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5 steps to responsible borrowing #bwc2023

In a fast-moving world of infinite opportunities, effective management of personal finances is a key to success. One of the most important decisions that can help you achieve your goals at the right time is taking out a loan. Whether it’s a loan for home improvement, major purchases, business financing, buying a car or a dream home, a loan can be an important “tool” or a “burden”, depending on how you manage it. It’s up to you how you handle this tool!

At Microinvest, autumn is the time when we share tips for smart lending, now in its eighth year, by participating in an international campaign organized by Microfinance Centre – “Borrow Wisely 2023”. This year, the campaign launches in a new, more complex and interactive format, covering important topics such as the steps to getting a responsible loan, women’s involvement in business and the importance of digital technology.

If any of these topics intrigue you, keep an eye on our pages. And now let’s tell you what useful information we prepared for #BWC2023 and how we manage to incorporate responsible lending principles into Microinvest’s work every day.

Responsible lending is a “lifestyle” at Microinvest

Every day we strive to offer loans in accordance with international principles of customer protection, where both parts benefit from working together in a respectful and objective manner. In our 20 years in the financial industry, we have learned that responsible lending means building a relationship between lender and client based on liability and trust.

If you’re planning to get a loan and are feeling distrust, make sure you go through these 5 steps of responsible lending to help you make the right decision.

  1. Check how much you can afford to borrow

The first step to making a smart lending decision is to find out how much you can borrow. Most people undervalue their expenses and overvalue their income, which is wrong. As we are responsible lenders, at Microinvest we take care to explain to our clients how important it is to objectively calculate their ability to repay a loan. In this way, the loan will not become a financial problem over time, but will only benefit you in achieving your goals.

  1. Calculate how much you will pay

To understand what a loan is worth, it’s important to know how the cost of the loan is calculated, the repayment period, and the commissions, additional fees and penalties. All of this makes up the interest rate (EIR) on the loan. This information should not be missing from the contract, and the loan officer must convey and explain it.

  1. Find out if you fully understand the contract

Consciously signing a loan agreement means not only reading it, but also understanding the obligations you have made to the financial organization providing you with the loan. In order to understand all the terms and conditions, you need to know what you should pay attention to when signing such a document. Being a responsible lender, Microinvest considers it its main obligation to explain all the terms and conditions and costs of the loan before signing the contract.

  1. Control debt – don’t let it control you!

The golden rule of smart lending is to respect all the terms and conditions you agreed to when you signed the loan contract. This means not only making a reasonable decision on how you will use the borrowed funds, but also realizing the necessity of repaying them on time. At Microinvest, we focus on responsible lending and building stable relationships with each client.

  1. Check what should you do if you are not satisfied

The success of getting a loan depends on choosing a reliable financial organization, understanding the loan terms and conditions and their compliance by both the client and the lender. Therefore, if you didn’t get a clear answer, faced with uncertainty or are dissatisfied, you can contact a representative of the company to find the right way to solve the problem.

A loan from a responsible lender can only benefit you, the most important thing is to be informed. Control your debt, don’t let it control you!

#Microinvest #BWC2023 #LendResponsonsibly


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