lending companies is a company that lends small sums of money to its customers. You can borrow from USD 500 up to USD 10,000 through a micro loan. For the loans up to USD 3,000, a maturity of 30 days applies. If you want to borrow more money from lending companies, the maturity will be 90 days instead of why the loan is called a quarterly loan instead.
It is really only the maturity that separates the smaller loans and the larger ones . Of course, the total cost will be greater for those who want to borrow more money, but if you look at monthly interest rates and effective interest rates, this will be lower for the higher amounts.
There are no rules that you must have borrowed from them earlier in order to borrow the larger amounts, so it is no worry to borrow the largest amount the first time. Also, applying for a micro loan of USD 1,000 is not done in any other way than an application for a quarterly loan of USD 10,000.
To apply for a loan
The idea with micro-loans is that they should be easy to apply and so is lending companies. You can choose to apply either via the web or to do so on the mobile phone. No matter how you choose to apply, the first step is to go to their website. If you choose the form, just fill in this and they will provide an answer. If you instead want to call them directly then check out the things that should be entered in the form for it is the same information that you need to be ready to provide over the phone.
Your application will then be processed and you will receive a reply. If this is positive, the money will be paid out as soon as possible. How fast this goes depends on the time the application comes in. The usual thing is that an application that comes in before 13:00 also means that the money is in the account on the same day, provided it is a weekday.
Terms and conditions for obtaining a loan from lending companies
If you apply for a loan, a credit check will be carried out and in order to have a chance to do so, you must meet some basic conditions. These are that you should be at least 18 years old and registered . Furthermore, you may not have any active payment notes. You must also have an income th can check in their credit check, which is large enough to make them feel secure in lending money. The size of this income varies by how much you want to borrow. For the smaller loans, an income of USD 50,000 or 100,000 per year is required. If you want to borrow more than USD 4,000, you must earn at least USD 120,000.