How to choose a microfinance organization?

Subject: Finances  |   Date: 18.03.2025

Microfinance organizations are becoming more and more widespread in Ukraine every year. Today, about 700 MFOs are registered in our country, which provide citizens with microcredit services. You can see the list of the most reliable organizations on the Liga.Credit.Online platform website, where you can also compare the conditions offered by MFOs. In this case, it will be important to choose a suitable microfinance organization based on several criteria.

Features of MFOs

These financial institutions provide loans to the population and have the following features:

• small loan amounts compared to bank loans;
• short-term debt repayment agreement;
• minimum requirements for application approval;
• no need to confirm income, collateral, and guarantors;
• quick application review and crediting of funds to the card.

Almost all groups of citizens can receive a microloan, including students, pensioners, and temporarily unemployed people. In addition, MFIs provide loans to clients with a bad credit history (CH). Such services not only allow you to receive funds for a short period, but are also an effective way to correct CH. To do this, you should take out small loans and repay them on time.

Criteria for choosing an MFI

When choosing a microfinance organization, pay attention to the following points:

• Reputation: it is advisable to choose companies that have been issuing microloans for more than a year;
• Reliability: the number of microloans issued and the percentage of repeat use of services indicate the reliability of the institution;
• Reputation: it is earned based on customer reviews.

You can get information about a particular microfinance organization on thematic forums. We also recommend using the Liga.Credit.Online platform. It contains verified companies with transparent lending conditions and wide coverage. On the platform, you can evaluate offers and also use a credit calculator to calculate the maximum amount, terms and interest rate of a microloan.