Loan refinancing is not always available to borrowers, even with a positive credit history. Get new loan, having outstanding current debt can be a serious problem for those whose credit history is far from ideal. The main difficulty lies in the fact that the bank initially considers such a client as potentially unreliable:
- If the borrower applies for a new loan, it means that he already has some problems with servicing the current loan. In this case bad story gives an additional reason to think in general about the ability of the borrower to service their debts.
- The state of the credit history is always assessed in anticipation of the issuance of any standard loan. If the loan is taken again if there is an outstanding loan, the previous facts of lending to the borrower will be analyzed even more carefully.
What you need to know about refinancing to improve your chances of getting a new loan
Refinancing is the receipt of a new loan in order to repay an existing loan or several, which allows it to be equated to directed lending. To date, in the Russian banking system There are two main areas of refinancing:
- Registration of a new loan in another bank and repayment of existing debt obligations at the expense of the received funds. In this case, banks offer to use special credit products, the conditions of which can be either better or worse than those of the current loan. Usually borrowers with bad credit have to rely only on worst conditions lending - higher interest rates, limited term and relatively small amount. This is how banks insure their risks.
- The so-called refinancing is the execution of a second loan in the same bank in order to pay off the current one. At its core, this type of refinancing is somewhat similar to debt restructuring, only carried out by changing the terms of the loan with the termination of the old contract and the conclusion of a new one. The bank itself can also offer on-lending, including individual conditions. Unlike the first method of refinancing, this option may be more profitable for the borrower. When offering a client certain conditions for on-lending, the bank is usually not so picky about the state of the credit history, since it proceeds from the need to resolve the problem with the current debt. Another important factor is that the bank actually helps the client to repay his loan, that is, issued by the same bank. This allows the credit institution to reduce the share of bad debts and related costs. Banks show the most loyal attitude towards their regular customers - holders of salary cards and accounts, deposits, etc.
When applying for refinancing, you need to understand that with a bad credit history, count on profitable terms a new loan compared to the current one will not work. And this, in turn, will mean that, although the problem with the old debt will be resolved, the new loan is a new debt burden that may be even more serious than the previous one. It is for this reason that before deciding on refinancing, it is advisable to think about the possibility of debt restructuring - this option will provide really more favorable conditions for correcting the financial situation, since this is what it is focused on.
A few tips for refinancing loans with bad credit
Bad credit history in general is not an unconditional obstacle to refinancing a loan, especially since banks have different approaches to assessing “bad” and “good” history. Here it is more reasonable to speak about history that satisfies the conditions of a particular bank or does not. In addition, each specific situation requires its own analysis and assessment.
It is preliminary important to assess the prospect of refinancing, for which:
- Request and receive your credit report to analyze and identify what can and cannot be fixed. There are a number of simple schemes that allow you to quickly correct the CI, however, this will still take some time.
- Specify the possibility and conditions of refinancing in the bank where the loan was received requiring refinancing. Perhaps the bank will be ready to go for this procedure, and the proposed conditions will suit you.
- Submit loan applications under refinancing programs to different banks. It is easier to do this online by sending applications to several banks at once. As refusals and approvals are received, it will be possible to draw up a selection of banks and their conditions, based on the results of the analysis of which to determine the most preferable solution. When considering such applications for approval, banks quickly, but still, scoring credit history, so a positive decision is more than half the success in obtaining refinancing.
If nothing works out with refinancing or on-lending, you can try to consider the option of obtaining a new non-purpose loan:
- consumer, for personal needs, including express lending programs, in which not all banks and do not always carefully study the CI;
- credit card - the interest will be higher, the limit is most likely not large, but the processing of cards is faster, and they are often issued, regardless of the availability of current loans.
Refinancing cannot be seen as a panacea solution financial problems. It is this that often leads to a debt burden, in which it is no longer possible to resolve the problem with debts without a well-thought-out scheme for debt restructuring or bankruptcy. Therefore, on the eve of refinancing, it is still worth trying to restructure the current debt, rather than taking measures to extinguish it at the expense of a new, heavier financial burden.
