A microloan is a great way to quickly solve a sudden financial problem. You can find many organizations both online and offline. The repayment period of such a loan is relatively short, and the money is issued quickly enough, without a close examination of the identity of the borrower. In addition, they can be issued even to individuals with a bad credit history.
Such facilitated conditions are pushing some citizens to re-loans. Thus, the debt burden is growing, and it is becoming increasingly difficult to repay the debt. Refinancing loans of microfinance organizations in other institutions can come to the rescue. This relatively new service is a real salvation for those who have ceased to cope with the sudden burden of credit.
The best loan offers
What is this procedure
About the service loan refinancing many have heard in another bank. This is a refinancing procedure in which the creditor bank pays off the old debt of a citizen in another bank in order to get a new client in this way. Of course, such an operation is carried out on more favorable terms with a lower interest rate.
Something similar can be done for microloans. The only difference is that it is not banks that are mainly involved in this, but some MFIs or a special agency for refinancing microloans - this is where you should seek help in the first place.
In addition, this procedure has several other advantages:
- The ability to combine several microcredits from different organizations into one. In this case, it is much easier to control the state of the loan, repayment periods and the amount of monthly payments.
- The maturity of the new loan is extended. If you have more time to earn the necessary amount, sufficient for a return, it is much easier.
- The interest rate decreases along with the amount of the monthly payment.
- It is possible to refinance microloans with a bad credit history and open delinquencies.
Why are unsecured debts in MFIs dangerous?
Delays on ordinary bank loans are fraught with a series of penalties, litigation and proceedings with collectors. However, even in this case, the total amount of all possible penalties and fines cannot be compared with the amount that can “run in” in MFIs. So, even a relatively small debt of a couple of thousand rubles in a few months can turn into a completely “unbearable” amount. At the same time, a series of endless calls and even visits by collectors, along with bailiffs and litigation, cannot be avoided either.
Of course, you can try to resolve the current situation with a particular credit institution, perhaps it will meet you halfway and agree, for example, to extend the debt repayment period. However, if you have several such loans on hand, you should resort to the refinancing procedure as soon as possible.
How to refinance a microloan
When a borrower plans to restructure microloans, he must clarify the basic conditions for this procedure. In particular, financial institutions generally put forward the following requirements for the recipient of such a loan:
- age - from 20 to 70 years;
- the presence of Russian citizenship;
- the presence of a residence permit corresponding to the location of the financial institution;
- permanent place of work;
- sufficient to repay the current loan level of income.
Funds allocated for on-lending are not issued to the borrower in cash and are not transferred to his personal bank card. The refinancing company thus insures a new loan against dishonest actions of the client. The tranche itself goes directly to the account of those organizations from which the loan is to be refinanced. The size of the loan in this case is limited to 500,000 rubles, the repayment period is up to 5 years.
If the refinancing of microcredits requires an amount that exceeds the client’s financial capabilities (for example, it does not correspond to the level of his monthly official income), the credit institution may require that a surety agreement be drawn up, provide property as collateral or sign a documentary assurance not to issue other loans during the offer period.
The refinancing service can cover both one and several loans at once. At the same time, you can combine all existing debt obligations, be it bank loans or microloans. However, this rule does not apply to all debt obligations.
The following categories of debt cannot be refinanced:
- bank credit cards;
- a loan received from a pawnshop;
- loan from a private investor.
In addition, bank consumer loans can be refinanced in MFIs only along with microloans.
Where to apply for a loan
The program of refinancing loans of microfinance organizations can be implemented in different ways. We present to your attention the most relevant and most effective of them.
Contacting the bank
When there is nothing to repay the loan and a delay occurs, some borrowers turn to banks in order to get a better loan offer in order to close the existing debt in the MFI with these funds. However, in practice, everything may look completely different, and some category of borrowers will have to face a number of unpleasant “surprises”:
- The client may not pass the preliminary or full verification. Most often, the services of microfinance organizations are resorted to by those categories of citizens who were previously denied access to banking institutions. In addition, if the results show that the potential client has any delays and non-payments on microloans, it will not be possible to obtain a new loan.
- Unfavorable loan terms. Even if you apply to a number of financial institutions that are ready to work with clients from MFIs, the conditions for on-lending may not be so attractive, therefore, it will be necessary to weigh all the pros and cons. Although, of course, there are exceptions to the rules, and some institutions can offer very favorable conditions, no matter what.
