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Is microfinance a usury? You think too much……
When it comes to microfinance, the first reaction in the minds of many friends is: "usury loans," is microfinance really a usury? You really want more!
Microfinance and usury are two concepts. The most obvious is that microfinance is only a low amount, usually less than 300,000, while loan sharks say that interest rates are higher, and the interest rate of borrowed products is often 36% per annum. the above.
In addition to these factors, microfinance and usury are significantly different:
Who will issue
Microfinance loans are mostly issued by small loan companies. The holders of the management of small loan companies must have certain requirements. The traditional “usury loans” tend to be mostly individuals and packaged into so-called companies. There is no corresponding license.
Each link of microfinance must be handled by a special person, such as lending, reviewing, collecting, and having more links, and the operation is more complicated. The process of usury is relatively simple, and the requirements for review are not very complicated, but they often need to know your property clearly, make it easy to profit, and finally eat your intrinsic assets.
The microfinance company is strictly supervised by the China Banking Regulatory Commission, the Central Bank, and the Public Security Department. The usury is not subject to any agency supervision and is illegally borrowed.
A general borrowing institution does not need a guarantor when placing a small loan, but it needs to review the loan according to the loan information, and a collateral or guarantor is required for a higher-value product. For usury products, a guarantor is required and the loan amount is given accordingly.
Why is the interest rate of a small borrowing company much higher than the bank interest rate?
On the one hand, small borrowing companies have less self-owned funds and cannot save as users own banks. On the other hand, the management model of small borrowing companies is different from that of banks, with higher operating costs and more borrowing products, which also allows small borrowing companies. There has been an increase in interest rates.
What are the advantages of small loans?
Slightly lower credit requirements
In order to allow more people to borrow money, microfinance institutions are not as demanding as credit requirements, and it is easier to borrow money.
Operation is simpler and faster
Relative to the bank's approval, the microfinance company's loan procedures are simpler, and the speed of borrowing is faster, which allows more people to use it for emergency.
Choose more products
In order to allow more people to choose, they are flexible in borrowing and launch different products for different groups of people.
Formal microfinance is not a usury loan. For borrowers, it is more a new way of borrowing.
Urgent use of money? We have reviewed hundreds of microfinance products! Pay attention to the WeChat public account "getting fast" (ID: chuqiankuai), no longer afraid of borrowing money.
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