First, the advantages of microfinance
The advantage of microfinance is that it can meet the urgent capital demand, and the approval process is simple, and the loan amount is not high, which can meet the consumption needs of most people. In addition, the interest rate of small loans is relatively low, which can help people save money and repay loans more easily.
Second, the micro-loan application process
The process of applying for small loans is relatively simple, and it usually takes only a few steps to complete.
1. First of all, you need to prepare the materials needed for the loan, including ID card, household registration book and work certificate. , for bank review.
2. Then, you need to apply for a small loan at the bank counter or online, fill in the relevant loan application form and submit the required information.
Then, the bank will review your loan application, and you can get the loan after the approval.
Three. Matters needing attention in microfinance
When applying for small loans, you need to pay attention to the following points:
1. First of all, you need to make sure that you have enough repayment ability so as not to affect your credit.
Secondly, you need to read the loan contract carefully and know the interest rate, term and repayment method of the loan to avoid disputes.
Finally, you need to repay on time to avoid extra expenses such as late fees.
Four, the application conditions of small loans
The conditions for applying for small loans are also relatively simple. Generally speaking, you need to meet the following conditions:
1. The age is between 18-60 years old;
2. Have a normal source of income;
3. Have a stable address;
4. No bad credit record.
Verb (abbreviation of verb) Time for approval of small loans
The approval time of small loans is generally within 1-3 working days, depending on whether the information you submitted is complete and the bank's approval progress.
Sixth, the repayment method of small loans
Microfinance generally has two repayment methods. One is the equal principal and interest repayment method, that is, the monthly repayment amount is fixed, and the proportion of principal and interest to the monthly repayment amount remains unchanged; The other is the average capital repayment method, that is, the monthly repayment amount is fixed, but the proportion of principal in the monthly repayment amount increases month by month, and the proportion of interest decreases month by month.
conclusion
The above is the process and matters needing attention of micro-loan application. The advantages of microfinance are simple approval process, low loan amount, meeting the consumption needs of most people, and relatively low interest, which can help people save money and repay loans more easily. However, when applying for small loans, we also need to pay attention to the above points to avoid disputes.