Refinancing a loan at Mikrozaimy: how to close old loans and combine payments into one
What is loan refinancing and how to combine several loans into one payment
We explain the essence in simple terms, show the mechanism of combining several debts into one payment, and honestly outline the limits of applicability — for small debts up to 600,000 ₸, not for mortgages.
We explain the essence in simple terms
This is when you take out a new loan to close one or more old debts, and then you pay only under one new agreement. Instead of three or four payments to different MFIs or banks with different dates and amounts, you have one — the monthly payment is often lower than the sum of previous payments, and late payments occur not because of the debt amount but due to confusion in schedules. For a borrower who has two loans from different companies and a remaining credit card balance, this is a direct way to reduce the burden on the family budget through a single date and a lower interest rate. The main benefit is that you stop juggling multiple dates and amounts, reduce the budget burden, and can avoid late payments.
How to combine several loans into one payment: step-by-step mechanism
- Calculate the total amount of debts: add up the balances of all microloans and small loans — for example, 50,000 ₸, 70,000 ₸, and 30,000 ₸.
- Take out a loan for this amount: submit an online application, specify the purpose as 'refinancing' — amounts from 20,000 to 600,000 ₸ are available without certificates or guarantors.
- Receive money on your card: funds will arrive on Kaspi, Halyk, Jusan, or Forte within 15 minutes after approval.
- Close old loans: transfer the money to the MFIs or banks where you had debts, and obtain certificates of full repayment.
- Pay once: now you have one monthly payment instead of several — you control only one date and one amount.
- Important: this procedure through an MFI is suitable for debts up to 600,000 ₸ — these are microloans and small consumer loans. For large mortgages or car loans, you need to contact a bank.
How refinancing differs from restructuring
| Parameter | Refinancing | Restructuring |
|---|---|---|
| Essence | New loan to close old debts | Changing the terms of the current agreement |
| Number of creditors | Can combine debts from different MFIs and banks | Only one current creditor |
| Result | One new payment instead of several | Same loan but on new terms |
| When it is suitable | Have 2+ debts in different places | One loan, but temporary payment difficulties |
Terms, cost, and benefit calculation of refinancing through Mikrozaimy
Let's break down specific parameters: amounts, terms, rates, and APR. A clear overpayment calculation example will show how beneficial it is to close old debts with a new loan.
What terms does Mikrozaimy offer
| Parameter | Value |
|---|---|
| Loan amount | 20 000 – 600 000 ₸ |
| Loan term | 7 – 180 days |
| Rate | 0.1 – 0.15% per day |
| GESV | 35 – 50% |
| First loan | 0% (interest-free) |
| Disbursement time | ~15 minutes to card |
Is microfinance refinancing beneficial: calculation example
Example: you have three microloans of 50,000 ₸ each — one at 0.3%/day, the second with weekly payments, the third with a disbursement fee. Paying them on different dates is difficult, and missing a deadline risks a penalty. You take 150,000 ₸ from us for 6 months at 0.1%/day (APR ~40%). The total overpayment for the entire term is about 27,000 ₸ (1,500 ₸ per month), and instead of three scattered schedules, you get one fixed payment with a clear due date. For comparison: if you kept the old loans, just the interest on the most expensive one over six months would exceed 32,000 ₸, not counting fees. The benefit is not just financial: you eliminate the risk of missing one payment and getting overdue, and you save time and stress from tracking multiple schedules.
What is APR and how to calculate it for refinancing
APR (Annual Percentage Rate) is the total cost of the loan as a yearly percentage, including all interest, service fees, insurance, and mandatory payments. It is calculated using the National Bank of Kazakhstan formula based on the Law 'On Microfinance Activities' and shows the real overpayment over the entire term. For example, with a daily rate of 0.1% and a term of 6 months, the APR will be about 40% — this is the figure you will see in the contract. When comparing offers, always look at the APR, not the daily rate: the latter without reference to the term is misleading, while the annual effective rate accounts for all payments and gives an honest picture of overpayment.
How to apply for refinancing online: step-by-step guide
We break down the process step by step: from filling out the online application to receiving money on your card. Below is a specific algorithm, what documents are needed, and how long the procedure actually takes.
What documents are needed for loan refinancing at Mikrozaimy
- Identity card: IIN and document data are enough — no copies of old loan contracts or bank statements needed.
- No income certificates: no need to bring a certificate from work or a bank statement for 6 months — the decision is made based on scoring.
- No guarantors or collateral: the system assesses credit history and current debt load, not the presence of property or co-borrowers.
Step-by-step guide: how to apply for the service online
- Go to the Mikrozaimy website: open the form for online loan refinancing — it takes one page without extra fields or additional windows.
