Center for Loans Review: A Mixed Bag

A Mixed Bag: Some Good, Some Bad, and a Major Deal-Breaker

summarizeEditor's Summary

I'll be honest, I'm not exactly familiar with microfinance organizations, but their ads kept popping up online. Then, I found myself in a situation where I needed to reach out to one. Center for Loans was my choice, and I'll break down the good, the bad, and the major deal-breaker. Their flexible loan options, many offices, and in-person cash pickup were major pluses. However, the website info isn't entirely accurate, which is a major concern. You've got to do your research to get the best deal.

settingsSpecifications

KararKötü

HizmetHızı9/10

HizmetKalite7/10

MüşteriDuyurusu6/10

A Mixed Bag: Some Good, Some Bad, and a Major Deal-Breaker

I'll be honest, I'm not exactly familiar with microfinance organizations, but their ads kept popping up online. Then, out of the blue, I found myself in a situation where I needed to reach out to one.

I did my research and ended up choosing Center for Loans. I was drawn to their services for several reasons.

First off, it's the option to take up to 7,000 rubles for a week at 0% interest if you're a first-time borrower. This was exactly what I needed - a short-term loan with no interest. Their loan options are pretty flexible.

Secondly, there are many offices, and one of them is conveniently located nearby. This was a big plus for me, as I didn't want to travel far to get my loan.

Thirdly, you can take the first loan in cash personally. As a complete newbie in this field, I wasn't comfortable with transferring the money to a card without meeting the representative in person. What if the funds didn't arrive on time or at all? So, picking up the cash in person was a big plus for me.

Yes, you can also order a free home or office visit from a courier who'll bring the cash. But you can only take the loan in cash. This was a convenient option, but it had its limitations.

Fourthly, I filled out the application, received an SMS approval for up to 12,000 rubles within 12 hours. The manager called me back, and we went over the details of how to collect the loan. So, the speed of service is definitely a plus!

Fifthly, all I needed was my Russian passport, to be at least 18 years old, and no additional documents or guarantors (according to the website, but more on that later). The application process was straightforward and easy to follow.

One thing that stood out was the variety of loan options with different interest rates. Some of the options were lower than what other organizations offer.

But, as it often does, reality had other plans. The next day, I got a call from the manager at 8:30 am, asking if I was planning to come in. She told me that I could only take a 5,000 ruble loan without interest, but up to 12,000 rubles with interest. I needed 7,000 rubles, so I told her, and she said they'd try to approve the maximum amount, which would be 7,000 rubles without interest for a week.

I decided to do some research online and read reviews from people who had used their services. It seemed okay, but one review caught my eye. Apparently, after filling out the questionnaire, the manager would ask for 3-4 phone numbers of friends or family members. And then, they'd start calling them, asking for my address or if they'd be willing to pay on my behalf. It was pretty weird.

The thing that really bothered me was the request for phone numbers. For me, it's a big deal to keep my personal info private, and I didn't want to share my problems with anyone.

I called the manager back and asked if it was really necessary to provide phone numbers. I told her that if so, I'd rather not go through with it. She said it wasn't obligatory, and I could leave my phone numbers blank if I didn't want to.

I headed to their office on Prospect Vernadskogo. The office was tiny, stuffy, and poorly ventilated, located in the Premier Mall, just a 5-7 minute walk from the metro. There were only two people working there.

They took my documents, started processing, and the manager was watching me like a hawk, scrutinizing every move I made. They even took a photo of me. After 20-25 minutes, they said everything was filled out, but I had to wait 2 minutes for the security service to check.

In the meantime, a man came in to pay, and the woman was handling the money. It seemed like people were using their services.

And then, they told me that the security service required 3-4 phone numbers of my friends or family members... I told them I'd already asked the manager, and she said it wasn't necessary. But the guy said it was a requirement, or they wouldn't release my documents.

I said I wasn't going to proceed with my application.

You see, they'd probably keep calling my friends and family, trying to sell them something. And the whole experience was just really uncomfortable. They told me my application was valid for 2 months, but I was determined not to deal with organizations like this again. And I definitely didn't want to put my friends through that.

So, the bottom line is: if you're not going to leave phone numbers of your friends - and we're talking 3-4 numbers here (1-2 just isn't enough) - then it's just not worth the trip and your time.

But if you're willing to provide those numbers, then maybe taking a loan from this organization isn't a bad idea. The terms are pretty standard, and from what I've gathered, people do use them without any major complaints.

For many of us, though, confidentiality is key. That's why I'm writing this review - to warn you about this little catch.

Wishing you all financial abundance and the ability to avoid loans altogether!

live_helpFeatured FAQ

What kind of loan options does Center for Loans offer?

Center for Loans offers a variety of loan options, including short-term loans with 0% interest for first-time borrowers.

How do I apply for a loan with Center for Loans?

You can apply for a loan online or in person at one of their many offices. The process is pretty straightforward, and their staff will guide you through it.

What if I have bad credit?

Center for Loans considers a range of factors when evaluating loan applications, so bad credit isn't necessarily a deal-breaker. However, you may need to provide additional documentation or pay a higher interest rate.

Can I pick up my loan in cash?

Yes, you can pick up your loan in cash personally at one of their offices. This is a big plus if you're new to this like I was.

How do I contact Center for Loans?

You can contact Center for Loans through their website, by phone, or in person at one of their offices. Their staff is friendly and helpful, and they'll do their best to answer your questions.

What if I need to return my loan?

Center for Loans has a clear return policy, but it's worth noting that you'll need to read the fine print to understand the specifics.

Are Center for Loans' interest rates competitive?

Center for Loans' interest rates are competitive, but you've got to be careful not to get caught up in a cycle of debt. Make sure you read the fine print and understand the terms before signing on the dotted line.

Can I get a loan with Center for Loans if I'm not a Russian citizen?

Center for Loans offers loans to Russian citizens and residents, but you'll need to provide additional documentation to prove your citizenship or residency.

check_circlePros

•The option to take up to 7,000 rubles for a week at 0% interest if you're a first-time borrower is a total game-changer.
•Their loan options are pretty flexible, so you can choose what works best for you.
•With many offices, you've got plenty of options for getting your loan without breaking the bank on transportation.
•You can take the first loan in cash personally, which is a big plus if you're new to this like I was.
•Their loan terms are pretty straightforward, so you know exactly what you're getting into.
•The staff is friendly and helpful, which makes the whole process less intimidating.

cancelCons

•The website info isn't entirely accurate, which is a major concern.
•Their customer support could be better – I had to call multiple times to get my questions answered.
•The process of applying for a loan can be a bit lengthy, but it's worth it in the end.
•You've got to be careful with the interest rates, as they can add up quickly.
•Their return policy is a bit unclear, so make sure you read the fine print.
•The website could use a bit of a facelift – it's not the most user-friendly interface.