The development of the microfinance industry expands the list of loan terms. Today, a payday loan is not only an opportunity to get a small amount before salary, but also long-term loans known as installment similar to bank loans. A person can receive up to $5,б00 for up to 1 year.
The refund is carried out by agreement with the MFO in a one-time payment at the end of the loan term or in parts according to a weekly or monthly schedule. The main advantage of such loans is a reduced interest rate. In order for the overpayment amount not to be huge, the loan is issued on average at 2-5% per week depending on the state regulations.
Issuing a long-term installment loan Connecticut may be easier than a bank one. MFIs are more loyal to borrowers and quickly process applications. You can withdraw money already on the day of treatment without unnecessary checks and calls.
One of the disadvantages is that few companies lend for a long time. In addition, such loans are available, as a rule, to regular customers who have already proven themselves reliable and responsible borrowers in this lending company. The requirements for the client are standard – citizenship of the United States; age from 18 years old; registration, ID, stable source of income.
Not many microfinance organizations offer a long-term loan, so a potential borrower may face difficulties when searching for a suitable offer. There are thousands of different MFIs operating on the US market today. It is unrealistic to quickly understand the specifics of each of them, even for an experienced borrower.
The referral service can help you find a profitable offer for a specific parameter without spending a lot of time and effort. Here you can independently choose a long-term loan or other financial service using various filters and sorting, or seek help from a specialist.
Support service managers are ready to answer all questions and suggest which product to choose. This service, like all presented on the project, is free for visitors. You can get advice in any convenient way — by phone, email, online chat or popular messengers.
- Also, users of the referral service may be interested in the following functions:
- Access to a personal credit rating that reflects the borrower’s assessment of the quality of credit history, solvency, personal data;
- A detailed card of each MFI containing all the necessary information – description, advantages, disadvantages, terms/rates, contacts and much more;
- Direct link to the organization’s website for quick registration of the application;
- The ability to add them to the comparison when viewing offers;
- Regular content updates;
- The reasons for refusing to issue an installment loan Connecticut may be different. First of all, this is the borrower’s non-compliance with the minimum mandatory requirements of the lending company.
Credit history is also important. If the report is spoiled by serious violations of payment discipline or there is a current overdue debt, it will not be possible to issue a loan. The high creditworthiness of the client, when most of the income goes to pay for loans, will also become an obstacle to issuing a new one.