Refinancing is a product not only for citizens with an impeccable credit history. Many lenders offer to refinance loans from other banks even with a delay.
Difficult circumstances leading to the inability to perform debentures on credit, are common, and not a single person is insured against them. But there is a way out of this situation efinancing, including with delay! Officially, banks disown such clients, but there are alternative solutions, which we will discuss later.
Let's start with the main and "legitimate" method provided for by the programs of most credit institutions. These are special package offers that offer on-lending in another or in the same institution. Despite the relative complexity of the procedure, the process itself is understandable:
It is necessary to take a new loan from the selected financial institution on more favorable terms in order to pay off the old debt and pay interest under the new agreement.
Benefits, depending on the conditions chosen, may include:
- reduced interest rate;
- extension or renewal of the term of the loan agreement;
- more measured and suitable payment schedule;
- increased loan amount, etc.
This is an excellent offer for those who have debt obligations to the bank, and who want to reduce their monthly burden. The nature of the refinancing procedure is explained by the gradual relaxation of credit conditions in most Russian commercial companies. You can see this by comparing interest rates a few years ago and today.
Problem area with official refinancing
With an obvious benefit, there is one caveat - banks agree to issue a new loan only if there are no delays in the old one, and only to people with. An exception is the presence of a technical delay in the amount of a small amount, when a negative situation arose through the fault of software or a credit officer.
In all other situations it will be unavailable. The slightest sign of insolvency or even temporary financial difficulties of the borrower will lead to refusal. If you fall under this category of citizens, you need to look for alternative options. Fortunately, they exist in sufficient quantities.
How to implement refinancing of overdue loans without targeted programs?
The main task is to find funds to quickly pay off the existing debt with a delay. The speed of action will affect the scale negative consequences when reflecting information in the BCI. Therefore, the sooner a source of financial injections is found, the better.
It is not so difficult to identify a bank that is potentially ready to give you a loan. All representatives of commercial banking sector provide information about their customers to specialized companies - credit history bureaus. According to official statistics, there are more than 10 of them in Russia today. We will not list everything. To name just a few:
- LLC "Capital Credit Bureau";
- BCI "Credo";
- Equifax Credit Services, etc.
The nuance lies in selective cooperation. In other words, each bank chooses which organization to work with. Therefore, different lenders submit delinquency data to different credit bureaus. And there are those who create their own statistical departments. For example, Russian Standard Bank has its own bureau, and is not interested in access to other information.
Conclusion: For refinancing with bad credit it is necessary to choose a lender that does not have access to the data of the CBI, to which the current bank of the borrower reports.
Simply, your debt will not be visible to the credit department of the bank, and you can easily get a new loan on favorable terms. You can find out in which BKI yours is reflected by making a request to the Central Catalog of Credit Histories. The response will indicate the sources where you should contact for detailed information on the statistics of your credit history.
pick up the same credit institution, which does not check these or those BCIs, it’s not so simple, because such information is not publicly advertised. But such information is possessed by credit intermediaries - credit brokers, whose advice you can use within your means.
Other Refinancing Alternatives
Assistance in refinancing loans can come from a completely different side, even if your credit history has a lot of negative points. We are talking about MFIs (micro financial institutions). Here it is possible to get a small loan with an existing debt of up to 90 days, and the employees of the organization themselves will not pay attention to the potential insolvency and optionality of the payer. An easy attitude to money and a minimum of control in terms of the required documents has one simple explanation - lending conditions:
- Small loan.
- Much higher interest than banks.
- Many pitfalls hidden in the signed agreement, which leads to the possibility of the creditor to demand early repayment debt, increase interest rate, change the payment schedule, etc.
So, it is necessary to use the services of MFIs as carefully as possible, choosing only reliable and trusted companies, and only in case of emergency. List of MFIs where you can get a loan, including interest-free,. Be careful and attentive, because. Loan conditions at 0% apply only for a short time.
