How long does it take to obtain a microcredit?

It is no longer easy to obtain credit from conventional financial institutions as quickly as it used to be, due to their increasing mistrust and the repayment guarantees required. Microcredit is therefore proving to be a good way to quickly access the financial resources you need for a personal or professional project. Do you want to know what this form of credit consists of and how long it takes to obtain it? Find out instead!

What does microcredit consist of?

microcreditThis is a microfinance device that allows you to lend small amounts of money to individuals in general, which can enable them to carry out an urgent and objective project. This microfinance credit can be obtained from several institutions such as, under flexible conditions. However, microcredit is a financial device whose beneficiaries are mainly people who have difficulty accessing the conventional banking system. It is therefore an essential condition to benefit from this credit to prove your inability to use banks because of your precarious financial situation which offers few guarantees. The aim of the microfinance credit is to help you to carry out or extend a project of high added value activities or a promising micro enterprise. This loan sometimes makes you less sensitive to economic shocks when the money received is used for its original purpose.

What type of microcredit can you apply for?

A microfinance loan is similar in many ways to traditional banking services. Except that microcredit is granted to you by a specialised and approved institution. And even if there are also conditions for access to this loan, they are less rigid than those of banks. In addition, you have the choice between :
  • a professional microfinance loan: its purpose is to facilitate the financing, creation or development of an agricultural, artisanal or social microenterprise, etc.
  • or a personal loan: this type of loan allows you to finance the purchase of consumer goods such as an essential household appliance, a computer useful for your work, etc.
Micro-credit, whatever its nature, is obtained following a rather simple procedure.

Which path to follow to obtain a micro-credit?

To apply for a micro-finance loan, you have two options:
  • Fill in an online form with the organization;
  • or apply at the physical offices of the organization.
More and more, applications are being made online and the most organized microfinance companies ensure that all the required documents are put online without you having to go anywhere. In just a few clicks, you can complete your application. A microcredit application file must include the following documents:
  • an identity document;
  • proof of residence less than four months old;
  • a pay slip;
  • proof of your financial situation;
  • the application form;
  • your various current loan agreements.
Despite its low amount, this credit has the particularity of being repayable over a relatively long period of time, up to 36 months and at a reasonable interest rate. This encourages the creation of new jobs and attracts the interest of individuals. As of the date of application, your microcredit application file is processed and the loan can be granted to you after 72 hours, which can vary by a few days depending on the nature of your file.

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