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Microcredit may be granted to finance any expenditure related to launching new or developing already existing non-agricultural business ventures in rural areas. Individuals, farmers and their family members, the unemployed and other natural persons starting or running a business activity may apply for loans.
Important information about same day payday loans:
- The maximum loan amount is $1000.
- Financing up to 100% of the gross value of the undertaking.
- The loan is granted by one of the banks cooperating with the Foundation.
- Loan collateral determined individually by the bank.
- The loan interest rate paid by the borrower is 3.20 rediscount rate of the NBP bills on an annual basis.
- One-time commission of 1% of the loan amount charged by the bank.
- The loan is granted for up to 24 months, including grace period in repayment of the microcredit amount
- not exceeding 3 months.
- Interest is accrued and payable on a monthly basis.
The mode of guaranteed payday loans
The basis for granting the local payday loans is a written application submitted to one of the banks cooperating with the Foundation together with documents and information confirming the possibility of repayment of the contractual obligation.
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The Bank performs all necessary activities related to taking a credit decision and granting a loan.
The regulations for granting micro-credits for non-agricultural business in rural areas from the funds of the American Fund for the Development of Villages Foundation and the application form are available at cooperating banks, as well as at the Foundation’s headquarters and in downloadable materials.
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When we do not have adequate creditworthiness, and we have to borrow money from somewhere, the best solution for this is to incur micro-credit. What is a microcredit? It is intended primarily for poor, mainly unemployed people. It is a low-value loan and includes a sufficient amount of money that will allow these unemployed citizens to develop any interest, or simply go straight.
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Real payday loans are primarily a function of gaining the economic freedom of these poorest people living in developing countries. Women are mainly trying to give it. It helps to break out of poverty and is often the only option. In the case of incurring microcredit borrowers are not able to provide any pledge, mortgage, they do not have employment, which means limiting their creditworthiness or even preventing any securing of the loan taken. What is a microcredit? In this way, they are not eligible to take out loans in ordinary commercial banks, which is why microcredit is the last resort for them.
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Microcredit formally has very poor collateral, because no borrower or mortgage or permanent employment is required from the borrower. However, low creditworthiness is not tantamount to a high risk of repaying such a loan, because according to various statistics, only 5% of borrowers were unable to repay the micro-credit taken. What is a microcredit? In addition, such a loan is associated with quite considerable profits for the institutions that provide it, because low loan collateral is associated with excessive interest.
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Loan collateral may take many forms. Types of loan collateral They are adapted to the current financial and economic possibilities of a given customer and borrower. In this way, the bank can adequately protect itself in the event of the borrower’s default, and the client can enjoy a loan of the appropriate amount. The following types of loan security exist.
A mortgage first of all. It is a security that charges the property of the debtor with the right to claim by entering into the land and mortgage registers. As a result, the creditor receives priority in enforcing his rights even if the property changes the owner.
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Another type of loan security is pledge. He, in turn, is divided into a pledge on general principles, which concerns moving objects; on a registered pledge that may be established on movable property of the borrower; and a pledge on rights that concerns transferable rights, e.g. securities.
Loan securing also constitutes a transfer of ownership as security, which entitles the creditor to transfer ownership of movable items to cover claims under an unpaid loan. Types of loan security
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Another security for the loan is blocking bank accounts. It is based mainly on the separation of funds on the bank account or deposits entrusted to the bank belonging to the borrower.
The form of loan security is also a deposit. Types of collateral for loans It is so good that the borrower provides the lender with adequate security in the form of cash, savings bills, securities or other valuable items in which he is in possession.
Banks often require their client to secure a loan that is taken out. Loan collateral This is a practice used primarily for loans for a large sum of money. In this way, the bank protects itself, thus limiting the risk of the borrower not paying the loan. The collateral should ensure the recovery of the credit sum involved, including interest, commissions and all fees related to the loan. As for the basic loan repayment guarantee for a bank, the borrower’s economic and financial situation should be analyzed, i.e. checking his creditworthiness. Loan collateral In many cases, the calculation of such a capacity is not entirely possible and it is difficult to assess the risk of a given transaction. That is why banks are demanding adequate credit collateral, which will be a certain compensation in case the probable risk becomes a fact. Having this security is a way to recover some or all of the involved amount from the bank.
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Forms of such securities can be divided into different types, because they are very diverse and depend on the current financial situation of the client, and what he actually has in exchange for a loan. Security is therefore classified as liquid and factual. Liquid is a guarantee of various types, bank guarantees and sureties, while material mortgage is broadly understood, or bank pledges which, in order to satisfy a bank’s claim, must first be sold. Loan collateral Such legal collateral may also be divided into personal, which is characterized by personal liability of the person providing collateral and material, which introduce a limitation of liability to individual assets.