The second way is assistance in refinancing loans with a load from official banks, but with the provision of collateral for new loans. Lenders are more loyal to clients offering collateral. Maturity relaxation, interest rate cuts, expansion credit line and other privileges may await if pledged residential real estate, automobile, land plot etc. But remember that in the future, if the debt is not repaid on time again, and the terms of the contract are regularly violated, your property will become the property of the bank "without trial or investigation."
The surest way out of the situation when you need to refinance
An inexperienced borrower who finds himself in a difficult situation, even after reading this article, may be confused and not find the right way out. Therefore we offer qualified assistance from specialists directly related to the world of finance, lending and banking. on the site, you will receive detailed consultations along with a ready-made package of proposals that meet all requirements. We will select banks that are most likely ready to cooperate with you, we will tell you about the potential conditions and obligations of each of the parties.Refinancing in one form or another is indeed a way out of a difficult financial position. You just need to correctly assess your strengths and use the right tools at the right time.
The total debt of Russians on microcredits now exceeds 100 billion rubles and is growing rapidly. Unlike bank loan, microloans in case of delay have an unpleasant property to grow like a snowball. In this regard, the popularity of their refinancing is growing.
The Agency for Refinancing Microloans notes that only in the first half of 2017, the demand for this service increased by more than a third, and the average amount of on-lending increased from 100,000 to 120,000 rubles. Let's talk about what refinancing of microloans is and how to use it.
History from life
“Foolishly, in July 2016, I took a microloan of 3,000 rubles for 14 days. Once I paid 2 tr., and then I lost my job, and the loan stuck. On November 30, I received a call from the MFI and offered to talk.
At the meeting, they showed a paper with a debt of 66 thousand. I almost fell off my chair, and they explained: every day of delay there were interest (2%), fines of 0.25%, and some other penalties.I said that I'm unemployed and I don't have that kind of money.
They answered that they understand my difficult situation and if I pay 40 thousand by the end of the week, the rest of the debt will be forgiven. With knowledge of the matter, they told where you can quickly get money (sell jewelry, beg from friends and acquaintances, take a loan for relatives, and so on). They threatened, of course. I didn’t think that because of the unreturned thousand they would disperse like that. ”
The drama of the situation is added by the fact that debts are being collected MFI where more aggressive than banks. Therefore, if your reputation is dear to you, as well as the peace of mind of your family, try by any means to get rid of the debt, or better, the microloan itself. One of better ways to do so is refinancing.
How to refinance a microloan
Since microloans are issued, as a rule, without a serious check of the credit history and solvency of the borrower, financial institutions a priori consider MFO clients as a factor of increased risk. Hence certain restrictions on refinancing.
The easiest way to refinance a microloan is at an early stage, when you regularly pay off your debt. In this case (and if there were no delays before), you are the owner of a good credit history, and products of many banks are available to you.
Yes, most often you can not get the best profitable loan, besides burdened with insurance, but compared to hundreds of percent per annum from MFIs, such conditions will seem like manna from heaven.
Another thing is if you have already made a delay, which is reflected in your credit history. In this case, the range of opportunities for you quickly narrows. Refinancing in another microfinance organization or a new loan in your own - that's all the options.
However, there is room for significant improvement. In most MFIs, each subsequent microloan is given at more favorable interest than the previous one. Even with a large debt, the likelihood of refinancing remains, especially if you do not have property.
It is more logical for a microfinance organization to get at least something from you than to futilely shake the borrower with help or sue him.
Three ways to refinance a microloan
There are three ways to get out of an impending or deepening debt hole.
Method #1: Refinancing a microloan at a bank
The most successful holders of MFI loans are refinanced in banks. More often we are talking not about refinancing in the full sense of the word, but about a new consumer loan, with which the bank client independently repays the microloan.
As a rule, this happens at an early stage of debt formation. And since the average amount of a microloan in the Russian Federation does not exceed 30 thousand rubles, take a similar or slightly more credit, having a good credit history, it turns out not so difficult.
The most realistic option would be to apply for a credit card or get a loan without proof of income. There is an opinion that there are banks where they do not look at credit history at all, but this is not so. CIs may not be checked at MFIs (and there are fewer such organizations), and the bank always analyzes the client's credit history.
