Micro-loans: what are they and when are they useful? | directafin s.p.a.
If you are in a moment in which you need a small sum of money, you can use Micro loan . With the term Micro loan, we refer to certain forms of financing that allow you to obtain small sums of money.
One of the most requested is the small loan which all State and Public employees can access and is managed entirely by the IT system created by the Ministry of Economy and Finance. We try to better understand this type of loan.
Micro-loans through the small loan: when do they agree?
If you need small amounts of money, the micro loans that can be obtained are very convenient . They have to be returned quickly, but they have extremely advantageous rates. The maximum duration is in fact 48 months, in which the maximum amount that can be paid must not exceed four net monthly salaries.
How to request them?
Making a request is very simple and can be done comfortably from home, by accessing the online portal with your credentials and sending the request through the specific reserved area. The credit will be disbursed later on your current account.
If, on the other hand, higher sums are required, it is possible to make a request for the loan in the agreement which provides for the repayment with extension up to 120 months and fixed rate installments.
Many lenders may fund a single microloan, while others may spread investment across a portfolio of microloans to diversify their risk exposure.
Microloans carry high-interest rates because they are typically much riskier than other forms of borrowing and do not post collateral in case of default.
What are the delivery times?
After submitting the request, it is possible to view the progress of your practice, thus checking if it is still being processed or accepted or refused, always by logging into your private area. Unlike other forms of online financing, micro-loans have slower delivery times: on average it takes between 45 and 60 days to obtain the necessary liquidity.
The disbursement will take place automatically on the same account on which the salary is received.