Fast loan in a microfinance organization, what are its advantages and disadvantages in comparison with bank loan products

Microloans are loan products provided by microfinance organizations (MFIs) in 2022, these are amounts up to 20,000 PHP with a term of up to 1 month. A quick loan is usually issued using an online application on the MFI website and, after approval, is paid to a bank card of any bank in the Philippines.

Advantages and disadvantages of microloans compared to bank loans

Advantages:

• Fast 10-15 minutes (it can take literally 15 minutes to receive you loan money!)
• Convenient online application form
• Without guarantors and pledges
• First loan without interest
• No or bad credit history allowed
• The minimum package of documents is only a passport and TIN
• Possibility of prolongation and restructuring of the loan amount

Disadvantages:

• Not a large loan amount, on average up to 20,000 PHP
• Short term up to 1 month
• The percentage of use for a loan is much higher than the bank

Where to apply for a quick loan online and what data must be entered in an application for a loan

In 2022, more and more MFIs begin to appear, in any of them you can apply for a quick loan both online and by visiting an offline issuance point. To issue a loan, you need to fill out an application indicating in it, as a rule, the series and number of the passport and TIN. You can apply online either online or in the branch with the help of a loan officer.

• Quick loans are usually approved in an average of 10 minutes from the moment of application and after approval, after verification in your personal account or application, the amount is sent to a bank card.
• Who is suitable and who is not suitable for a quick loan
• A quick loan is optimal for you if you need the amount urgently, you need a small loan amount up to 10 000 PHP, for a short period of up to 1 month. Such a loan is suitable if you need a consumer loan, you are an entrepreneur and you need to close a cash gap, like a payday loan, an urgent loan for medical needs.

Such a loan is not suitable if you: need an amount of more than 10 000 PHP, for a period of more than 1 month, you need a permanent revolving line of credit or an overdraft.

How to identify the most suitable quick loans online on our website

In order to determine the most suitable microloan on our website, go to the catalog of all quick loans, use the filter to select the loan offers you are interested in by parameters, then submit 4-5 applications to such organizations and, after their approval, decide on the most suitable MFI for a quick loan .