First you need to decide where to borrow. There are two most common options with their own characteristics: a Bank or an MFO-a http://usapaydayloans.info/ microfinance organization. If you have time to spare, a good credit history, and you can easily provide all the necessary documents — contact the Bank. The Bank will give you money for a long period of time at a percentage that will be significantly less than when borrowing from an MFO.
If you do not have time or you are not sure that the Bank will approve your loan, and the amount you need is small and short-term, you can contact a microfinance organization.
MFIs were once created to support small businesses that can’t always rely on funding from banks. But among ordinary people, the quick loan service has also become in demand, so MFIs also issue consumer loans (including «payday» loans). Here is only the percentage of have such a any microloan much higher, so to live long with him cannot be — he coined not for this and starts «there is» your finances. When you contact the MFO and are told about the loan terms, do not rush to sign the contract immediately. You have 5 days to think about the offer that was made to you. Conditions cannot change during this time. Take a pause and check if the organization you selected is in the registry. The data in the contract must fully correspond to the data in the register: OGRN, TIN, full and abbreviated name, location address.
Rate the offer
Even if you need money urgently, do not rush and do not make hasty decisions: evaluate the offers of different companies. Although the micro loan is issued for a short period of time, keep in mind that 1% per day is 30% per month. Consider whether you are really willing to pay so much. Do not forget that the micro loan works for you only if you have taken it for a short period of time. The faster you pay it off, the less money you will have to pay from your budget.
Interest and penalty
If you took out a micro loan after January 1, 2020 (inclusive), the total amount of all payments, including interest, fines, penalties, and fees for additional services (such as insurance), cannot exceed the loan amount by more than 1.5 times.
For example, if you took 20,000 rubles, you will give back no more than 50,000 rubles: 20,000 rubles (the debt itself) plus interest, fines, and penalties of no more than 30,000 rubles (20,000 rubles x 1.5).
If you need up to 10,000 rubles for a period of up to 15 days, you can apply for a specialized loan, which is subject to other restrictions.
For a special loan, the total amount of accrued interest (except for the penalty) and payments for additional services should not exceed 3,000 rubles, or 30% of the loan amount. Moreover, the borrower will pay no more than 200 rubles per day.
For example, if you were given a special loan of 10,000 rubles for one day, you will pay a maximum of 10,200 rubles if you return the money on time.
The penalty for delay on a special loan should not exceed 0.1% of the amount owed for each day of payment delay.