Another thing is that Tinkoff, Renaissance Credit or Home Credit Bank are much more loyal to the ratio of the borrower's income and the loan amount than, for example, Raiffeisenbank or VTB24, so getting a loan from these financial institutions will be easier than others.
Factors that increase the likelihood of refinancing a microloan in a bank:
- Absence of delinquencies on any loans in the credit history
- High official income
- Having liquid property (cars, real estate)
- Permanent residence in the region where the bank operates
Factors that reduce the likelihood of refinancing a microloan in a bank:
- Delays on any type of loan
- Lack of a permanent job and official income
As an example, let's take on-lending an amount of 30,000 rubles received in Zaimer under the most loyal program (0.63% per day) for a six-month consumer loan of 30,000 rubles from Renaissance Credit at a maximum interest rate of 26.5% per annum.
Method #2: Refinancing a microloan in another MFI
If banks refuse a loan, and the debt grows dangerously, you can try to get money from another microfinance organization - on bail.
Refinancing of microloans is carried out by specialized services. In particular, this is the Rusmicrofinance group with its portal Refinance.rf (Agency for the Refinancing of Microloans). There is a real scheme for on-lending: they are sent not to the borrower, but to the previous lender.
In return, a loan is provided on more favorable terms. If most MFIs issue short-term loans at 1.5-2% per day (up to 730% per annum), then the rates in the refinancing agency are as follows:
With a credit broker NKB Group, operating in St. Petersburg and Leningrad region, less clear refinancing conditions: the company declares an interest rate of 0.21% per day for an amount of 100,000 to 500,000 rubles with a loan term of up to 5 years.
History from life
“I didn’t believe until the last moment, but they really helped! Signed an agreement with Refinance.rf for a year, monthly payment about 4 thousand rubles - compared to 8 thousand in Fast Money, this is just happiness. They transferred the required amount directly to the "DB" the next day after the conclusion of the contract, now I pay like a bank"
Of the minuses this method on-lending note mandatory provision income statements, as well as many other documents. With an amount of more than 300,000 rubles, a guarantor is required, or even two.
It is more profitable to refinance microloans secured by real estate. For example, in Moscow and Crimea there is a credit consumer cooperative"Promoting Development mutual lending". This organization is also engaged in on-lending, and replenishes its ranks.
For example, by joining this CCP and paying from 600 to 2000 rubles as membership fee, you get the opportunity to refinance your loans in MFIs in the amount of up to 100 thousand rubles at a rate of 48% per annum for up to 13 months.
A prerequisite for such an offer is a pledge. The calculator on the website shows: if you take 33 thousand rubles, in a year you will give back almost 45 thousand, the monthly fee will be 3460 rubles, the one-time payment will be 660 rubles.
History from life
“When the “wheel of interest” from three MFIs drove me to despair (I paid 20 thousand rubles of one percent, and they grew all the time), I decided to take a chance and get a big loan on normal terms, pledging an apartment. I read about banks that everything is reliable and conditions are normal with a pledge.
It turned out that this is not the case with MFIs. I called several companies, sent documents to five of them. Approval for the amount of 100 thousand received in two MFIs. But they refused to provide bail forms. They said that as soon as I come to sign, I will see it. It turned out that they offer sale and purchase agreements with a repurchase. That is, arrange an apartment for them and get money. The apartment costs 3 million, and for the sake of 100 thousand, I was not ready to do so.
Friends suggested a company that works with microloans secured by a pledge agreement. The rate turned out to be 5% per month, and it took three days to complete the entire process (including the registration of the pledge).
The third approach to refinancing microloans can be assessed on the example of the St. Petersburg company "Analytic Finance". There are two types of conditions here. If you combine credit cards, commodity or expensive ones in one package with microloans, then the interest rate will be from 25 to 27.5%, and maximum term- 5 years.
But if you take money to refinance another loan, then the interest rate increases to 80% or more for a period of a week to a year. But your application will be approved even if you have a bad credit history. But the benefits will still be significant.
