In a word, for many people in need of money, the answer to the question of whether it is worth taking a loan via the Internet will be positive. Microloans have many advantages, although they also have disadvantages. You need to know in advance about the pitfalls of online loans, so as not to get into an unpleasant situation in the future.
When considering the question of whether it is worth taking loans on the Internet, you need to of existing mobile number list have be aware that such offers have quite significant disadvantages. These include:
High interest rates. Perhaps this shortcoming is the most tangible. Modern MFIs offer to receive money at 1-2% per day, and sometimes even higher. As a result, the client has to give money with a huge overpayment.
Short loan terms. Online loans are usually issued for a month. Sometimes there are options with a longer period. The time limit often prevents the return of money, as the borrower does not have time to fully solve his financial problems (see What should a borrower do if there is nothing to pay a microloan with ?).
Huge late fees. If you do not return the money on time, the company will accrue quite high penalties and fines. The longer the client does not give money, the greater will be his debt.
All of the above must be taken into account when applying for online loans. You can take them only when the borrower is sure that he will be able to return the finances on time. Otherwise, it is better to refrain from contacting the MFI.