The interest rate on a loan depends largely on the borrower. And that means that it should be reduced to his strength. Microfinance organizations set minimum requirements for their clients. This is done to compete with banks and to facilitate the task of a potential borrower. As a result, they take the risk, as they receive little (or do not receive at all) supporting documents about its viability. For such loyalty and speed of issuing loans, they prescribe a percentage of the loan more than that of banks.
Reduce the interest rate on a loan
It is best to try to reduce these very risks that Payday Loans assume. Give the company all kinds of information about yourself (by the way, this can help if you need to take a loan without a passport). Show not only your passport, which is usually enough to get a payday loan, but also the rest of your documents. This may be a driver’s license, passport, various certificates, TIN. Eliminate managers from having to check your credit history – you can request it yourself at the CII and submit it. If you took loans in other payday loan companies and repaid them on time, be sure to indicate this in the questionnaire, adding the name of the organization. Even information about guarantors may affect the assessment of your candidacy, despite the fact that all Payday Loans say there is no need to provide such information.
Almost all Payday Loans have the ability to apply remotely – by phone or via the Internet. If you have a priority in the desire to get a reduced percentage – do not rush to use this option – it is better to come directly to the office of the company and issue all the proper documents.
The surest way to reduce the interest on the loan
Of course, the surest means of lowering the loan rate is the status of a regular customer of the company. Perhaps, in any business, companies value their customers and do everything possible to retain them and make many concessions in order to appeal to them again. Microcredit is no exception. In many companies, such as in the Money for the House company, there are special, more favorable conditions for obtaining a loan for recurring clients. This is a lower interest rate on the loan and larger amounts, and a greater choice of terms.
A microfinance organization can be a reliable partner for you from the very beginning of your relationship. Provide as much useful information as you can about, instill confidence in you and extinguish the debt in time.