So, when refinancing a monthly and overdue for another month microloan of 30,000 rubles, taken under the standard for many MFIs 720% per annum, new conditions (80% per annum for 6 months) will overlap the original ones by almost 45,000 rubles:
It is clear that we did not take into account the insurance and commissions that the bank can take from the borrower, but even with them the difference will be approximately twofold.
Method # 3: On-lending a microloan in the same MFI
The on-lending service in the same MFI where the initial microloan was taken is, by and large, a clever way to capitalize on the difficulties of the borrower. This program is called "": if the payer is unable to make the next installment, he is allowed to pay the required minimum, and the return period is extended for a certain number of days (from 7 to 45 in different MFIs) depending on the rules of a particular microfinance organization and the type of client. For each day of “prolongation”, the borrower pays the usual interest for a microcredit.
Interestingly, for many MFIs, this service is turned on automatically if the client has not paid on time. This makes it possible to receive from the borrower much more of those marginal fines that will go when the “prolongation period” ends.
Let's say Turbo Loan has a daily commission of 2.17%. If a person took a microcredit of 10,000 rubles for a week, he will have to return 11,519 rubles. And with the “prolongation” service, after 21 days he will return 14,557 rubles already.
It makes sense to use such a “restructuring” of the loan if you are firmly confident in the receipt of personal funds during the microcredit extension period. Otherwise, the debt will only grow, and fines will be charged already on it.
How to refinance a microloan
The refinancing scheme is standard. All MFIs that refinance microcredits have an online application form, according to which a decision is made within 1 hour to 1 day. If everything is in order, you send scans of refinanced loan agreements to the new lender.
Then the MFI offers to choose the amount of the monthly payment (not arbitrarily, of course, but within existing programs). An agreement is signed, which indicates the target nature of the loan, the amount, conditions and details of the recipient of the money. Funds are transferred to the account of the previous creditor.
However, this does not happen everywhere: for example, in Analytic Finance you will receive money in your hands, after payment you will need confirmation of closing loans in other MFIs, otherwise the rate may increase from 80% per annum to 360%. Then the payment begins according to a new schedule - usually monthly or twice a month, not more often.
When refinancing a microloan at a bank, the procedure is similar to obtaining a new loan (yes, it is such in reality). You submit an application and documents, wait for approval, receive money, and repay the existing microloan yourself.
Refinancing microcredits: requirements for borrowers and necessary documents
Unlike the issuance of microloans, on-lending under more low interest in large MFIs it is impossible without providing a package of documents, sometimes quite voluminous. Requirements for clients are also quite stringent.
- The age of the borrower is from 21 years (up to 25 years - a guarantor older than this age is required) to 70 years (NKB allows up to 75 years). CPC "Promoting the Development of Mutual Lending" is ready to refinance loans to clients from 18 to 67 years old.
- Some MFIs require work experience of at least 3 months (from the borrower or guarantor).
- Citizenship of the Russian Federation and permanent registration on the territory of the Russian Federation are required (not in all MFIs. In Analytic Finance, for example, they also lend with a temporary residence permit).
- Confirmation of income and employment (not required in Refinance.rf and some other MFIs).
- At least one payment must be made on the loan to be refinanced.
The best banks for refinancing microloans
Since banks do not carry out classic refinancing of microloans, those that lend money without collateral and with a minimum of references, as well as banks where they look through their fingers at not the best credit history, will be most suitable for on-lending.
