What is a microcredit without interest in an MFI?

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At first glance, a loan at zero interest rate or with minimal remuneration seems to be a completely useless action for MFIs. However, this is not the case. This is beneficial for both parties: the microcredit organization and the borrower. In essence, this is a promotion, the purpose of which is to show the MFI's client orientation and loyalty to users. The offer is all the more attractive, since the microfinance organization lends to people with a negative or zero credit history and is satisfied with a minimum of documents. Lenders who provide loans on the most attractive conditions are collected on the aggregator site https://foxmoney.kz/.

 

Borrower requirements

The peculiarity of MFIs is that they cooperate with such categories of the population as pensioners, students, persons without official employment. Basic requirements for potential clients:

  1. the age is 18 years, for some MFIs — 21 years. Most often, there is also an upper age limit;
  2. citizenship of Kazakhstan, presence of registration in any NP Respublika;
  3. availability of a bank card (as an option, a registered account, an electronic wallet);
  4. gadget with network access.

A short-term interest-free loan for a small amount is an ideal option for solving small financial difficulties related to the purchase of medicine, payment of education or repair of household appliances.

What do you need to know about MFI loans at 0%?

Before proceeding to filling out the creditor's questionnaire, it is necessary to carefully study the creditor's requirements, assess the risks associated with a possible late payment. The problem is that even with the smallest delay in payment, the microloan automatically becomes payable. In addition to the principal amount, you will have to pay the MFI's remuneration at the standard rate for the entire period of using the loan.

The registration procedure takes

So, the MFI is selected, it remains to issue the first interest-free loan. The algorithm is as follows:

  1. prepare a mobile phone, scanned copies of TIN, passport;
  2. go to the website of the credit company;
  3. determine the amount of the loan and the payment term;
  4. fill out an online questionnaire, go through the verification procedure;
  5. wait for the decision of the MFI;
  6. if the application is approved, sign the loan agreement using the code from the SMS message.

After signing the contract, the money is credited to the selected payment method quickly. Many MFIs lend money not only online, but also in cash in the office.




Microcredit at 0,01%

What is the risk of violation of conditions?

The credit agreement stipulates the client's obligation to repay the debt on time. Missing the settlement date or incomplete repayment of the microcredit is subject to the following sanctions:

  1. accrual of fines, penalties;
  2. the demand for the immediate return of the borrowed amount.

First, the creditor reminds the borrower about the need to repay the debt: calls, sends SMS messages. If the negotiations turned out to be ineffective, the MFI has the right to resolve the issue through the court before the statute of limitations expires. Naturally, litigation is not beneficial to either party. The solution to the problem, which prevents delays, is the extension of the contract (increasing the payment term). MFI receives its money, does not sell debt to collectors at a significant discount. The client also benefits: his credit rating does not suffer, and his debt load becomes less burdensome.

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