What are the solutions to obtain a microcredit as an individual?

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To make certain dreams come true or achieve goals in your professional life, you may need a lot more money than you already have. The microcredit is a solution within your reach to have the sum you need. However, it is important to choose the right microcredit solutions when you are an individual.

Make a loan between individuals

The loan between individuals is a means by which a microcredit is granted without going through a financial system. This way goes beyond getting the money you need from your relatives or friends. There are specialized platforms on the web.

After getting the loan, the borrower will have to repay it with interest to pay the lender. Obtaining a private individual microcredit is then a saving option for people whose profile will not be accepted by the bank. In addition, the method of payment and the interest are discussed between the borrower and the other individual.

However, when the lender is one of the bank’s prohibitions or if his file was previously filed with the over-indebtedness commission, his registration may be refused for this type of loan. Likewise, do not trust all peer-to-peer lending platforms. Those that charge a fee before making the loan are usually sources of scams.

Go through a microcredit organization

One of the solutions to obtain a microcredit is to apply for it from a specialized organization. To achieve this, the applicant must use a social support network. The latter will help him to put together an application file which will be presented to the microcredit organization.

This network also plays a monitoring role for the borrower throughout the duration of the loan. It can be a social association which aims to fight against exclusion or a communal social action center. It can also be a district or territory authority.

This option constitutes a means by which the borrower obtains a source of financing to achieve his ambitions. However, the reimbursement approach is rigorous and can be a cause of anxiety for the applicant.

Make a loan from your bank

This is the first solution that we think of to obtain a loan. To get there, you need to have a viable project. In other words, the goal you want to achieve with the microcredit must be profitable. This will allow the bank to ensure that your project is worthy of being chosen.

It is the same for the professional situation of the borrower. In addition, to obtain a loan from the bank, you must provide supporting documents to convince the banking institution.

The latter will take at least eight days to study your file. Then, if you get the loan, a mail will be sent to notify you. You will then have at least 10 days to think about it.

A loan offer is generally valid for a period of 30 days. You will take this time to think about the monthly payments. If you accept the offer, you must resend the mail to the bank. Obtaining a loan from the bank allows you to have higher amounts than those for microloans. However, the monitoring of monthly payments is very rigorous.

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