banking products with a minimum package of documents for replacing microloans
| Bank's name | Interest rate and amount | Documents and conditions |
| Sberbank, unsecured consumer loan | From 30,000 to 3,000,000 rubles. | Passport, certificate 2-NDFL, minimum work experience of 3 months, permanent or temporary registration in the Russian Federation. For owners of a salary account with Sberbank, documents confirming employment and income are not required. |
| Tinkoff, Platinum credit card | Up to 300,000 rubles. | Passport scans, TIN. Income documents for electronic form can be provided to reduce the interest on the loan. |
| Renaissance Credit, a loan for urgent purposes | From 30,000 to 700,000 rubles. | Passport + second document of your choice (VU, international passport, nominal bank card etc.). To reduce the rate - confirmation of income, solvency (document for a car, real estate, etc.). |
| OTP Bank, cash loan | From 15 thousand rubles. up to 1 million rubles | Passport, . With a loan amount over 200 tr. copy of labor + certificate 2-personal income tax. |
| Alfa-bank, cash loan | From 50 thousand rubles. up to 1 million rubles 15,99% – 25,99% | Passport, the second document to choose from (VU, passport, TIN). For a lower rate: a 2-personal income tax certificate + a document confirming the income of your choice (copy of labor, document on a car, etc.) |
| Vostochny Bank, cash loan | from 30 thousand rubles up to 500 thousand rubles From 14.9% to 29.9% | Passport + a second document confirming your stable employment and income level (certificate 2-NDFL, or a certificate in the form of a bank). |
History from life
“In the past, there was a 2-month delay on a loan, and although the loan was closed a long time ago, banks constantly refused to apply. I needed 50 thousand rubles - I had to take microloans in three MFIs. Just in case, three days later I applied to Tinkoff for credit limit at 30 thousand - I thought I would close 2 microloans. An employee called, we had a good talk, rewrote the application and approved the card limit of 60 thousand! Closed all loans. But, of course, they have a service ... A week before the next payment, they start to gouge with SMS, so I try to pay early.
How to refinance a loan with bad credit
Interest rates on short-term loans are so high because this MFI insures itself against delays on the part of the clientele. Hence the announcements like “We give money even to the homeless”, found on the Web. Maybe they don’t give homeless people, but it’s not so difficult for a person with a damaged credit history to get money to refinance a microloan. If the delay is single, try applying for a Tinkoff card. Even if you are charged a rate of 40% per annum, it will be much better than the available 2% per day.
If the banks refuse - a direct road to MFIs that refinance microloans. Here, not a credit history will be of great importance, but the presence of a steady income and a place of work. If you have it, the chances of refinancing interest at 75-80 per annum increase.
Be careful with credit brokers who promise a loan with any credit history. Especially with those who ask for money in advance.
History from life
“For God's sake, do not believe those who promise to help you get a loan with a bad credit history. I have already run into outright scammers twice. The scheme is as follows: you submit an application on the Internet, they call you back supposedly from the bank and say: the application is approved, drive up.
I’m flying with joy, on the way the “consultant” calls me three times, all the time from different numbers. It does not allow you to concentrate and think. When I approached the bank, he called back again and said that he had "convinced" the bank's administration, it was only necessary to "grease" the head of the security service. He, like, agrees for a modest amount, but he will only take money outside the bank.
I run to borrow 10 thousand from acquaintances, again I go to the bank. Some bearded man is waiting in front of the door, he introduces himself as the boss. Takes the money, goes into the building. I'm trying to call the "consultant" - the numbers are not active. At the bank, of course, no one had ever heard of a bearded head of security. With me, they also divorced a woman with a small child. Don't give any money up front!"
Is it possible to refinance a microloan with a delay?
Information about late payments on a loan or microloan is transmitted by different organizations to credit bureaus (one or several at once) with varying degrees of efficiency. There are banks and MFIs that report to the BKI about late payment in a day, there are those that wait 3-4 days to avoid taking into account “technical” delays - when the borrower, for good reason, did not pay the same day.
Accordingly, the non-payment of a microloan quickly becomes known to many others. credit institutions. Hiding the fact of delay is pointless and even harmful. On the other hand, it is useful to know what criteria for delaying payment are considered significant for banks and MFIs. The "barrier" in front of hopes to get a loan on at least some decent conditions is closed with a one-time delay of 30 days.
Even some MFIs will be afraid to contact a person who has delayed payment of a loan for 90 days. The most severe case is open arrears on the date of filing a new application.
The list of MFIs that can be re-borrowed if the current overdue debt is pressing is not too long, but it is available.
