Popularized in the second half of the 20th century, personal microcredit had its successes in developing countries or a large portion of the population is excluded from the conventional financial and banking system.
However, this problem also exists in developed countries like Canada, where many people can face financial difficulties.
Searching for money? Here are online payday loans direct lenders
The main advantage of online payday loans direct lenders according to Bridge Payday is its speed and flexibility. Indeed, it allows access to cash in record time, incomparable to the time required for a banking institution to perform its credit analysis and decides on the acceptance and terms of the requested loan. In addition, organizations offering loan services do not care about the allocation of the loan by the applicant.
It thus offers the possibility to people who urgently need money, to have access to the necessary funds to carry out their projects, whatever they are.
Ideal for people excluded from the banking system
It can happen to end up in bank prohibition or to have so deteriorated its credit score that we can not borrow money from traditional banking institutions. In this respect, personal microcredit provides funding for people who, in principle, would never have had access to it.
Small amounts for easy repayment
In fact, the amounts involved in this type of loan rarely exceed a few hundred dollars, which limits the risk associated with repayments. In addition, the essential components of this loan are known at the request, only each borrower knows exactly the number, the dates and the amount of the monthly payments that make up the repayment of his credit.
Reasonable and framed rates
Very important aspect of personal microcredit, interest rates are certainly higher than those charged by banks; however, they remain legislated and have the advantage of being fixed. You will avoid any unpleasant surprises.
Clear and precise conditions
Whether for interest rates, monthly payments, but also repayment terms and late penalties, the terms of a personal loan are clearly established from the outset. It is therefore very easy for you to plan your repayments according to your payment obligations.
Refundable before maturity
If you manage to raise the amount necessary to repay your loan while having regularized your financial situation, it is entirely possible for you to pay it in full and before maturity. It will not cost you any extra fees or penalties.