Thus, banks do not have special programs for restructuring such debt. In order to refinance there, you need to get a new consumer loan at a lower interest rate and for a longer period. An additional plus will be the opportunity to receive the allocated funds to a personal bank account or in cash (when refinancing loans in an MFI, a new loan goes directly to the account of the primary lending organization).
Another way to repay an existing loan is a bank credit card, the limit on which exceeds the debt. Banks are willing to issue such cards even to people with a bad credit history. At the same time, its design takes a minimum of time.
Many financial institutions offer their customers to receive a credit card by mail or courier service after registering and submitting an application on the bank's website. In addition, if you choose a banking program with a grace period for repayment, the issue of debt repayment may be delayed.
If we talk about the refinancing of microloans in which banks is most likely to be carried out, then, of course, we will talk about large players in the market who are ready to consider different categories of citizens. These usually offer optimal conditions for obtaining consumer loans or credit cards that are used to pay off previous debt to microfinance organizations. Some lenders can meet special refinancing programs, the terms of which it is advisable to apply to pay off debt on microloans. However, before contacting the bank, you should clarify how it "belongs" to a bad credit history.
Credit card "Tinkoff" for on-lending with a grace period of 120 days
A very relevant and profitable offer entered the market from the Tinkoff online bank. This credit organization allows you to get a card in the amount of up to 300 thousand rubles.
The advantages of its design:
- Favorable interest rate. If you calculate the interest on microloans, then their annual equivalent can reach 500-700%, while on the card you will pay only 20-30% per year and only if you do not have time to return the money before the end of the interest-free period.
- Grace period of 120 days. This is an advantage that distinguishes this "credit card" from similar offers on the market. So, you can transfer money from the card to close another loan and not pay interest for 4 whole months.
- Possibility of combining several microloans. If the amount approved on the card can close your debts on several loans at once, you will have only one payment on a plastic card, which is undoubtedly very convenient.
Renaissance Bank is a great way to refinance loans
Renaissance Credit is a financial institution that is ready to provide funds for any needs of borrowers, the same is true for microcredits. To get approval, it is enough to provide only 2 documents, one of which is a passport, the second can be: a driver's license, SNILS, TIN, even PTS.
In addition, a pension certificate is also suitable if the potential borrower is a pensioner. The chances of approval for this category of citizens in this bank are also very high, since the institution is ready to consider persons up to 70 years old.
The amount you can count on can reach 700 thousand rubles, and the loan term is 5 years.
"Touch Bank" is a profitable solution for closing old debts
Another offer from a major European player in the Russian financial market. This bank does not have offices and branches as such and offers an online issuance of a card that can be used either as a "credit card" or as a consumer loan.
At the same time, to consider the application, it is enough to indicate only passport data and find out the decision in a couple of minutes. Additional certificates and guarantees are not required.
In addition, after the loan is repaid, the funds can be reused without waiting for approval. The maximum amount that can be received reaches 1 million rubles.
Contacting the MFI
This can be either an organization that directly issued an existing loan, or another financial institution that provides such services. If there is a need to refinance microloans (and in this case, restructure) with delays in a microfinance organization, it is first necessary to discuss more benign requirements with its representative.
The revision of the conditions is welcomed by creditors who are not eager to return debts through the courts. If the borrower provides documented explanations for the delay, he will certainly be met.
These circumstances include:
- disability due to bankruptcy, dismissal (reduction) and other reasons through no fault of the recipient of the loan;
- a decrease in the level of income due to a decrease or delay in wages;
- getting into an accident or hospital (you must provide a medical report or a certificate from the traffic police).
In this case, debt restructuring takes place against the security of existing real estate or title. In addition, the MFI may require the involvement of guarantors and the conclusion of an appropriate agreement. At the same time, the interest rate is significantly reduced.
Contacting an organization working under the program for refinancing microloans with delinquency
Many financial institutions that issue microloans claim that it will not be difficult to refinance their debt obligations from them. In fact, this is not always the case. Refinancing of microloans with delays is one of the most complex and risky procedures, which almost no one undertakes.
However, even for such "neglected" cases, there is a solution. It is offered by LLC MCC "Agency for the Refinancing of Microloans", which has been operating in this service market since 2015. The company's website is www.refinance.rf.
