Banking institutions, in order to reduce potential risks, set the minimum age category for citizens. Thus, only persons who have reached the age of 21 can take out a loan. Measures are being taken to minimize late payments and non-repayment of loans by unemployed people, in particular, this applies to students of higher educational institutions – students.
In case of urgent need, you can contact microfinance organizations, including students. There microloans can be taken from the age of 18. Remember that you will have to pay even a small amount, but every day and at an inflated percentage. For this, when concluding an agreement with an MFO “Quick money»You need to provide your passport and mobile phone number.
It turns out that students can get a microloan like any other person who has reached the age of 18. It doesn’t even matter that the student is often just learning. However, there are cases that just with the help of this kind of loan, a student can take up a new project and show his opportunities for business development.
How to get a microloan for a student?
Note that if you, as a student, were not given a loan at the bank, do not despair and feel free to contact a microfinance organization, which will issue a certain amount without any difficulties. Money is provided to MFIs promptly without paperwork and for a short time. The registration is quite simple. You just need to have a Russian passport and residence permit with you.
Microcredit companies arrange loans as follows:
- When contacting the office of the organization;
- Remotely: you need to go to the site, or through the application: the money will go to the account of the MFO client;
- Call the company and arrange for the delivery of the agreement and the required amount of money directly to the client’s house.
It is worth noting that the site has reminders that describe in detail how you can get funds, there are limits on the amount, criteria for refusing new borrowers, which happens very rarely, the interest rate, as well as bonuses for regular clients of MFOs. Naturally, at the first application and taking of a microloan, a minimum of requirements will be put forward: the amount and time frame will be much lower than in subsequent transactions.
Each student should consider the following points when choosing a microfinance organization:
- Collaborate with a firm that uses online processes. Because through scoring everything happens much faster, taking into account the automation, and not the human factor. Thus, the application can be accepted fairly quickly and without some difficulty. Please check your profile carefully before submitting it. If errors are found, the application may be rejected.
- It is recommended that you send your application before lunchtime, rather than late afternoon. This is due to the fact that there are microcredit companies that work on a specific schedule, and not around the clock. However, there are also such companies operating 24/7. Remember that even the system may fail at night with the provision of a small amount of money. Also, experts do not advise taking out loans at night, because this is not advisable. To receive money, you still need to wait for the opening of the center, or for the operation of the payment system.
- There are MFIs that give big discounts to their first clients – ideally 0% and bonuses on subsequent transactions.
- You can apply to several MFOs – this will increase the chances in one of the organizations to receive a positive response to the loan, but in this case, do not overdo it.
We add that microfinance companies often agree to provide a small loan to a university student. Most importantly, remember that this is temporary and the funds still need to be returned on time.