Many borrowers need a small loan, that is to say a small sum of money of several hundreds or even several thousand dollars to finance a personal project or to cope with a sudden expense, credit personnel is precisely the funding adapted to this type of request.
Small credit, micro-credit: how does it work?
There are financing organizations offering micro credits and other small loans intended for the needs of everyday life, it can be a one-time expense (car repair, tax, purchase of a washing machine, debt) related to an unforeseen event, as it may be a project to materialize: moving in, small jobs, buying a car. You can get a microloan from 150 dollars and we generally talk about small loans below 2000 dollars. Beyond that, we are on a classic consumer loan.
Micro credit is generally offered by specialized banking establishments and conventional credit organizations, it is a loan with small sums and whose repayment terms are generally short. Between 12 months and 36 months on average, although these loans can be obtained over maximum terms of 7 years, or 84 months. No collateral is required from the borrowers, there is simply a feasibility study that is done before granting the bank loan.
What are the conditions for obtaining a small loan?
The contract of employment in CDI is an obligation for any traditional loan, that is to say for consumer loans intended to finance larger amounts (as a reminder, the consumer loan can relate to a maximum amount of 75,000 dollars). Simply on micro credit, whose sums are smaller (less than 2000 dollars) and shorter durations, the requirements are lower and above all adapted to the needs of applicants. Thus, borrowers on fixed-term and temporary contracts can take advantage of these offers, specifically designed to meet their needs and allow them to carry out projects.
It is obviously necessary not to be the subject of a bank filing, to have regular income and a debt ratio below 33% of income. Overall, a check is systematically carried out to ensure that this loan can be repaid by the candidate and that this sum will not lead him to a complicated financial situation. On the procurement side, a request must be made online, specifying the desired amount and ideally the desired repayment period. Depending on the credit institutions, fees may be applied to the subscription.
Simulate a small loan and get an express estimate
The loan simulator allows you to file a financing request by providing details on the desired amount but also on the situation of the borrower. In just a few clicks, you can be quickly informed of loan conditions and bank requirements. Note that the simulation is systematically accompanied by a credit proposal with the rate, duration and total amount financed. The simulator is a service offered free of charge and without any commitment constraint.