Consumer loans – Find the best lender

Most people think that the Fine Bank only works in agriculture. However, this is not the case. This financial institution, which is fully controlled by the government of the Russian Federation, has a number of programs designed for ordinary people. A good example of such products are consumer loans from the Fine Bank.

This organization is starting to grant such loans to people over the age of 18, which is surprising in itself as a very small number of banks agree to work with borrowers under the age of 21. To obtain a loan, the customer must be registered near a bank branch that has more than 1,600 in the country and have at least six months of professional experience at the main office. In order to determine the creditworthiness of the borrower, the income level must also be confirmed. Personal income is sufficient to design the program in most cases, and there is no need to attract co-borrowers.

 

Required paper for registration

consumer loan

Rosselkhozbank consumer credit is issued upon presentation of the following documents:

  • current passport of the Russian Federation;
  • Military map. This document must be submitted before the age of 27.
  • Income certificate in form 2-NDFL;
  • completed application form

For more information, it is recommended to visit the official website presented by the Fine Bank on the Internet. The consumer credit calculator, located on its pages, will help the borrower calculate a convenient payment schedule and the amount of the loan that does not exceed their monthly income. You can also find an online application form here and, after completing it, send an email to the head of the credit department.

 

Types of programs provided

Types of programs provided

Fine Bank consumer credit can be divided into two broad categories:

  1. Goal – Arranged loans to achieve a specific goal that is explicitly prescribed in the contract. In the event of such a loan, the customer can rely on milder conditions that the Fine Bank can provide. Consumer loans, the interest rate of which may not exceed 17%, can be spent on the purchase of equipment or a vehicle, repairs, real estate, education, the purchase of medicines, etc.
  2. Unbound – Loans where the bank has provided the requested amount and is not interested in its future. The interest rate on such a loan must not be less than 18%.

Rosselkhozbank consumer loans can receive up to 5 years. The maximum amount that can be taken is 10 million dollars, but to get more than 300 thousand, the organization will require a guarantee of at least one individual and more than 1 million dollars. – Real estate mortgage property.

Loan application is usually considered in a week’s bank. A financial institution does not charge a commission for providing a loan, which is a big plus when choosing a lender.

Installment loan online, for whom?

An online loan is a solution for people who need a higher sum due to urgent expenses, but their financial situation does not allow them to pay their liabilities at one time. With this option, they can spread the return of cash over a couple or even several dozen months, thanks to which they are easier to cope even with the return of a high commitment. Installment loans were still a domain of banks a few years ago, but with the development of loan companies they also appeared in their offer. Today, most lenders, in addition to traditional payday loans, also offer installment loans online. What are their pros and cons? – you’ll find out in a moment.

Who can get a installment loan?

Who can get a installment loan?

In fact, any adult person with citizenship can apply for this type of commitment. Lenders do not place high demands on their clients because it is one of the safest types of loans. Due to the fact that the repayment is spread over time, the installment to be paid each month, even with large sums, is not huge. Therefore, a non-bank loan via the Internet is suitable even for people with a very difficult financial situation, because even they are able to pay back large amounts on time.
These types of loans are especially for people who have a random accident, such as a broken washing machine, a car breakdown or forced renovation. In this case, you immediately need a large sum of money, which not everyone has. Installment loans allow you to receive the cash you need and also to repay it peacefully.

Advantages and disadvantages of installment loans

Advantages and disadvantages of installment loans

The biggest advantage of installment loans is that repayment is spread over a longer period of time, which makes it easier to pay back the debt on time. However, this also involves a higher total cost of loan than payday loans for 15 or 30 days. And all this because of the interest, which by definition depends not only on the amount of the liability, but also on its length. Despite the fact that the annual interest rate is lower for installment loans than payday loans, in the final settlement the total cost is higher because the liability is spread over a longer period of time. The indisputable advantage of installment loans is the fact that it is not difficult to get them and you can apply for much higher amounts than for payday loans. Sometimes, when a really big cash injection is needed,

What repayment period should you choose with an installment loan?

What repayment period should you choose with an installment loan?

As was explained in the previous paragraph, the longer the period, the greater the total cost of the liability, so it makes no sense without the need to extend repayment over time. However, on the other hand, it is worth taking care of your financial security and you cannot commit to repaying the loan too quickly, because it may result in defaulting, which in turn will involve additional fees. That is why it is worth spending a moment before sending the form on the home budget analysis to best match possible loan installments to your options.

Installment loan – what should you pay attention to?

Installment loan - what should you pay attention to?

