Don’t be afraid of rejection when applying to MFIs (microfinance institutions). Of course, there’s a likelihood that you may not pass the conditions that are offered by the main microfinance institutions, but in this case just apply to another MFI. Most likely, you will find the best service that will suit you and you won’t get a refusal.

Nowadays there are many organizations that give loans for a short period of time. Some of them offer the most favorable and loyal conditions of the loans – both in terms of requirements and interest rates, the chance of postponing the payment date and special offers.

Got a refusal in the bank? Borrow money at MFI!

If you haven’t got a loan at many banks for various reasons, then do not despair. The conditions of borrowing money at MFI are not so strict, so there are much more chances to get a loan. You’ll need an ID, mobile phone with valid number, bank card or e-wallet. When MFI approves your application, you will receive money, up to 250 0000 pesos, in just a couple of minutes. There are profitable promotions for those who apply for a loan for the first time – you don’t have to pay interest on the first loan. 

It is impossible to get a loan in banks if there is no official income, while this isn’t essential for MFIs. Some microfinance institutions don`t pay attention to whether you are officially employed or not, the main thing is to have a permanent source of income. Also many organizations approve requests from pensioners, students, mothers on maternity leave or freelancers.

How to get a loan if there were delays before?

MFIs are loyal to borrowers even when their credit history isn’t ideal or they don’t have it at all. Moreover, you can take a couple of loans one by one and pay them on time, so you’ll get the history or significantly improve the credit rate. You`ll be able to borrow money in banks afterwards and it is unlikely that you will get a refusal.

MFIs approve most applications from those who have large debts, for example, for housing and communal services. If one MFI refuses you in this case, then there is a high chance that the other will approve the application.

Increasing the chances of loan approval

How to get a loan online without refusal? It is necessary to follow the requirements that the microfinance institution sets out to the borrowers. Also fill out the application carefully, without making mistakes and allowing various inaccuracies in your personal data, otherwise It may seem suspicious and MFI will refuse.

Find several MFIs and compare the conditions that they offer to you, and send an application to several services at once. They have a really good reputation and excellent terms both in getting loans and paying it. Don’t be afraid of rejection because of strict requirements, they are pretty loyal.