What will happen if you do not pay loans in MFIs?

When making a loan in a microfinance company, the borrower acquires the duty for certain periods to eliminate debt together with swelling percentages. If the borrower does not fulfill his duties, then the MFIs starts the recovery process. The problem may result in interaction with collectors and court.

When making a microloan on the Internet, the borrower does not sign the paper version of the loan agreement, it agrees with an online offer, whose action is tantamount to paper, so the responsibility for non-payment of debt will be the same. Since the electronic offer is a legal nature of MFIs, having all the grounds may begin the recovery process and go to court.

Any credit organization is ready to meet his client for this reason, for this reason, you should consider it paramount to apply to the organization and find out how to get out of this situation. But before you worry, learn whether the credit organization provides a prolongation services. Prolongation is to extend the timing of the return of the active microloan, for a short period of time, for example, up to one week. In turn, during this period of time, you can solve your financial problem and establish a loan payment schedule. Prolongation can be used repeatedly, but this service will be paid.

If you did not apply to the credit institution in advance, and did not warn about the absence of the possibility of making a monthly payment, from the first day of delay, the IFR recovery service begins to interact with the client. It can act rigid enough. If the borrower continues to shy away from the payment of debt, the MFI transmits the work collectors. In most cases, microfinance organizations have in their staff that are engaged in these issues.

The initial stage of recovery from the borrower in the MFI is significantly different from the banking organization, since banks cooperate only with legal organizations, where collectors use legal methods of recovery. But if you are a borrower in microfinance to prepare for strong pressure from the collectors.

All of the above methods contradict the legislation of the Russian Federation, if such impacts apply to you, it is necessary to contact the prosecutor’s office or the police. Prove, of course, the involvement of collectors will be difficult, but many achieve success.

Better, of course, do not take microloans at all, especially with the thoughts they do not return.

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