5 MFIs with the most loyal attitude to credit history and delinquencies
| MFI | Interest rate and amount | Conditions |
| Credit24 | 9000 - 30000 rubles. From 1.9% per day for 7-30 days. | A very bad credit history may be offered to be corrected first by taking and returning successively several minimal loans. |
| Seimer | 1000 - 30000 rubles. From 0.63% to 2.2% per day for 7-30 days | For regular customers, the interest rate is 3 times lower than for first time customers. The service "Improvement of credit history" costs 1700 rubles. |
| eCabbage | 100 - 30,000 rubles. From 1.7 to 2.1% per day for 7-30 days | If you have not used this service before, then the first loan will cost you 0%, subject to timely repayment. |
| CreditPlus (Credit Plus) | 500 - 15000 rubles. 0.5 to 2.5% per day up to 30 days | There is an option “Loan Extension” during which you can extend the term of the loan if you do not have time to repay on time. You can also use bonuses under the Cashback program. For new clients, the first loan is at 0%. |
| MigCredit | 3000 - 98 000 rubles. from 97.655% to 358.404% per annum, up to 48 weeks | Diversity credit programs, long terms of crediting. High percent approvals, including for borrowers with bad credit and informal jobs. |
FAQ
What loans can be refinanced?
In MFIs and brokerage houses engaged in on-lending, up to five microloans can be refinanced, for each of which at least one payment has been made. This includes loans taken for the first time and microcredits of regular clients of MFIs.
On-lending of overdue loans is carried out in the format of obtaining new microcredits. At the same time, conditions do not significantly improve, but you get rid of overdue debt - this is good for your credit history.
Why refinance microloans at all?
Until March 2016, the accrual of interest on microcredit, including in case of delay, was not limited to anything, therefore, such cases as in Saratov, where in August 2015 collectors bricked up the debtor’s door with building foam, and at the same time the entrance were considered almost the norm into the elevator at her site. The woman has accumulated a microloan debt of 50 thousand rubles (the initial microloan was 12 thousand).
After the entry into force on January 1, 2017 of the next changes in the federal law on microfinance activities (No. 151-FZ) maximum size interest, penalties and late fees is limited to twice the amount of the loan. That is, if you took 30 thousand rubles from the MFI, then without even paying a penny and if you are late in payments for a year, you will not owe more than 60,000 rubles. And yet the amounts remain very tangible - as in this example, where it is required to return 90 thousand rubles.
You can avoid a significant overpayment if you stop the occurrence of debt in the bud - preferably even before the stage of the formation of a delay. Then you will save tens of thousands of rubles on interest, save the purity of your credit history and save your nerves, which is also important.
Real life example
“I worked in a cool company, in a modest position, but I was pleased with everything. Circumstances developed in such a way that I had to take three loans from MFIs in a row, on the third one I could not repay 30 thousand in time, then re-borrowed, then another - and off we go. Total debt turned out to be 50 thousand. The collectors called me once and that's it, I thought they were lagging behind. And they, it turns out, began to work on my superiors.
They told me later that they called all the bosses three times a day and dripped on their ears - why are you keeping a scammer at your place. And in the end, the head of the department came and said: either solve your debt problems tomorrow, or the door is over there. I had to quit."
Is it true that MFIs approve almost all applications for microloans, but much less for refinancing?
In the statistics presented on the websites of microfinance organizations, the percentage of approval of applications ranges from 93 to 99%. It is difficult to vouch for the accuracy of these figures, but judging by the reviews, they are not too far from the truth. But the same cannot be said about re-crediting.
History from life
“My parents needed urgent repairs in their house, they issued several microloans in different MFIs, but they didn’t manage to repay them on time - both pensions and my salary went to buy a boiler for heating. Fines began to accumulate - every month they paid only them and interest (about 17 thousand), the loans themselves had only to be extended.
I applied to Refinance.rf, twice asked for a loan in my name to combine all the loans of my parents - they have such a service. I have a credit history with one delay of 5 days, a salary of 40 thousand. They didn’t give it – without explanation.”
Why don't banks offer to refinance microloans?
There are two factors behind the reluctance of banks to engage in on-lending to MFIs. First, the reason is the small amount of debt. Borrowers who are able to meet the conditions of banks ( fixed income, experience, registration, good credit history, and so on), they are physically unable to save up large debts. And a rare bank will give 20-30 thousand rubles - more often it starts with 50,000 rubles.
