Is there a person among us who has not faced such a problem as lack of money, and did not want to have as much as possible? Unfortunately, there are different situations when money becomes necessary “here and now.” Borrowing from relatives or friends is not always acceptable, since there is a chance of non-return of funds within a specified period, which promises a spoiled relationship.

What organizations give out express loans on the passport?

Places where you can turn for quick cash:

  • You can take an express loan on the passport in a bank. Some banking institutions even establish a time limit for the consideration of the application and the execution of the contract (from several minutes to 1 hour).
  • A relatively new, but already quite popular way to get a quick loan – online loan. To get it, you should place an application on the organization’s website, indicate your passport data and the number of a valid card of any bank. The money comes instantly to the card, after studying the borrower’s credit history.
  • Lombard organizations offer fast loans secured by property and set the interest rate calculated for each day.
  • Microfinance institutions (MFIs) also provide fast loans for small amounts and for up to three months.

Who can count on express loans?

In the matter of issuing an express loan, the MFI puts forward a number of requirements that are documentary, age and financial in nature. The main document acting as a guarantor of a loan is a valid passport. 

As for age criteria, a lot depends on the size of the requested amount. Some lending companies issue instant loans to individuals who have reached only eighteen years of age, but again it is worth emphasizing that we are talking about small amounts. If you need a large amount, you must meet the age requirement “from 21 years.” It is believed that the borrower at this age is more responsible and solvent, as he often has a job and a stable income. There are individual organizations that satisfy an application for a quick loan, only if the borrower is at least 24 years old.

Also important and financial determining the issuance of the loan. For banking organizations, this requirement is definitely by law, but in the MFI it does not work, although it is tacitly observed. So, if a client in banks can donate no more than 50% of his income to repay a loan, then in MFIs this limit may be higher. Again, it all depends on the amount of the loan. If they are small, then no one will be interested in income, the client presents a passport and receives money.

In addition to the above, it should be added that the borrower must have a card of any bank with a validity period of at least one month. When applying for an online loan, the client must have access to the specified phone number or email address to confirm the request when making the loan.

So, in order to get an express loan from an MFI, you must have: 

  • passport, 
  • be 18 years old, 
  • have an active bank card, 
  • receive regular income to pay off the loan.