But, as usual, the black stripe in a person’s life is necessarily replaced by a white one. After a while, the solvency of the undisciplined borrower has the property of being restored. A person in this situation needs to move on and develop. Often, this requires extra money that can only be borrowed or loaned online. But we remember that because of the past delays in loans and overall bad credit history, classic banks will be very wary of such an applicant. We are afraid that in this case even the most optimistic income statements that confirm the applicant’s solvency and his regular regular income will not help. Is the situation absolutely hopeless for him?
Where can I get a loan with overdue credit and bad credit ?
If you are in urgent need of money in debt but have a bad previous credit history, what else can you do to borrow a classic bank? Only a valuable pledge. A borrower with delinquency and bad credit history can now get a loan from a bank only as collateral for liquid real estate and movable property.
Fortunately, large and irreversible network banks are not the only ones in the market that do retail banking. In the field of consumer micro-credit, they are very active competition with specialized micro financial institutions (MFIs) – small, mobile, flexible, which seek out and occupy the narrowest and most risky market niches. Issuing loans with delinquency and bad credit is one of the niches in which MFIs have been successful.
Why, as well as why MFIs operate in such a risky market segment – this question remains unanswered. If they work, then it’s worth it. To individuals – borrowers only need to know that if they have somehow earned themselves a bad credit history in a classic bank, in fact their credit history is far from over. They still have a good chance of getting a bank micro-loan, and with absolutely no collateral. But for this it is necessary to turn not to a huge bank, but to a relatively small MFO.
It is known that the requirements of MFIs to their applicants are minimal and most loyal:
- no documentary proof of solvency, income statement;
- does not require even the smallest collateral (even such as in pawnshops);
- very loyal to having a bad credit history;
- trust the applicant independently and remotely (online, via the Internet) to declare information about themselves, in essence, without checking, and without resorting to errors in the cleanup documents.
Why such convenience and such generosity?
Due to the fact that MFIs are at the forefront of advances in modern banking technologies, software search (via electronic client bases) and information processing are most widely used. To put it bluntly, the MFI computer program only needs to clearly identify the applicant, and she will find all the information necessary to make a loan decision very quickly on client bases independently.
How can I get an overdue loan and bad credit ?
One possible way to get a loan with overdue credit and bad credit is to apply for a loan with the same bank and offer him a pledge of valuable (liquid) movable or real estate: car, agricultural or engineering machinery, housing, land, commercial property. object. But this is a special area of mortgage loans, at relatively large amounts, which are simply inaccessible to a large number of potential borrowers who do not have liquid mortgage assets.
For the most large group of borrowers who have permanently messed up their credit history, who are completely satisfied with small amounts of credit within the framework of microcredit, it is only necessary to apply to MFIs. This is perhaps the only available way for them to get a loan with a delay and a bad credit history .
Surprisingly, there is no discriminatory condition or requirement for such a specific category of MFI applicants. As a rule, microfinance organizations are very loyal to the applicants of corrupt credit histories and give them loans on a general basis. Why? The main reason is that microfinance amounts in MFIs are relatively small, within the range of USD 10-15 thousand, and credit institutions consider the risks of non-repayment of some percent of such loans quite acceptable.
Loan with overdue credit and bad credit is quite difficult. All you need to do is:
- First, meet the minimum requirements for the borrower: to be a citizen of Ukraine, to have a passport, IDN card, permanent address of registration, be of legal age (18 years and older), have a valid card of any Ukrainian bank, have a working mobile phone with a valid telephone number. At the time of applying for a loan, stay in Ukraine.
- Find and choose the appropriate MFI with the best (in terms of specific borrower) lending conditions.
- To go to the site of the selected MFI, fill in the electronic application form, and submit (submit) it for further processing. Filling in the application form is a simple entry (declaration) of information about the applicant’s passport information, his / her place of residence, his / her bank card details, contact telephone number. You may also need information about having a steady income (declarative in nature, without providing documentary evidence).
In principle, the procedure for applying to an MFI for an overdue loan and a bad credit history ends there. Next, the MFI program begins to verify the borrower’s declared information and develop a decision on the loan application. It won’t last long. As a rule, within a few minutes (a maximum of several tens of minutes), the applicant’s contact telephone number will not be notified by the MFI of the loan decision. If the decision is positive, the applicant automatically turns into a completely ordinary client – an MFI borrower, even if he has a previous bad credit history. It is likely that credit money will be credited to your bank card from minute to minute and can be used immediately.