The development of the credit services market and the great competition between banks and microfinance organizations have led to the fact that the requirements for a loan borrower have significantly decreased. In most cases, to obtain a small loan, it is enough to present a passport with a residence permit and citizenship.
Nevertheless, it will be tricky getting a long term loan bad credit with even with lenders who lend money to everyone without fail. In order to apply for long-term money on credit, you need to deal with your debts.
How to improve credit history
If your delay in a previous loan has not yet reached the stage of litigation, there is a chance to correct the data on your behavior as a borrower.
To do this, you must:
- Close late payments at the same time, even if you need to turn to a microloan or credit card funds.
- Enter the payment schedule, avoiding more delays in payment. At the same time, repaying debts on a new microloan – this will give an additional plus for your CI.
- Do not borrow a lot of money at the same time from different sources: this will worsen the indicator of your credit load, and you may not even get a new mini loan.
- In order not to be without support during this financially busy period of life, turn to the credit aggregator for help: the smart sorting system will allow you to instantly choose the most profitable mini-loans based on your needs for the amount and term of the micro loan.
Only reliable banks and the most convenient offer. A variety of terms, amounts and interest rates. Documents required for registration, product features, interest rates and other useful information. Choose favorable conditions and instantly get a long-term loan on the card or in cash without checks. Banks, that urgently issue money to borrowers even with a bad credit history.
Are there any downsides to long-term lending? Only one can be distinguished, and it is relative: the interest rate of online financial institutions is higher than that of banks. Do not forget that you can repay a microloan ahead of schedule with recounting of interest. Convenience to design and receive microloans pays for a higher rate.
Refusal of a long-term loan. Solution: microloan with a 0% extension
If an online financial institution has refused your long-term microloan, do not despair. Contact microfinance companies offering a free extension. Consider the features of the proposal.
Suppose you lent the maximum for a beginner the sum of 200 dollars for a maximum period of 30 days. The interest rate at this online financial institution is fixed at 1.75% per day. If after 30 days you cannot repay the debt, pay only the accrued interest and take advantage of the free extension for up to 30 days. The rate will be all the same 1.75% per day. No fines and penalties.