Choosing the money lender: bank or microcredit company?

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When it comes to lending money, a person faces a choice of the money lender. Much depends on this choice. We recommend you reading this article in order to understand the benefits and disadvantages of both institutions. Only possessing the accurate knowledge, we can make the right choice, which in turn will facilitate the good outcome.

The benefits of the quick loan from microcredit company

There are many positive sides of the microcredit company. Let’s stop our attention on the main ones. The main advantages of a microfinance organization:

  • applications are accepted around the clock, submitted via the Internet;
  • your request will be reviewed within a few minutes after its submission (in many cases the maximum delay is 1 hour);
  • it is not necessary to provide a voluminous package of documents, just an identity card;
  • to receive funds, no new card is required, any that you already have will do;
  • you can become a regular customer and enjoy convenient programs of discounts and lucrative offers.

Many Filipinos, because of their difficult financial situation, draw up loans in banks and do not pay them. As a result of such gross violations of the loan agreement, banks make corresponding marks in the credit history of an unscrupulous client. This means that in the future this person will most likely be denied of crediting.

Do not try to hide from the bank employees the details of their previous transactions. Banks will carefully check you in various ways. Although, however, many MFIs are willing to provide loans to clients with any history of previous loans, the likelihood of refusing assistance is minimal.

What exactly do banks check?

Before issuing a loan to a client, any bank verifies (verifies) the data specified in the application. Check the employment of the future borrower and other personal information of the client through independent data sources. To this end, banks cooperate with various organizations, such as:

  • credit and address bureau;
  • various enterprises;
  • internal databases of individuals;
  • various “black lists” and not only.

A mandatory part of the borrower’s identity verification process is the pinging procedure. It is necessary to verify the name, address and residence registration, date of birth and other personal data of the client. Bank managers use telephone numbers that the customer provides on their own.

If a banking institution refuses to help, use the services of the MFIs and get guaranteed microloans without refusing to your personal account. For example, fast loans are provided online by bank with fastest loan approval in the Philippines. Spend 15 minutes of free time on an application and receive credit money on a bank card within an hour. Working in this sphere, we understand that when it comes to the question of lack of money, the speed of reaction is of vital importance. As in many cases, people ask for money in emergency situation when every minute is important.

When choosing the money lender, find the one who cares about his clients and offers the best conditions.