During the quarantine, the number of long-term online direct lenders has increased
Microfinance market participants are seeing an increase in the share of microloans issued for a long period – up to one year. But the maturities of these loans are also reduced and the loans are repaid earlier than expected. According to Forbes in the fourth quarter of 2021, the share of long term Hart Loan loans reached 33.3%, whereas in previous quarters it did not exceed 25%. Half of prepaid loans at the end of last year were closed within the first 14 days. According to microfinance, this is because borrowers know the product better and calculate the savings in case of early closing.
According to the leading information portal for investors and business people in the United States, microcredit is one of the most widespread digital services today, with many users having appreciated its convenience and relevance in certain situations of the life.
Direct lender – fruitful cooperation
There are two basic ways to get rid of the need to borrow money regularly. This is an increase in the income of a citizen or family and a reduction in expenses. Unfortunately, in most cases, both methods are not feasible in practice: wage growth is deferred until better economic times, and most of the costs are spent on food, cheap clothing, medicine, housing , communal services, mobile communications, transport, electricity, and heating. There is nothing special to save on: all expense items are vital. The solution is an urgent loan of a small amount of money from friends, relatives or work colleagues, in extreme cases – from the bank in which your credit card is registered. But what if everyone around you is experiencing some financial difficulties themselves and the credit limit granted by the bank has run out? Online payday loans direct lenders come to the rescue. The advantages of this method of obtaining the required amount in cash or non-cash money are obvious to anyone who has ever used this service. It’s before all :
- Ability to receive money quickly, usually within 15 minutes from the time of request.
- Receiving money online, urgent transfer to a personal account.
- Grant loans without restrictions. Instead of collecting certificates on the place of work and income level, you simply indicate your data in the questionnaire (passport information and tax identification number).
- A micro-credit is granted even without a credit history check.
- The amount you will receive as a result into your hands is not so large that it will significantly burden your family budget in the future when you have to return the money.
Why do clients take out microloans repeatedly?
HartLoan is an instant loan service in the US financial services market with extensive experience. The main objective of the company is to simplify the receipt of borrowed funds as much as possible and to make the services of MFIs accessible to a wide range of users.
Many come back to reapply payday loans online direct lenders. And this is no coincidence because, according to many financial experts, not only in the United States but all over the world, microcredit is a quick way to solve any financial problem, transparent terms of cooperation, clear compliance with obligations and loyalty to customers.