According to the latest statistics, microloans have been growing in quantities for more than a year. Quarter by quarter, the financiers of our country record an increase in demand for loans. And this is despite the fact that most consumers claim that they chose MFIs only because there was no other choice. It is worth noting here that, together with the general growth of microloans, the number of people who chose MFIs to receive financing, getting their first loan, is growing.

Microloans were issued by a third more than the year before

Microloans were issued by a third more than the year before

In some cases, MFIs even outperform the banking sector. The demand for fast loans continues to grow this year. Many believe that this is the merit of the Bank of Russia, which actively monitors the work of all microfinance organizations in our country. Almost every month, companies that do not cope with the next requirements of the Central Bank leave the market. And the rest, while optimizing their work and providing their customers with more and more loyal conditions.

Of course, one should not underestimate the actions of the Bank of Russia, which clearly lead to the growth of the microfinance market. Even the fact that official sources of information have started to mention MFIs and microloans more and more often contributes to increasing the credibility of the latter. What can we say about the systematic reduction of the interest rate and the maximum amount of overpayment, as well as the size of the maximum debt burden.

What is convenient microloans

What is convenient microloans

Every year microloans are increasingly taking both individuals and legal entities. And those of others are attracted by the convenience of receiving money and the speed of their issuance. Agree, in some cases, the time of confirmation of the application may play a key role in choosing the right lender. In addition, sometimes you just do not want to collect all sorts of information to get a loan of 10-15 thousand rubles.

Some people think about their credit history. It so happens that the bank does not issue a large loan due to the lack of CI or it is spoiled. You can take a loan to improve your credit history. If you make all payments on time, appropriate entries will be made in the history, which will positively affect the credit rating.

Mandatory payment on a loan 

Mandatory payment on a loan 

It also happens that you do not have time to make a mandatory payment on a loan or mortgage. If the problem arose not because of loss of work, but simply delayed wages at work – you can take a microloan to avoid delays. A missed payment incurs negative CI entries and in some cases penalties from the lender.

The constant growth of borrowers in the microfinance sector, regulation by the Central Bank and the apparent ease of obtaining loans suggest that microloans are needed in our country. And also that they will continue to grow and become more accessible.