The principles of operation of this financial institution in the field of on-lending are similar to those of other MFIs:
- all available loans from previous financial sources are combined into one (up to 500,000 rubles);
- the interest rate on the new microcredit is significantly lower;
- maturity - up to 5 years;
- the transfer of funds to the accounts of other organizations in which previous loans were received is undertaken by this MFO.
You can contact the agency remotely by leaving the appropriate application on the website of the organization. Documents can also be processed through an intermediary online or by phone. However, the contract is signed by the borrower personally and manually.
Steps to get a new loan to replace the old one
The procedure for refinancing a microloan consists of several stages:
- Fill out an application with contact details on the site.
- Receive an e-mail with a questionnaire, which, after filling out, is sent to the specified e-mail address.
- Making a decision on the application (takes one day).
- If the answer is positive, the loan recipient must send scanned documents on existing loans to the specified email address.
- Final agreement on the terms of the restructuring and signing of the contract at the nearest office of the organization or with the help of a courier delivery service.
- Repayment by the company of existing debts of the client by wire transfer to the specified settlement accounts.
- Repayment of the microcredit by the client according to the new repayment conditions.
The interest rate depends on the amount of the loan issued and can range from 0.2% to 0.7% per day. When lending in excess of 300,000 rubles, it may be necessary to involve two individuals as guarantors or to issue a pledge.
The borrower can make payments remotely: using online wallets, transfers from a personal bank card or depositing funds to the bank details of the organization specified in the agreement. Debt repayment occurs monthly, early payment is welcome.
When the question arises: “how to refinance a microloan if it is not possible to repay it on time”, you must first contact the lender. Microfinance organizations are willing to meet halfway and offer special conditions for borrowers who find themselves in a difficult situation. Refinancing a loan can also be done in banks by obtaining a special loan or credit card and thus postponing the final date of repayment of the debt. The main thing is not to panic and carefully evaluate the proposed conditions in order to choose the most profitable ones for yourself.
16.06.2016
If the borrower finds it difficult to make payments on an open microloan on time, then this problem can be solved with the help of refinancing. Let's see how this can be done.
Refinancing is a change in the terms of a loan or microcredit agreement, which allows you to reduce the interest rate or reduce the amount of payments by extending the terms of debt repayment. Ultimately, refinancing helps to pay off debts and avoid falling into a debt hole, while avoiding late payments, which entails many negative consequences - damaged credit history, proceedings with collectors, lawsuits, and huge fines.
What is microloan refinancing?
Refinancing a microloan issued by a microfinance organization is a procedure in which another financial organization provides funds to pay off the debt of the borrower. Thus, the borrower has obligations to repay the debt already to this financial institution, and not to the MFO, in which the microloan was originally issued. Starting from this moment, the borrower needs to repay the debt to the new lender. Services for the refinancing of microcredits today are provided by microfinance organizations and banks.
Refinancing microloans is necessary so that borrowers can pay off their debts. Thus, this service should be resorted to only if the conditions under which the microloan was originally received do not allow it to be repaid in full without delay. Refinancing should be considered as an extreme way out of a difficult situation, since it always leads to an increase in the cost of a loan.
Sometimes refinancing is confused with microloan restructuring, but there is a significant difference between them. Restructuring involves lowering interest rates or extending the terms of debt repayment in order to reduce the amount of monthly payments, but it is carried out by the financial institution that originally issued the loan. Refinancing, as already noted, is carried out by another financial institution.
Choosing a financial institution for refinancing a microloan
The refinancing procedure begins with the fact that the borrower needs to carefully study the lending and microcredit market and select a financial institution that provides such a service.
Banks do not openly say that they provide a microloan refinancing service. On the one hand, this is due to the fact that microloans are issued for small amounts, usually not exceeding 30-50 thousand rubles. Banks are not always interested in working with such small amounts. On the other hand, clients who need to refinance a microloan are often insolvent and have a bad credit history.
The most affordable and common option for refinancing a microloan at a bank is the issuance of a regular consumer loan. Its main advantage is more favorable credit conditions.
Microfinance organizations today are beginning to discover the refinancing market. Some MFIs have already begun to offer this service to potential borrowers, but there are not very many of them yet, which is associated with high risks. Like banks, many MFIs consider clients in need of refinancing to be insolvent.
