Lending companies offers its customers to take micro loans either via the web or mobile.
The loan amount
When it comes to micro-loans, you can say th is a comprehensive company. This means that they lend all the way from USD 500 up to USD 12,000 in the form of micro loans. In terms of maturity, it varies depending on the size of the loan. The smallest loans have as short a maturity as 15 days and the largest loans are repaid in 90 days. In order to give you a good check on the maturity of their various loans, we shall list here what applies
- Loans of USD 500 have a maturity of 15 days .
- Loans of USD 1,000-3,000 have a maturity of 30 days .
- Loans of USD 3,000 – 6,000 have a maturity of 60 days . These loans are repaid in two invoices.
- Loans of USD 6,000 – 12,000 have a maturity of 90 days . These loans are repaid in three invoices.
20 day rule
Lending companies follows a recommendation from the Financial Supervisory Authority which states that a borrower should not be able to borrow money within 20 days of the previous loan being repaid. This is to prevent money laundering. Therefore, you must wait at least 20 days before you can borrow from lending companies again if you wish.
Conditions for borrowing from lending companies
If an application submitted from you is to pass lending companies’s credit check, it must meet certain basic requirements. Some of these are that you must be at least 18 years old and have no payment notes. You must also have an email address, a mobile number and a bank account.
The credit check performed also checks what income you have and this must be large enough to be able to repay the loan without any problems. If you meet these basic requirements, an application from you will probably be approved.