How to get a passport loan

With a minimum number of documents, you can apply for a loan for a short period of time. Since the lender only needs proof of the borrower's identity to provide finance, such a product is called a "Passport Loan."

Features

Quick loan processing has certain advantages. The main thing is that the borrower can apply for a loan using a passport without leaving home. All you need to do is send an online application.

The nuances of obtaining a passport loan are as follows:

- With minimal requirements, credit institutions are reinsured and therefore introduce additional fees, as well as increase the interest rate.;
- Often, with a minimum number of documents, customers are offered a short loan term, as well as a low credit limit;
- When applying for a quick loan, there is no need to involve guarantors, as well as arrange collateral.

Basically, credit organizations provide only credit cards with a passport. You can also get a loan from microfinance organizations using one document.

Advantages and disadvantages of fast lending in banks and MFIs

Passport-based lending is an affordable and very effective method for promoting financial services. In order to receive funds, it is enough to visit the bank or leave a request on the website. Basically, in such cases, the response comes instantly.

When applying for a credit card using a passport, a person gets the opportunity to take advantage of a grace period, as well as discounts and special useful services. Unfortunately, not all banks provide loans based on one document. Another disadvantage of such loans is that you will have to wait a certain time for the card to be issued.

As for MFIs, in this case, when the client applies, the money is credited instantly, and only a passport is required to apply. No additional documents are required. In this case, you can apply for a passport loan even for people with a damaged credit history and low solvency.

After completing the application, the funds are transferred to a registered bank card, wallet, bank account, or sent to the specified address by courier. You can re-borrow funds only after paying off the debt. After timely repayment of the previously received loan, loyalty programs are provided for responsible customers. flagman официальный сайт