Express loan

Unexpected situations often occur when money is needed urgently, but the credit limit at a banking institution has been exhausted. A breakdown of household appliances, a car, injury or illness requires immediate financial investment. You can get an express loan from microfinance organizations (MFOs) and banks. But microfinance organizations are better because they consider the application much faster – within 30-60 minutes. In some cases, the bank may consider the application much longer, up to several working days.

Where to get a loan online?

The easiest way to get an express loan is from microfinance organizations that issue loans up to 10-20 thousand hryvnia. Some microfinance organizations are able to issue loans up to 50-100 thousand hryvnia (but the requirements for the client are higher than standard, and such amounts are available only to regular clients).

Banking organizations issue express loans only to “verified” clients who have been using this bank for a long time. It is easier to get such a loan for regular borrowers who often take out loans and repay them on time. However, even if you are an active client of the bank, you should not count on a 100% loan. And even if it is worth it, the company will still take a few hours at best to make a decision.

Banks are known for often refusing loans, including microloans. They also often delay the consideration of the application (it can be considered up to 3 working days – that is, there can be no talk of any express issuance). Therefore, microfinance organizations are more suitable for fast/urgent loans.

Basic requirements for MFO clients:

1. Be a citizen or citizen of Ukraine.
2. Be an adult (18 or 21 years old – different MFIs have their own minimum threshold).

The Bank-ua online service will help you choose an MFO in order to profitably take out an express loan online. The portal website contains all financial organizations in Ukraine and has a convenient tool for comparison between them. Also on the Bank-ua portal you can read customer reviews of each of the presented lenders.

How quickly can you get an express loan online?

Getting an express (urgent) loan from bank offices is very problematic, including for regular (trusted) clients. This is because the bank takes a very long time to consider all loan applications, up to several business days.

Some banks have a separate express lending service. Under such programs you can receive a relatively small amount for a short period. Sample conditions:

1. Amount: from 5000 to 100000 UAH.
2. Period: from 1 month to 1-2 years.

Conditions are approximate – they may differ from bank to bank.

Express lending from banks is not available to everyone – only regular customers can use this service. The reason is that the bank already knows about their solvency and will not have to check it again. Therefore, consideration of the application will take much less time. On average, this can take several hours.

One more nuance: banks work only on a “day” schedule, with weekends. That is, if you need money at night or on a weekend, you definitely won’t be able to get an express loan from a bank, no matter how valuable and long-time a customer you are.

As for microfinance organizations: they issue express loans to all categories of clients (both new and permanent, both with and without official employment). A distinctive feature of microfinance organizations is that they are able to issue loans urgently. You can really get an express loan from an MFO as quickly as possible, especially if the borrower applies to the organization again and has a positive experience of cooperation with the institution. In addition to the opportunity to receive an express loan urgently, the client can count on a larger amount and an extension of the loan terms upon repeated cooperation with the microfinance organization. 

How to apply for an express loan online from a microfinance organization?

To apply, you need to select an MFO with the appropriate conditions through Bank-ua, then register on its website and create an online application.

The application is then sent for consideration. In some MFIs, it is assessed by an automatic system without human intervention. In some cases, the application is reviewed manually. The first option is faster, since the automatic assessment is carried out without delay, regardless of the number of clients. But even with manual processing, the procedure will also take little time.

After the application is approved (and microfinance organizations almost always approve them), you will need to agree to the loan agreement (will be sent by mail) and receive the money using the chosen method.

Instant loan: how long will it take to apply?

In most applications, MFOs approve instant loans on the same day. This is as convenient as possible for the borrower and in emergency situations when money is needed immediately. An express loan when choosing a microfinance organization on the Bank-ua online services comparison site takes approximately 15 minutes, maximum 60 minutes.

Nevertheless, it is recommended to carefully consider the proposals, the terms of the contract, familiarize yourself with each clause and possible penalties for violating the agreements.

An instant loan consists of calculating sequential steps and the required time to complete them:

1. Searching for optimal offers, comparing conditions – about 5 minutes;
2. Filling out an application form for an urgent microloan – with a simple form, 5 minutes, if necessary, enter extended data – 10 minutes;
3. Processing of the application by the automatic system and its approval takes up to 5 minutes.
4. Receipt of funds is immediate, although there may be a delay depending on the policy of the selected bank when issuing a card.

A significant advantage of choosing an express loan is the low refusal rate. Microfinance organizations do not take into account credit history and do not require proof of income or employment. These are loyal conditions for all categories of borrowers, the ability to submit an application online from any locality (except temporarily occupied territories), a minimum package of documents and convenient ways to repay the debt.

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