Debtors with large amounts of loans and fines are of no interest to banks, since they are problem customers. Keep in mind: if your credit history has a record of a microloan, even repaid on time, banks will analyze your solvency with more attention.
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According to statistics, more than half of the Russian population has an unpaid loan. At the same time, two-thirds of them carry several debt obligations at once. Not surprisingly, in such conditions, delinquencies on loans often occur, which are becoming more and more. Refinancing can be a solution to this problem, since it allows you to combine several loans into one, making managing them much easier and more convenient, as well as finding more profitable proposition terms or rates. However, the question remains whether it is possible to arrange refinancing. After all, usually banks are distrustful of payers who have somehow tarnished their reputation.
Refinancing a bad credit loan - conditions
There is an opportunity to refinance a loan if you have had delays before, but you need to understand that imperfect is different. Someone delayed payment by 3 days, while another client brought the situation to a meeting with collection agencies. Organizations such as, for example, Sberbank carefully and individually approach the consideration of credit history.
And here are the cases in which it is possible:
- After overdue loans, you took new ones and regularly paid them off. Even if subsequent loans were taken for a smaller amount, the main thing is compliance with the conditions and rules.
- Payment violations were of a one-time nature, that is, you did not systematically remain indebted to the bank, but several times you did not make a payment on time, but then closed the debt.
Where and how to refinance a loan with a bad history?
There are several ways to refinance your loan if payment defaults have occurred:
- contact a bank that works with clients with imperfect credit history;
- apply to a private financial institution.
In the second case, you risk losing funds or being obliged to pay interest many times higher than the same in the bank. List of official organizations working with clients with bad credit history:
It is necessary to study all the offers and choose the most profitable. Often, those who want to refinance a loan agree to a higher interest rate, wanting to get out of the debt hole. It only makes sense in a truly stalemate situation.
Such requests come from clients who have entered into a difficult situation in the process of fulfilling credit obligations. When such circumstances come, the borrower, which is quite logical, is looking for a way out.
Refinancing really counts good option to solve such problems. But not every bank will agree to cooperate with a borrower who has not fulfilled its obligations for a long time. credit obligations. And the reason for the violation of the contract is always relegated to the background.
Credit history directly indicates the level of reliability of the applicant. If it is bad, and the delays are long, then there will be great difficulties in finding a new creditor. Even in today's conditions, it is difficult to find a bank that will entrust its money to a deliberately unreliable client.
You can correct the situation in one of the following ways:
- Provide the creditor with documents confirming solvency.
- Open a deposit in the same bank for an average amount.
- To issue a mortgage on the liquid real estate that is owned.
- In some other way, to prove to the bank your trustworthiness - you can attract a guarantor or show data on your last major purchases / foreign trips.
- Fix your credit history.
Cooperation with borrowers of this category implies increased risks for lenders. The applicant should try to mitigate these risks. Only then will the likelihood of a positive decision increase.
How likely is it to refinance a loan with a bad CI
In refinancing and the most common consumer credit much in common. Moreover, there are only a few points on which these two products differ from each other. One of them is the personalization of contractual terms.
A general program with a description is provided maximum amount and deadlines. These values are laid out in the form of an offer for review by potential customers.
But the final proposal in almost every case has an individual character. Firstly, new creditor should be able to offer more favorable terms than the current ones. Secondly, not all borrowers fulfill their obligations in the same way - the number and duration of delays for citizens may be different. Therefore, there is no mass consideration of applications. Everything is just individual.
Where and which bank to contact
Having slightly improved the situation in their CI, applicants can try to apply to a group of banks that are particularly loyal.
The procedure is extremely simple:
- One proposal is selected.
- The description of the selected product is carefully studied.
- If interest is maintained, the user submits an application here.
After the time specified in the program description, the applicant receives a preliminary decision. After that, the applicant will need to have direct interaction with the selected lender. Therefore, it is a reliable and useful assistant for those who, with poor CI and delinquencies, are going to correct the situation with the help of refinancing.