As practice shows, many MFIs set some restrictions in order to reduce risks. In particular, requirements are set for:
- the age of the borrower - often MFIs refuse to cooperate with young and old people, setting limits, for example, 21–65 years;
- citizenship - MFIs cooperate only with people who have Russian citizenship;
- registration - many MFIs prefer to cooperate with borrowers who have a residence permit in the region of their presence.
Documents required for refinancing
The package of documents required for refinancing depends on the organization that will provide this service.
Banks may require a fairly impressive list of documents when applying for a consumer loan:
- passport:
- SNILS
- certificate 2-NDFL;
- a copy of the work book.
Sometimes banks ask borrowers to post collateral, in which case title documents will be required. The more documents the borrower can provide, the greater the chance that the bank will agree to refinance. In addition, the documents confirm the solvency and reliability of the borrower, so it will be possible to count on more favorable terms of the transaction.
Most microfinance organizations do not require any documents from their clients other than a passport. But there are exceptions - a person may be asked to show a driver's license or SNILS.
Asks Valentine
I want to refinance. Got loans from MFIs. I was not given my salary on time, the customers let me down (I worked with them unofficially).
He heavily owed both banks and MFIs. Debts up to 3 months. CI is worse than ever. Maybe you can still refinance. How to solve this issue more successfully, avoiding bankruptcy? Which banks and MFIs can I contact?
Hello Valentine! Refinancing loans with a bad history is quite difficult, but still possible. Recall that the history of each bank client in the database is stored for 15 years. In your case, you need to find a banking institution that issues loans and refinancing without checking the history.
Institutions such as Citibank, Sberbank, Otkritie, Alfa-Bank, VTB and Russian Standard carefully check the client's history before refinancing loans or applying for a new loan, so it is not advisable for you to apply for refinancing.
It is best to find a small MFI that will issue a loan in the right amount without checking the history. You should be aware that MFIs that issue loans without checking the history offer unfavorable conditions - high rates and a short loan term.
If you are not satisfied with the second option, then you can try to improve your history before contacting an MFI or a bank. For example, timely repay a recently issued loan in an MFI. Then your history will begin to improve and gradually normalize.
However, if in the future you make delays on loans issued in MFIs, then the story will deteriorate sharply. Therefore, to improve the CI, for at least a few years, you need to be a conscientious borrower to banks and MFIs, and not allow delinquency on loans.
Another way is to use the loan refinancing service. It is offered by both banks and MFIs. Refinancing is offered by the following banks:
"Renaissance Credit";
"Trust";
"Tinkoff";
"Perminvestbank";
Zapsibkombank.
In the listed banks, in addition to refinancing, you can get a consumer loan. In "Renaissance Credit" you can take a loan in the amount of 500,000 rubles at 42.9%, in "Trust" - 69.9%, in "Perminvestbank" and "ZapsibkomBank" - 23.9% -50% in the amount of up to 1 500,000 rubles.
As for the Tinkoff banking institution, here they look at the history of the borrower, but they do not refuse to apply for a loan and refinancing, the only thing is that the level of its corruption affects the loan rate.
In addition, you can get a loan from a credit broker or apply to an MFI. For example, in MFI "Migcredit" you can get a loan from 3,000 to 12,000 rubles at 2% per day for 7-35 days, or 30,000 rubles. at 1.5% per day, for a period of 24 weeks. Recently, an MFI has emerged that provides loan refinancing services.
MFO "E-Loan" issues loans from 3,000 to 30,000 rubles at 2% per day for a period of 30 days, and MFO "Home Money" issues loans in the amount of 30,000 rubles at 3.5% per day.
As you can see, it is possible to take a loan from an MFI with a bad history. Choose the option that suits you - refinancing or a new loan - and act. Do not forget that you can apply to the MFI for refinancing or a new loan online.
Evgeny Malyar
bsadsensedynamick
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Refinancing
Features of MFI refinancing
It should be remembered that the maximum amount of accrued interest on a microloan cannot exceed 200% (FZ-151). If you reach this figure, refinancing loses economic benefit.
Article navigation
- The essence and scheme of refinancing an MFO loan
- Features of the procedure in the presence of delays
- Methods for on-lending microloans
- Bank refinancing of a microloan
- On-lending of a microloan in an MFI, one's own and someone else's
- Refinancing of microloans in CPC and specialized companies
- Which banks refinance microloans
- Brief useful conclusions
There is a reasonable opinion about microfinance organizations: they can quickly and without any problems get money at an extortionate rate. If the debt is not repaid on time, interest accrues so quickly that it turns into a real disaster. There is only one way out - to re-borrow the required amount somewhere and pay off with a demanding creditor.
