Fast loans

If you need a quick loan, then the only option is to contact microfinance organizations (MFOs). Banks are famous for their slowness in processing applications: from the moment it is submitted until the money is received, it can take up to 3 business days (and if you need a large amount, even more).

Which companies issue quick loans and in what situation might such a service be needed?

Fast lending services are available at microfinance organizations and some banks.

Let’s make a reservation right away: banks still issue “fast” loans much slower than MFOs. They are called fast only in comparison with “regular” bank loans, for which decisions can be expected within a few business days. If you compare a bank and an MFO, you will still have to wait longer at the bank in any case.

How long does it take to get a quick loan from a bank or microfinance organization?

Despite the fact that banks also offer a service for issuing quick loans, such a loan can only be obtained from them by an active (regular) client. There is no such service for new clients, and the first loan may even be approved within a few days. Such lending cannot be called urgent.

An alternative is microfinance organizations that issue urgent loans even to new clients. An urgent loan means the issuance of funds within 30-60 minutes from the date of application.

Banking organizations are clearly not a priority in issuing quick loans and are losing out to microfinance organizations. This is especially true in cases of obtaining an urgent loan to solve any urgent problems. For example, if you have a toothache or a broken plumbing fixture. In such cases, problems need to be solved urgently, which means money is urgently needed. If suddenly the deferred funds are not enough, or there is no way to get them right now (for example, they are in the bank), it is better to immediately contact microfinance organizations.

Quick loan online from microfinance organizations: what are the main advantages?

Taking out a loan online quickly is a necessity that often arises under unpredictable circumstances. Covering basic needs, treatment, paying for services or purchasing goods are the main requests when applying for microcredit. Microfinance organizations (MFOs) are financial institutions that provide fast online loans and operate in accordance with the legislation of Ukraine. The Bank-ua platform, an online loan comparison service, contains verified companies that have licenses to operate. Fast loans are in great demand, because they can be obtained on simple terms with loyal requirements. Among the main advantages of applying to an MFO are:

• processing the application and crediting funds as quickly as possible, from 5 minutes;
• 24-hour work, allowing you to get an instant loan online on holidays, weekends, 24/7;
• You can take a small amount from 100 UAH. for a short period of time for urgent needs;
• the most simple package of documents, without proof of financial status, income certificates, and also without guarantors. This is an affordable loan option for a wide audience: students, the unemployed, pensioners, mothers on maternity leave, etc.;
• convenient registration without visiting a branch, without leaving your home, online;
• opportunity to get a loan for clients with bad credit history. Applications, if completed correctly, are processed automatically; the individual’s previous experience is not taken into account;
• minimum percentage of refusals, even with a bad credit history and lack of official sources of income.

How easy is it to get a quick loan from an MFO?

Basic requirements for clients in Ukrainian MFOs:

1. Have a Ukrainian passport.
2. Be an adult (18 or 21 years old – the minimum threshold may differ for different microfinance organizations).

You can find a quick loan using the Bank-ua portal, which is designed to collate and analyze all available financial organizations. Using Bank-ua, you can choose the most optimal (profitable) term loan.

Microfinance organizations are ideal for obtaining quick loans. The application is completed within 5-10 minutes: the client must provide passport details, identification code and contact phone number.

After this, the application is sent for consideration and within 5-15 minutes (rarely – up to 1 hour) the client receives a response from the MFO. In most cases, this approval is regardless of the client’s social status.

Funds can be received both in cash and online (to bank cards of any type and any bank in Ukraine). Once the application is approved, the money is issued instantly. Some microfinance organizations provide the service of sending cash by courier to the client’s home.

Where can I get a quick loan online?

Microfinance organizations provide their services throughout Ukraine. A citizen living in any locality in the country can receive it. The exception is temporarily occupied territories. Applications are filled out and approved online, so it doesn’t matter what city the client is in, Kyiv, Odessa, Dnieper or Lviv, or a small border village. You can find out more information on the website or from MFO representatives.

For what amount and terms can I quickly get a loan online?

A feature of MFOs and microcredit in general is the small loan amounts and the terms for their repayment. Specific conditions depend on the company’s policy, the number of loans received and returned under it. 

For new clients, a quick loan online is available mainly for 1-2 months. Such short terms allow you to check the borrower’s solvency. The amount can be from 100 to 5000 UAH. 

Upon repeated application, the period can be extended to 6-12 months, and the loan amount – up to 20,000 UAH.

Convenient quick loan repayment

Debt repayments, regardless of the amount and terms, should be carried out within the established schedule. This will help avoid unnecessary charges and fines. Most microfinance organizations have different methods of returning funds, depending on the client’s choice:

• through your personal account when registering on the MFO website;
• through online banking;
• through self-service terminals;
• to the cash desk of a banking institution.

If you do not repay the loan, the creditor company may apply penalties, which should not exceed the loan amount by 50%. MFOs can also turn to collection companies or return funds due to legal penalties.

At the same time, timely repayment of debt can significantly improve your credit history. And this is an opportunity in the future to get approval for loans for large amounts.

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