transferred in cash. Then they will be converted into special payment units that are used by a particular payment system. There is another way – to get a loan amount in cash through one of the payment systems, which must also be specified in the application. The money will be given to the borrower in the office of the payment system after the presentation of the passport. Thus, this is not an online loan in the full sense of the word.
What are the interest rates for a secured personal loan?
Every now and then advertising promises instant loans at 1-2%. However, it is silent that this is not an annual interest rate, but a daily one. Moreover: in the contract, this information may be intentionally spread on different points. It is assumed that online loans are taken for a short time: “to paycheck.” But if someone could not pay on time, there is a delay, the bill goes on for months, for years … hundreds of percent run into, the debt becomes overwhelming.
If we are talking only about late payment, the interest should not exceed two times the outstanding amount of the loan (the penalty is also included in the calculation).
What “pitfalls” can trap the recipient of quick personal loans?
Under personal loans, companies are often disguised fraudsters who create websites that copy the pages of famous lenders, choose similar names, the same company colors. This can be misleading to the borrower. During the application process, it suddenly turns out that in order to receive a loan it is necessary to pay a commission. The borrower transfers money and … receives a refusal to receive a microloan. These lenders do not charge any fees when applying for a loan. Significant risks are associated with the personal data of citizens. The fraudsters will find out the borrower’s passport information from the application, after which they will refuse to receive the loan, and the completed questionnaire will be transferred to the real lender by changing only the account number. There, the application is approved and transferred to the account of intruders. And the debtor is an unlucky borrower. Therefore, it is necessary first of all to make sure that the company appears in the state register. Before applying for a loan, try to find out as much as possible about the selected company. Carefully read the entire text of the contract.
Easy personal loans: features
I need a personal loan: so, what to do? No matter how tightly the contracts in the form of public offers come into our life, the legitimacy of the loan agreement signed online is still in doubt. The loan drawn up on the website will be legal if the contract and other documents have been “properly signed”. The use in making transactions of facsimile reproduction of a signature using mechanical or other copying, electronic signature or another analog of a handwritten signature is allowed in the cases and in the manner prescribed by law or by agreement of the parties. Since no live signatures are made when applying for a loan online, an electronic signature must be used, and this should be determined by agreement of the parties. Under the electronic signature, the law means information in electronic form, which is attached to other information in electronic form (signed information) or otherwise associated with such information and which is used to determine the person signing the information.
Algorithm for issuing a loan online: where to get a personal loan?
To get a personal loan (with bad credit including) you should do the following steps:
- The borrower applies for a loan to the lender through the site, indicates all the data and gives his consent to the processing and transfer of his personal data to the lender, as well as the transfer of this data to the credit history bureau in order to obtain information about the potential borrower.
- The borrower adheres to the terms of the rules for granting consumer loans and the agreement on the use of the analog of a handwritten signature.
- The borrower accepts general and individual loan conditions.
- The validity of such a scheme has been repeatedly confirmed by the court.
However, in practical implementation, a number of risks arise. Let us dwell on them in more detail.
Proof of acceptance for credits with best personal loans interest rates
As an acceptance, as a rule, either the introduction of the code received via SMS or the withdrawal of the minimum amount from the user’s card and its subsequent return are used. From the point of view of the law, such actions will confirm that the person has accepted the necessary documents. But this causes a problem: personal loans online approval can be got by one person (the SMS was entered by the person to whom the particular telephone belongs and whose data were indicated in the application). But short term personal loan amount was transferred to the card to another person.
Judicial practice in similar situations is different. In one case, the lender could not prove that the card belonged to the person who accepted the contract. The court noted that in such conditions the execution of a loan agreement does not contradict the law, but in the absence of evidence of the transfer of funds, it is the plaintiff who cannot be considered to have concluded this agreement. That is, we will refund the loan body, but we are not talking about any percentages. In another case, the court sided with the creditor and indicated that during the registration, the creditor verifies the accuracy of the mobile phone number and mail by checking the availability of access to these means of communication. In this regard, the borrower’s reference to the non-conclusion of the contract by the court is rejected.
Proof of listing
Not all lenders can prove that the loan was transferred to the borrower, and yet, for a loan contract, this is the key aspect. As a rule, the funds for best online personal loans are transferred by a paying agent or credit institution, and the lender has only a register in which the first and last digits of the card of the person to whom the payment is transferred are visible. At the time of the dispute, to identify who left the money, you have to file legal inquiries. But what to do if, in the end, it turns out that the lender has only the data of the borrower, and the money went to a third party card? Of course, it is possible to recover the loan amount as unjust enrichment from this third party, but the lender is unable to recover interest. Storing the card data or photo card of the borrower will make sure that it is issued to the person who accepts documents. In that case, if it is personal.
An online loan is a loan through the Internet that does not require the personal presence of the borrower in a bank or in a microfinance organization. One of the main advantages is significant time-saving. From now on, there is no need to go to the banks and wait for your turn. You can quickly place an order without leaving home, sitting on the armchair! When you have a bright desire to take an urgent loan, you do not need to drive around a lot of banks in a car, analyzing all the offers of companies. You can use our portal and find a quick loan on favorable terms. You will only need to issue an online application. Of course, after making an online loan, you will quickly transfer money to a card or an account, and you just have to spend it on your needs. As a rule, the application is processed directly on the website in the form of a questionnaire, on the basis of which a microfinance organization using Internet technologies can decide whether to issue or refuse a loan almost instantly. You will be informed about your decision either by phone or via the Internet through the company’s website. In the case of a positive response, you will be transferred funds to your account, which you indicated in the questionnaire.