An article about how to refinance microloans with delays and who refinances MFI loans.
The essence and scheme of refinancing an MFO loan
The motivation for applying to one of the microfinance organizations is most often the extreme need for funds, combined with the inability to get them in some other place. The borrower usually plans to pay off quickly and overpay a little. In MFIs, the loan rate is so high that it is indicated on a daily basis (for example, 2% per day) - the annual value can terrify with its very appearance.
The fact that refinancing is necessary is suspected by borrowers whose plans for quick debt repayment were not destined to come true. They begin to urgently look for ways to refinance and face major problems.
Initially, many factors prevented taking a loan from a bank at an acceptable percentage, including lack of time, not the best credit history, the need to provide a voluminous package of documents, guarantees, guarantees, collateral. To receive money in an MFI, as a rule, all this is not needed - one passport is enough.
Now, with debt growing daily, it is becoming clear to MFI borrowers that there is no other way. It is necessary to look for a bank or other financial institution that is ready to pay off a rapidly increasing debt. At the same time, the obligations taken on a new loan may provide for the payment of high interest - in any case, they will not be calculated at a three-digit figure, which means that refinancing is obviously beneficial.
Is it possible in such conditions to find the most profitable option? Yes, if you correctly assess the situation and choose the best way to refinance.
Features of the procedure in the presence of delays
When applying to a bank for help, an MFI borrower faces the same problems as when obtaining any other loan. Its solvency is assessed according to standard criteria. A bad debtor applying for microloan refinancing should be prepared to be rejected without explanation. Nevertheless, they are.
If the amount of debt is small (up to 50 thousand), bank representatives simply do not want to contact her and start a complicated registration process. Too large debt with arrears, burdened with fines, is also not interesting: no one needs problem customers.
For borrowers whose credit history contains occasional microloans, the attitude of banks is always wary - they are checked very carefully. Such facts indicate periods of financial instability. It is logical to assume that extremely constrained or hopeless circumstances force a person to apply to an MFI.
There is nothing surprising in the fact that the refinancing service is provided in compliance with all possible measures to ensure repayment. These are understood as: the provision of liquid collateral, a guarantee, officially confirmed income (adequate to the amount of debt) and an age corresponding to the established range.
Based on the combination of signs that make it possible to judge the applicant's ability to successfully repay a new loan, a decision is made on approval or rejection.
When applying for a loan to refinance debt to an MFI, the applicant is most often able to independently assess his chances. If they are small, other options may be considered.
Methods for on-lending microloans
Objectively, there are only three ways to refinance debt to microfinance organizations. A loan can be obtained from a bank, an MFI (the same or a different one) and by joining a credit consumer cooperative (CPC). Each of these methods, along with advantages, has disadvantages.
It should be remembered that immediately after the repayment of the microloan, it is necessary to take a certificate of absence of debt from the MFI.
Bank refinancing of a microloan
This method is considered optimal. It is theoretically possible to get rid of financial bondage by transferring the debt into the category of an ordinary bank loan with a moderate rate. To do this, you should take a regular consumer loan, and “plug the hole” with them. It is better to do this immediately after the even larger problem that caused the appeal to the MFI is closed. In the initial period, it is possible to refinance even several loans. With a delay (it is best not to bring it to it: it always spoils the credit history), bank refinancing becomes more complicated.
According to statistics, in Russia microloans are taken for relatively small amounts (up to 30 thousand rubles on average) and it is not at all necessary to wait for their multiple increase. Tinkoff Bank willingly issues an overdraft credit card to its customers.“Having put out the fire”, you can more easily pay off the debt that has arisen, already taken at a much lower percentage.
It seems that this almost ideal way out of a difficult situation is good for everyone. It has, however, also disadvantages.
First, it is available only to those who most closely match the image of the ideal borrower from the bank's point of view. This implies a good credit history, solvency, availability of collateral, guarantors, etc. A natural question arises as to what wind brought such a respectable gentleman to a microfinance organization.
Secondly, obtaining a loan from a bank (with the exception of an overdraft and available funds on a card account) takes time, and in this situation it is more expensive than money.
