Loans through State Services and financial aggregators — what you need to know and be sure to take into account

Microloans, as experts note, have been perhaps the most popular service on the financial market in recent years. Meanwhile, for most people, the topic of loans is far from being an “open book,” allowing them to use this tool safely. Experts note: knowing the algorithm of actions when “borrowing” money in this way, you can keep the situation under control and certainly not become a victim of fraudsters.

Moreover, experts say, it is now possible to give preference to loans that can be requested through official services. Eg, get a loan through State Services today it is possible without any particular difficulties, but with the guarantee that you are not dealing with scammers, but with structures that are responsible for their actions. Because, as experts explain:

• On the State Services portal only those financial organizations that have the necessary licenses and meet government requirements are presented. This reduces the risk of encountering scammers.
• The State Services portal provides a high level of protection for users’ personal data, which minimizes the risk of information leakage.
• Information about loans and their conditions is available for review before submitting an application. This allows users to choose the most profitable and suitable conditions.
• All transactions through «Gosuslugi» are controlled by government agencies, which provides an additional level of reliability and protection of consumer rights.

How to choose a microloan

Choosing the right microloan, experts emphasize, requires careful analysis of several key factors. Here’s what you should pay attention to:

Interest rate

This is one of the main parameters that determines how much you will have to overpay for a loan. Interest rates on microloans are usually high, so compare offers from different organizations to choose the most profitable one.

Total cost of the loan

In addition to the interest rate, consider any additional fees or charges that may apply for the loan origination, servicing, or early repayment. This will help you understand the true cost of the loan.

Loan term

Microloans are usually provided for a short period (from a few days to several months). Make sure that you will be able to repay the loan within the established terms to avoid additional penalties.

Lender reputation

Check reviews and ratings of microfinance organizations (MFOs). This will help you avoid fraud and working with unscrupulous companies. You can use resources with customer reviews or specialized forums.

Repayment terms

Study the terms of loan repayment: the possibility of early repayment, the amount of fines for late payments, the convenience of payment methods.

License and regulation

Make sure that the MFO is licensed by the Central Bank of Russia. This ensures that the organization operates in accordance with the law and under government control.

Transparency of conditions

Before signing the contract, carefully read all the terms and conditions. Make sure that all important points such as interest rate, repayment terms, fees and penalties are spelled out clearly and transparently.

Loyalty programs and promotions

Some MFIs offer discounts on the first loan or special conditions for regular customers. This can be beneficial if you plan to take loans more than once.

Possibility of extension

Find out whether it is possible to extend the loan term in case of financial difficulties and under what conditions this is possible.

Examples of questions to ask yourself:

• How much will the loan actually cost, taking into account all interest and fees?
• How long will it take to repay the loan?
• How reliable is the selected microfinance organization?
• What alternative financing options are available (e.g. credit cards, bank loans)?

By following these recommendations, you will be able to choose a microloan that will be most suitable for your situation and will minimize financial risks.

Microloan — interaction with creditors

Interacting with microloan aggregators requires additional precautions to ensure security. Here are a few steps you can take to stay safe when using these services:

Checking the legality and reliability of the aggregator:

• license and registration: make sure that the aggregator and all microfinance organizations (MFOs) presented on its platform have the necessary licenses and are registered with the Central Bank of Russia. This can be checked on the official website of the Central Bank.
• reviews and ratings: explore reviews of other users about this aggregator and the presented microfinance organizations. Ratings and reviews can be found on specialized forums and websites dedicated to financial topics.

Personal data protection:

• Site security: Check if the aggregator site uses a secure connection (https://). Look for security icons, such as a lock in the browser address bar.
• Privacy: Please read the site’s privacy policy carefully to understand how your data is processed and protected.

Carefully study the terms of the loan:

• transparency of terms: carefully study all the terms of the loan, including interest rates, repayment terms, possible penalties and additional fees. The aggregator should provide full information about each loan.
• offer comparison: use the aggregator’s capabilities to compare different offers. This will help you choose the most profitable and suitable option.

Contacting support:

• Contacts and support: Make sure that the aggregator has a real support service with contact information. In case of questions or problems, ask for help.

Financial literacy:

• training: improve your financial literacy to better understand loan terms and possible risks. Reading specialized literature and attending topical seminars can be helpful.

Using antivirus software:

• Computer protection: Install and regularly update antivirus software on your computer or mobile device to protect yourself from malware that could steal your personal data.

Be careful with offers

• Avoid suspicious offers: Be wary of offers that seem too good to be true. Excessively low interest rates or promises of instant approval may be signs of fraud.

By following these recommendations, you can significantly reduce the risks when interacting with microloan aggregators and secure your financial transactions.