As with any other commitment, you should carefully review the terms and conditions of the installment loan in your company. Often, portals attract customers with a low interest rate or zero commission, but most such offers have a catch. If the interest rate is unbelievably low, it means that the commission will probably be excessive. Therefore, in order to avoid unpleasant surprises, it is worth very carefully, line by line, to trace both the data on the lender’s website and the contract he offers.

 

Collective microcredit: discover this type of social investment

Collective microcredit is the meeting of crowdfunding with microcredit. It fits into the crowdlending logic as an innovative tool for low-income people to finance their projects. On the one hand, is someone who needs a loan and on the other is one or more people, willing to finance the project.

Good Finance is the first collective microcredit platform in Brazil. You can become a social investor (Hero Good Finance) with values ​​starting at R $ 25.

Crowdfunding

bank

The English term, literally means: crowd funding. It is a valuable tool to leverage a project and has existed in Brazil since 2011. The proposal is to use the internet to disseminate the details of the development of a project and to raise the necessary capital to carry it out. On the other hand, Internet users access the content and decide whether they want to help make it viable, contributing money. There are four types of crowdfunding:

  1. Collective donation financing – In this modality, the only reward is knowing that it has contributed to a greater good.
  2. Reward crowdfunding – Supporters receive products or services developed by people who have decided to help.
  3. Equity crowdfunding – The supporter, also called an investor, receives a percentage of the company that is asking for financing.
  4. Collective loan – Supporter is also seen as an investor because he receives financial income (interest) on his loan.

Microcredit and social impact

Microcredit and social impact

Microcredit was invented in the 1980s as a credit modality aimed at low-income people and earned a Nobel Peace Prize for its creator, Muhammad Yunus. Practiced with low interest rates, the idea of ​​microcredit is that, by making credit accessible and fair to everyone, we will build a better world, without poverty in the future.

To give you an idea, 120 million people live on less than the minimum wage in Brazil. However, together they handled around R $ 800 billion in 2010. More than 60% of the Brazilian population is in the CDE classes and 40% of these citizens do not have a bank account, according to a study by the CDE Plan in partnership with FGV. 80 million people are excluded from the financial system and from all the opportunities that this system brings, but microcredit has the potential to reverse this scenario.

This is the target audience for microcredit. Giving access to capital for those at the base of the pyramid is an open door to social impact. When directed at entrepreneurs, microcredit further increases its potential for impact. To embrace this cause means supporting access to financial services, the generation of decent jobs, entrepreneurship and so on.

Find out more about what Good Finance did in 2017 and what are the expectations for 2018.

The problem to be solved

Motivated by a mixture of opportunity and need, almost a quarter of the Brazilian population, which is at the base of the pyramid, undertakes. There are more than 25 million micro entrepreneurs spread across the peripheries and slums of large and small cities that face a daily battle to maintain and grow their own businesses.

Traditionally, when a micro-entrepreneur needs a loan to invest in his business, he goes to the bank and ends up facing a discriminatory environment, high interest rates (4% per month on average), and a complicated bureaucracy that prevents him from evolving.

The solution: collective microcredit

Brazil is full of microentrepreneurs who want to invest in their businesses, but are unable to obtain financing in the traditional way. The solution is to decentralize capital. This is possible through a collective microcredit platform. Now we don’t have to go to the bank to ask for a loan anymore, we can do it through Good Finance. Entrepreneurs can raise up to R $ 15,000 to invest in their business and on the other hand, social investors can start with values ​​starting at R $ 25.

How does Good Finance work?

The mission is to provide access to fair microcredit for low-income entrepreneurs. But there is a curatorship before, not all entrepreneurs can be financed by the network. First, the entrepreneur must be appointed by a strategic partner who works with entrepreneurial training.

Then he must answer a financial profile questionnaire and send documents that prove the financial health of the business. Once approved, start your campaign.

What are the benefits for the entrepreneur?

What are the benefits for the entrepreneur?

– A fair way to get credit: without discrimination, cheap and without bureaucracy.
– Loans up to R $ 3,000 have no interest.
– Loans from R $ 3,001 to R $ 9,000 with interest of 6% per year.
– Loans from R $ 9,001 to R $ 15,000 with interest of up to 12% per year.
– Financing can be paid up to 24x and has a grace period of 1 month.
– An administrative fee is charged to Good Finance of up to 10% of the total amount collected in all campaigns.

What are the benefits for the investor?

– Make a social impact investment, which will support the development of microentrepreneurs and the improvement of their quality of life.
– Receive the money back with income above savings.
– Receive reports on the evolution of the entrepreneurs and the impact generated by the financing.
– All this without leaving home.