And finally, thirdly, the interest on loans issued on credit cards is quite high. Of course, compared to the daily rates of MFIs, they look quite acceptable, but still ...
However, with all the shortcomings, it is best to issue a Tinkoff card, pay off the MFI, and only then think about how to further pay off the debt. This is the best option, and implementing it, the main thing is not to waste precious time.
Get a Tinkoff credit card
On-lending of a microloan in an MFI, one's own and someone else's
The main disadvantage of bank refinancing of MFO loans is the limited access to this service. But it can be quite easily obtained from the lender itself or from another microfinance organization. The reason for complaisance lies in the Federal Law FZ-151, which prohibits the accrual of interest that exceeds more than twice the borrowed amount. In other words, the MFI cannot require the debtor to repay more than three amounts of the initial loan in total.
The operation of the law FZ-151 can be explained by an example. Someone took 10 thousand rubles from the MFI. Every day, 200 rubles (2%) were accrued on this amount. After 100 days, the creditor's remuneration reached 20 thousand rubles, and the total debt amounted to 30 thousand rubles. From this moment on, the accrual of interest should be terminated.
In practice, seeing the difficulties that the borrower has, MFIs helpfully offer to issue a new microloan, and even at a more gentle percentage (sometimes symbolic). In addition, the client must make some minimum payment to confirm his good faith. In fact, this is also a refinancing.
The logic is simple - it is better to get a tripled amount (and preferably something else in addition) than to bring a borrower who does not know his rights to complete despair. Bringing a microfinance organization to trial with a vague prospect is not easy.
The interest of third-party MFIs offering refinancing is just as mercantile. They simply attract a client who can earn money on the usual scheme for issuing a microloan at a high rate.
List of reliable MFIs with the possibility of refinancing
| Term and amount | Percent | Link | |
| GreenMoney | 30 days, 15000 rub. | 2.1% per day |
Get a loan |
| money man | 15 days, 10000 rub. | 0% (new clients) |
Get a loan |
| credit plus | 30 days, 15000 rub. | 0% (new clients) |
Get a loan |
| Seimer | 30 days, 30000 rub. | 0.63 to 2.17% per day |
Get a loan |
| eCabbage | 21 days, 30,000 rubles | From 0% |
Get a loan |
Refinancing of microloans in CPC and specialized companies
Credit consumer cooperatives are not yet very common, but have already proven their effectiveness. The principle of their work is that the members of the organization get access to borrowed funds, including for the purpose of on-lending debts against the security of their real estate. The amount of money borrowed may be small and the interest high, but these conditions are still better than in MFIs. Joining the CPC is paid. Membership involves the payment of regular contributions (small amounts).
The disadvantage of this method of solving the problem is that participation in the cooperative should be taken care of in advance.
Refinancing of debts to MFIs is a rapidly developing segment of the financial market. The potential is huge - customers are willing to pay for on-lending microloans at a rate that exceeds the average level. Specialized companies engaged in this activity successfully promote their product. An example is Analytic Finance (St. Petersburg), which offers refinancing of microloans in conjunction with other debts at 25–27.5% for up to five years. The percentage depends on the degree of return guarantee and can be much higher (more than 80), but the probability of approval of the application is almost one hundred percent.
Which banks refinance microloans
Banks that refinance microloans in Moscow, St. Petersburg and in the regions are conditionally divided into categories more and less loyal to borrowers. First of all, the severity of the attitude towards credit history and the amount of confirmed income is implied. All banks perform the check, but their percentage of failures is different.
The "conservative wing" includes VTB and Sberbank, while Home Credit, Renaissance and Tinkoff, for example, are highly tolerant.
For convenience, a list of the most well-known banks that refinance debts to MFIs is given in the table.
| Bank | Amount (rubles) and rate | additional information | Link |
| "Tinkoff", on the credit card "Platinum" | Up to 300 thousand, 12.9–49.9% | Electronic banking - all operations are carried out remotely, online without visiting branches (there are none) |
Get |
| OTP | 30–700 thousand, 11.5–14.9% | Cash loan |
Get |
| "Alfa Bank" | 50k–1m, 15.99–25.99% | Cash loan |
Get |
| "Renaissance Credit" | 30–700 thousand, 11.9–26.3% | Urgent loan. The rate depends on the provided guarantees of return and proof of income |
Get |
| "Oriental" | 30–500 thousand, 14.9–29.9% | Cash loan |
Get |
| Sberbank | 30 thousand–3 million, 11.4–19.9% | Consumer loan without collateral. Payroll customers do not need proof of income |
Get |
The general requirements of banks are local registration, employment, age limits (from 20 to 65, in some institutions up to 70 years at the time of repayment) and other parameters typical for conventional lending.
