Where is better to take a loan: microloans, cooperatives, pawnshop, banks

The conditions for its use largely depend on the place of applying for a loan. Credits are issued at banks, microfinance organizations, specialized credit unions and cooperatives, at a pawnshop, directly at a store, car dealership and other trade and service organization, either by mail or on the Internet.

Where is it better to take a loan? Which of the sources of credit resources is the most profitable? Even banks are very different in terms of the loan, what can we say about other organizations. Briefly give a description of each organization, provide some useful tips, and you must make the decision on choosing the best deal yourself.

Microloans on a micro-term

Microloans are issued instantly. Turning to a microfinance organization, having only a passport in hand, you can get out after a quarter of an hour with the required amount of cash. To get a loan, fill out a questionnaire, make a copy of your passport, undergo a personal interview and check your contact phone number.

After, a loan agreement is signed, a one-time commission for granting a loan is paid (the size is 5-20% of the loan amount). There is a few “buts” in this option: the size of the loan is scanty (several tens of thousands of rubles), you need to repay it in 1-6 months, large interest - 50-1000% per annum.

Specialized cooperatives of citizens

Quickly give out money in credit unions and cooperatives. A guarantor is required here - an individual who is ready to guarantee the return of the requested obligations. From the documents you need a passport and another document proving the identity of the potential borrower. The loan term is short, does not exceed a year, the amount is rarely more than 100-200 thousand rubles.

Some credit cooperatives accept cars or real estate as collateral, which slows down the process of applying for a loan, but increases the amount available and the period for repaying money. An individual repayment schedule is provided, which is developed in accordance with your wishes.

You can make payments twice a month, monthly, quarterly, or immediately at the end of the loan term. The interest amount is about 15-100% per annum. Do not forget about additional fees for granting a loan and membership in a cooperative.

Turned in a thing - get money

At a pawnshop, the loan amount depends on the value of the mortgaged property. Pawnshops accept gold and precious jewelry, antiques, automobiles, household appliances and electronics. The security deposit, together with title documents, is located in the pawnshop until the full amount is returned. To buy property, you must pay liabilities at a time, taking into account the accrued interest for the borrowing period. Interest is accrued daily and reaches 35-700% per annum.

The debt repayment period is unlimited, although in some pawnshops after a few months the property is put up for sale.

Disadvantages: the ability to lose property, high interest rates, a small loan amount due to the low collateral value.

You can’t pay at the cash desk - get a loan

Shops and shopping centers provide an opportunity directly in the trading floor to conclude a loan agreement to pay for the purchase. Partner banks, whose representatives work in the territory of stores, are selected according to the principle - the faster, the better. As you know, you have to pay higher rates for speed when applying for a loan. The loan is issued for 3-24 months.

With a high interest rate, in the range of 40-100% per annum, the bank compensates for its own risks by issuing borrowed funds without due diligence and with a minimum package of documents. But the monthly payments are minuscule and the payment for the goods, for example, a toaster, is postponed for later, and you can use it right away.

The client does not receive money in his hands - they go to the store’s account, and the borrower remains with the loan agreement and the selected product.