Online lending prospects

Following the USA and Europe, the credit boom covered Russia as well. Living on credit has become the norm for many Russians. More than 30% of housing and 70% of cars are being sold under mortgage agreements. What can we say about small, household loans. Almost every electronics store offers its customers goods on credit on acceptable terms. The purchase of various things in installments was very popular in the Soviet period, but it has become especially widespread in recent years, after the massive distribution of such banking services.

New opportunities to receive money in installments have influenced the countrys economy. If earlier, in order to open a business, it was necessary to look for money from friends and relatives, but today, with a well-grounded business idea and an appropriate package of documents, it is not difficult to get a loan.

With the development of the Internet and the system of digital currency circulation, a new way of obtaining a loan has appeared - online lending, obtaining a loan in a small amount according to a simplified scheme. The online lending system itself is now working rather in a test mode, since it is a relatively new banking instrument. Any online lending service lends money without a package of documents, which is usually required at the bank. It is enough to enter your passport data, select the loan amount, have a clean credit history and apply for a loan. The operation of obtaining a loan takes from 5 to 30 minutes, after which the money is transferred to a bank account.

Today, the size of loans obtained via the Internet rarely exceeds 50 thousand rubles. This is due to an insufficiently developed system for issuing loans and monitoring loan repayment. After all, it is not uncommon for a person to be unable to repay money and the loan turns into a problem, both for the client and for the organization that issued it. It is too early to talk about the prospects for online lending, since first it is necessary to create a clear system of guarantees of loan repayment, which will reduce the interest rate.
 

What are behind online loan providers?

Interestingly, in most cases, credit organizations on the Internet do not have an official license from the Central Bank, and an individual acts as a creditor. This situation negatively affects the size of the interest rate. Since the activities of such organizations are not regulated by the central financial apparatus, the representatives of credit organizations can set any interest rates. This is one of the reasons why people are reluctant to use online lending services.

From the point of view of legality, at the moment there is no legal framework that could somehow identify and regulate lending on the network. In fact, it is difficult to even call it lending, since, from a legal point of view, such activity is in the nature of obtaining money from an individual. Debt repayment terms are more of a verbal agreement.

Nevertheless, it is online lending that is considered today as the most promising and progressive direction in the development of the financial sector. This is evidenced by the fact that banks are actively interested in this type of lending and are developing a technical base that will make it possible to effectively use the online lending system.
 

Choosing a bank, filling out an application, getting a loan

There are really a lot of credit companies that lend money through the Internet. Each organization has its own conditions for obtaining a loan and different interest rates. Consider the most significant online lending services and start with large credit institutions:

    Tinkoff Bank is a vivid example of how a small financial company over the 10 years of its existence has gained a significant market share and the trust of many thousands of customers. From the very beginning, Tinkoff Bank operates exclusively on the Internet, and its activities are based on an official license from the Central Bank. This is one of the few companies providing loans up to 300 thousand rubles. The maximum period for which a loan can be taken is 65 months. The annual interest rate is 25%. The decision to issue a loan is made in 5-7 minutes.
    Renaissance Credit Bank issues loans on more favorable terms. The annual rate is lower than at Tinkoff Bank and amounts to 21.9%. The application is processed in about 10 minutes. Borrowers can only be people aged 24 to 70 years. Apparently, the representatives of the bank in this way decided to limit the access of the insolvent part of the population in order to reduce the risk of non-payment of the loan. The amount that can be borrowed is from 30 to 500 thousand rubles. The maximum loan period is 60 months.
    Fingooroo is an online loan issuing service that was founded by the Russian company I-Teco in 2012. Since its inception, the service has been actively developing, largely due to the acceptable conditions for issuing loans. The Fingooroo service is ready to provide a loan from 1 to 100 thousand rubles to anyone who wishes. The loan repayment period is selected individually - from 1 to 24 months. If you have a passport, the loan is issued in 3-5 minutes. Interest rate - 2% per day.

These are the three most important online lending organizations that provide money for the long term. But there are many small services that issue money for a few days or a month. The main differences are the high daily interest rate and large penalties for late payments. Next, we will consider several reliable and acceptable, from the point of view of practicality, online lending services:

    Pay P.S is an online lending system that provides loans from 2 to 15 thousand rubles for a period of 5 to 25 days. The main advantage of this service is the interest rate of only 0.19% per day. To receive you only need a passport.
    Home Money is another significant service. The interest rate is even lower - 0.13% per day. The loan amount is 10-50 thousand rubles. Term from 1 to 65 weeks. The application is considered for about 40 minutes.
    Beri.ru issues loans at 2% per day and for a period not exceeding 16 days. The amount is from 1 to 15 thousand rubles. Registration takes no more than 10 minutes.
 

The future of online lending in Russia

Financial institutions are showing an increased interest in online lending opportunities. According to a survey conducted by Russian banks among their clients, 64% of Russians would like to buy goods in online stores on credit, but only if the terms of the loan are favorable.

Online lending has a number of undeniable advantages:

    Prompt processing of the application, which affects the speed of obtaining a loan or goods on credit.
    There is no need to provide a certificate of income or look for a guarantor, in most cases it is enough to have a passport;
    Buy goods on credit on favorable terms and in just a few minutes;
    When buying a product, the user can choose a credit organization, since online stores, as a rule, work not with one company, but with several at once.

According to expert estimates, online lending in Russia will develop at a rapid pace. Over time, interest rates, which are now unreasonably high, will decline due to emerging competition. The interest of banks in online consumer lending is growing, which means that in the near future there will be an effective basis for regulating financial flows. Due to the development of the system, it will become easier and more profitable to receive loans online.