At present, there are more and more cases in Russia when debtors are unable to repay their existing debt to the creditor on time. The main problem with the delay in paying a microloan is that the debtor begins to accrue penalty interest on a large scale. In this case, only the refinancing of a microloan can help the debtor, what this service is, as well as how to arrange it, will be discussed in this article.
Loan refinancing process
In most banking organizations, the presented procedure is as follows:
- First you need to fill out the form and submit an application.
- After that, the bank reviews the application and makes a decision. If the decision is positive, the bank will independently select the terms of the loan.
- After that, the terms of the loan will be presented to the client. If he is satisfied with the conditions of the bank, then he can only sign the contract.
- After signing the agreement, the bank repays 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 meaning of the procedure is that the debtor takes a new loan to pay off the existing debt. In this case, he manages to avoid accruing penalty interest to the microfinance organization for delay. In addition, refinancing allows you to solve the following problems:
- Consolidation of several loans into one. This allows the debtor to simplify the process of paying off debts, since after the consolidation of loans, he will need to give money to only one creditor.
- Reducing the interest rate. Often, banking organizations offer their customers refinancing loans at more favorable rates. This can save you money that is paid to the lender.
- Reducing the amount of the monthly payment. Thanks to the reduced interest rate, it is possible to reduce the monthly payment. In addition, the lender can extend the repayment period of the debt, which will also affect the reduction in the amount of the monthly payment.
Some banks offer refinancing of microloans with delays.
What loans can be refinanced
Not all microloans can be easily provided with softer conditions. The main reason for refusing to refinance is that the bank does not want to risk its money and secures itself from losses.
In addition, there are such microloans that are simply not subject to the refinancing procedure. Such microloans primarily 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.
The main requirements for the client when refinancing a microcredit:
- The amount of the debt. In most cases, banking organizations are ready to agree to refinance debt of from 30 to 500 thousand rubles.
- Debt maturity. Basically, the loan period is set from one to five years (however, some banks may provide longer loan repayment periods).
- Age requirements. Banks mainly issue loans to citizens in aged 20 to 70 years.
- Availability of work. The client must have a permanent source of income.
- Making one payment on a microloan.
Refinancing of MFI loans is a way out of a difficult situation when the loan grows and, along with it, interest due to delinquency.
Who refinances microloans
Services for refinancing microloans 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 Renaissance Credit Bank
In the presented bank, you can easily get cash on credit for any purpose. Lending terms:
- loan amount - from 30 to 700 thousand rubles;
- repayment period - from two to five years;
- loan interest rate - from 11.3% to 24.7% per annum;
- client age - from 20 to 70 years.
On-lending of microloans in UBRIR
The Ural Bank for Reconstruction and Development also offers its clients a cash loan for any purpose without the provision of certificates and the presence of guarantors. Lending terms:
- loan amount - from 30 thousand to one million;
- Maturity - from 2 to 7 years;
- Loan rate - from 13% per annum.
Credit in OTP bank
OTP Bank also offers its customers loans for any purpose. Lending terms:
- the amount of money lent out from 15 thousand to one million;
- debt repayment period from one year to 5 years;
- loan rate - from 11.5% per annum.
Online refinancing of MFIs is possible in the personal accounts of financial organizations.
MFI
Rusmicrofinance
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 customers with a good credit history;
- minimum age of the client 21 years old;
- refinancing amount - from 3 to 100 thousand rubles;
- interest rate - 0.5% per day.
money man
This organization provides its customers with the opportunity to extend the existing loan for a period of a week to a month. If extending the repayment period does not solve the problem, the client will be able to refinance under the following conditions:
- loan amount - from 1.5 to 70 thousand;
- maturity - up to 18 weeks;
- interest rate - 0.5% per day.
Refinancing procedure remotely and online
You can apply for refinancing in the same way as a loan without visiting a bank branch. You can do this directly on the website of the credit organization to which you are going to apply for help. The order of the remote procedure is as follows:
Refinancing microcredit should be done carefully so as not to aggravate the financial situation.
