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Currently, there are more and more cases in Russia when debtors are not able to pay off their existing debt to the creditor on time. The main problem with a delay in the payment of a microloan is that the debtor begins to accrue penalty interest in large amounts. In this case, the debtor can only be helped by refinancing a microcredit, about what this service is, as well as how to arrange it, and this article will be discussed.
Loan refinancing procedure
In most banking organizations, the presented procedure is as follows:
- First you need to fill out a form and apply.
- After that, the bank reviews the application and makes a decision. If the decision is positive, the bank will independently select the credit conditions.
- After that, the credit conditions will be presented to the client. If he is satisfied with the conditions of the bank, then he only has to sign the agreement.
- After signing the agreement, the bank pays off the debt to the microfinance organization. From this moment, the client begins to repay the loan to the bank in accordance with the accepted payment scheme.
The point of the procedure is that the debtor takes a new loan to pay off the existing debt. In this case, he manages to avoid charging the microfinance organization with penalty interest for delays. In addition, refinancing allows you to resolve the following problems:
- Consolidation of several loans into one. This allows the debtor to simplify the process of paying off debts, since after combining the loans, he will need to give money to only one creditor.
- Decrease in interest rates. Often, banking organizations offer their clients the ability to refinance loans at more favorable interest rates. This saves the money paid to the lender.
- Reducing the amount of the monthly payment. Due to the reduced interest rate, it is possible to reduce the monthly payment. In addition, the lender can extend the maturity of the debt, which will also reduce the amount of the monthly payment.
Some banks offer refinancing of microloans with delays.
What microloans can be refinanced
Not all microloans can be easily provided with softer conditions. The main reason for refusal to refinance is that the bank does not want to risk its funds and provides itself with safety from losses.
In addition, there are microloans that are simply not subject to the refinancing procedure. Such microloans, first of all, include credit card debt, debt to a pawnshop or a private investor. However, even in these cases, you can find an organization that will agree to refinance debt to MFIs.
Basic requirements for a client when refinancing a microcredit:
- The amount of debt. In most cases, banking organizations are ready to agree to refinance debt of the size from 30 to 500 thousand rubles.
- Debt maturity. Basically, the loan term is set from one to five years (however, some banks may provide longer loan maturities).
- Age requirements. Basically, banks issue loans to citizens in between the ages of 20 and 70.
- Availability of work. The client must have a constant source of income.
- Making one payment on a microloan.
Refinancing MFO loans is a way out of a difficult situation when the loan grows and with it the interest due to delays.
Who refinances microloans
Microloan refinancing services are currently offered by both banks and microfinance organizations. You can also get help from private investors or other credit institutions.
Banks
Cash loan from the bank "Renaissance Credit"
In the presented bank, you can easily get cash on credit for any purpose. Lending terms:
- loan amount - from 30 to 700 thousand rubles;
- maturity - from two to five years;
- interest rate on the loan - from 11.3% to 24.7% per annum;
- client's age - from 20 to 70 years old.
Re-crediting microloans in UBRIR
The Ural Bank for Reconstruction and Development also offers its clients the possibility of obtaining cash on credit for any purpose without providing information or guarantors. Lending terms:
- loan amount - from 30 thousand to one million;
- Maturity - from 2 to 7 years old;
- Loan rate - from 13% per annum.
Loan in OTP bank
OTP Bank also offers its clients the issuance of loans for any purpose. Lending terms:
- the amount of funds lent out - from 15 thousand to one million;
- debt maturity - from one to 5 years;
- loan rate - from 11.5% per annum.
Online refinancing of MFOs is possible in the personal accounts of financial organizations.
IFIs
Rusmikrofinance
The presented microfinance organization makes it possible to provide refinancing of microcredits on the following conditions:
- maturity - from 6 months to 5 years;
- loan amount - from 30 to 300 thousand rubles;
- loan rate - from 0.2% to 0.25% per day.
Blitz
Refinancing in this organization is carried out on the following conditions:
- issued only to clients with good credit history;
- minimum client age - 21 years old;
- refinancing amount - from 3 to 100 thousand rubles;
- interest rate - 0.5% daily.
Moneyman
This organization provides its clients with the opportunity to extend the existing loan for a period from a week to a month. If extending the maturity does not resolve the issue, the client will be able to apply for refinancing on the following conditions:
- loan amount - from 1.5 to 70 thousand;
- maturity - up to 18 weeks;
- interest rate - 0.5% daily.
Refinancing procedure remotely and online
You can apply for refinancing in the same way as a loan without visiting a bank branch. This can be done directly on the website of the lending institution you are going to contact for help. The remote procedure is as follows:
Refinancing microloans should be done carefully so as not to aggravate the financial situation.
