How to take a loan without risk?
Nowadays most people are afraid of borrowing money at MFIs due to different reasons – from high interest rates (if compared to banks) to the chance of being a victim of fraudulent organizations. If in the first case the reason is not so significant, because the amount of money you can borrow from MFIs is small and given for a short time. But the situation with scammers is more stressful. How can you protect yourself and borrow money without risk?
The problem is that you may apply to fraudulent MFIs (microfinance institutions), which will hide some conditions and, by signing the contract, you will have to return more money than expected.
The deceitful scheme of such organizations is that they do not stop at the payment limit, which is prescribed by law. If you get in such an unpleasant situation when you can’t make payment on time, you will have to pay not only the interest rate, but also the penalty and late fee on loans. The law restricts such payments, so you don’t have to pay endlessly – the loan debt can’t be higher than 1.5 times of the loan amount. The frauds don’t stop at this limit and continue to accrue interest, fines and penalties indefinitely. The amount that you have to pay out becomes unreal. Moreover, the scammers may be really cruel and behave illegally, trying to intimidate you psychologically or even using violence. Also fraudulent MFIs can use your personal data that you entered while filling out an application. This information may be used for getting other loans on your behalf.
In order to get a loan without risk you’d better apply for time-tested MFIs, for example, you can find the list of creditors that you can trust on our site. They have a good reputation. Get a loan without leaving your house – money is transferred to your card in a couple of minutes. You’ll need an ID, mobile phone with valid number, bank card or e-wallet.
Before applying to MFI and signing an agreement carefully study the documents that you will need to sign to get a loan. Read all the points and if there are any doubts, it is better to spend time and understand the conditions than be cheated and have financial troubles afterwards.