Before issuing a loan, all financial institutions without exception, even claiming that the borrower’s reputation is not important for them, will be interested insolvency. To carry out such a task, a request is made at the CII all banks and credit organizations are required to submit information about each borrower.
When it is necessary to get an instant loan, a person in need of money begins to wonder where fast loans are issued to borrowers with a bad credit history, and under what conditions. According to statistics, this issue is becoming popular every year, as there are more and more people who violate credit conditions in banks.
Possible types of quick loans with bad credit history
Despite the damaged reputation of the client, there are credit institutions offering a financial product to similar borrowers. But conditions offer individual, even in MFIs.
Surety and pledge
The main motto of microfinance structures is the absence of collateral and surety, however, if a client has a bad reputation, they change the requirements for it and agree to individual lending conditions if there is collateral or guarantor.
When applying for a quick loan by a borrower with a bad credit history, it can be expected that the interest rate, which the MFI is equal to 2% per day, becomes maximum the micro-organization will try to protect itself and its savings.
Minimum time and money
Among other things, an unreliable citizen can receive loans and on a general basis without pledge and sureties, with the promised commission, but the time and amount of funds will be minimal.