In MaoriArt, as a website that offers micro loans, we are going to show you the characteristics of this financing so that you know it a little better.
Say that if you are looking to sign microcredits through this website you can process different types of loans online .
Among them there are loans of different amounts, all of which are also considered in the same way, as mini-loans.
Micro loans What are its main characteristics?
The first of all in our opinion has to do with the amounts that applicants can sign.
The amounts rarely exceed € 600 in most micro-loan companies .
Normal if you think about it when what we are talking about is mini credits that, as their name indicates, are processed for small amounts.
Trying to reach medium or large amounts through this financial product does not make any sense.
If, in addition, the very name of this financing already makes it clear that high amounts cannot be obtained.
Why are only small amounts processed in micro loans?
Well, because of the type of financing it is, being quick credits that were created for specific things and to cover small contingencies.
There is also one thing for sure in all this, in order to process the loans so quickly it is necessary that the amounts be small.
The signing of loans without endorsement of high amounts is not possible in less than 1 hour as it happens with micro loans .
Because this is the second of the characteristics of this financing, which are urgent loans that can be signed on the same day.
That is the reason why microloans are popular loans in the United States, because they are obtained very quickly.
And as always happens, speed is linked to another variable being also another of its characteristics, the ease with which they are signed.
We can say that mini credits are easy money loans where almost everyone has access to it.
It is not for nothing but more than 80% of the applications that process these credits end up with the approved financing.
What is important is not to process the credit if we are in delinquent records such as the Credit Checker and it is due to an unpaid credit.
In these circumstances, the online financial companies, being the ones that sign these online credits, usually end up rejecting the clients' requests.
Because that is something that most of you already know, that microloans are online loans signed through the internet.
Microcredits and response times from Fintech companies
As they are fast online loans where they are also easy credits, it can be understood that the response time will be reduced.
Of normal the financiers and companies that offer them usually do not take more than 1 hour to give an answer either for better or for worse.
Some can even get to answer their customers in less than 15 minutes, something that many do not expect.
They can answer so quickly because all the procedures in these mini-loans are automated.
That is, it is not people who do the analysis of the request but rather a computer.
That is why it is said that micro - loan companies work 365 days a year and 24 hours a day.
Micro loans and Microcredits