- Enter the amount and term: enter the total amount of old debts including interest as of the repayment date and choose a comfortable term from 7 to 180 days.
- Fill in personal data: IIN, phone number, contact details — a standard set for identification, verified through the National Bank database.
- Wait for approval: scoring checks your credit history in a few minutes without operator calls or additional requests.
- Receive money on your card: funds will be credited to Kaspi, Halyk, Jusan, or Forte within 15 minutes after application approval.
How long does the procedure take through an online MFO
The entire process with us — from submitting an application to receiving money on your card — takes about 15 minutes. The system processes the application automatically: checks the IIN against the National Bank database, assesses debt load, and makes a decision without operator involvement. If all data is correct, money arrives on your Kaspi, Halyk, Jusan, or Forte card within a quarter of an hour. Keep in mind: if you apply late in the evening or on a weekend, processing may shift to the next business day — allow for this buffer if you need to close a debt by a specific date to avoid overdue on an old loan.
Can I refinance a loan with overdue or bad credit history
Overdue debts and a bad credit history do not close the door to refinancing — the decision depends on the depth of the debts and current financial burden. Refinancing loans is available even to those with active overdue microloans, provided the new loan covers the old debts. Let's break down who gets approved, how much you can expect, and what to do if refused.
Can I refinance a loan with overdue payments at Mikrozaimy
Yes, Mikrozaimy considers refinancing applications from clients with overdue microloans — the new amount must cover the old debts, and the overdue payments must not have gone to court. In our practice, those with overdue payments of no more than 30 days and no repeat violations in the last six months are most often approved: hiding the real purpose of 'refinancing' leads to rejection because the scoring system sees the connection to old debts and considers the attempt risky. If the overdue amounts are small and haven't been handed over to collectors, the chances of approval are high — just don't try to deceive the system by stating a different purpose.
How much can you expect with a bad credit history
With a bad credit history, Mikrozaimy may approve up to 600,000 ₸, but the final decision depends on your current debt burden and active overdue payments at the time of application. If you already have an existing loan with us and have paid without delays, this increases your refinancing limit — loyalty to proven clients is higher than to new borrowers. On average, organizations approve 50–70% of the requested amount for bad credit histories, so it's better to request an amount with a 10–15% buffer in case the limit is reduced.
What to do if refinancing is not approved
If your application is not approved, contact a bank for debt restructuring or a credit consultant — a specialist can identify the reasons for refusal and suggest steps to improve your credit history within 3–6 months. Do not try to take out new microloans from other MFIs to close old ones — this will increase your debt burden and worsen your credit history, creating a vicious cycle of overpayments.
Legality, safety, and comparison with alternatives
We explain how to check the legality of an MFI, how refinancing in an MFI differs from bank refinancing, and which option suits which debts.
How to check that an MFI is legal and registered with the National Bank of Kazakhstan
- Check the register: go to the official website of the National Bank of Kazakhstan (nationalbank.kz) — the 'Register of Microfinance Organizations' section contains all legal MFIs operating under the Law of the Republic of Kazakhstan 'On Microfinance Activities'.
- Verify the name: the full name on the MFI's website must match the entry in the register — even a one-letter or symbol discrepancy is a reason to be cautious.
- Look for the registration number: a legal MFI must publish the number and date of entry into the register in a visible place on the page, usually in the website footer or on the 'About Us' page.
- Never transfer money to a 'personal card': if an MFI asks for payment to a personal card or account not belonging to the legal entity in the register, it is an illegal lender, even if the website looks convincing.
What is more profitable: refinancing microloans at a bank or an MFI
| Parameter | Refinancing at an MFI | Refinancing at a bank |
|---|---|---|
| Amount | up to 600,000 ₸ | from 500,000 ₸ to 5 million ₸ |
| Documents | Only ID | Income certificate, guarantors |
| Speed | ~15 minutes | 1 to 5 business days |
| Overdue payments | Considered individually | Mostly rejected |
| For which debts | Microloans, small loans | Large loans, mortgages |
For small debts up to 600,000 ₸, this service at a microfinance organization is faster and more accessible: no certificates or guarantors needed, money arrives in 15 minutes, and the organization may approve even with overdue payments — banks rarely refinance such amounts as it's not profitable for them to handle small loans. For large loans like mortgages or car loans, only a bank with long terms and rates from 14% per annum is suitable.
What are the risks of refinancing microloans and how to avoid them
- Did not close old debts: received money but did not repay old loans — debt burden doubled due to interest accruing on both loans simultaneously.
- Took an amount smaller than needed: a new loan does not fully cover old debts — a tail remains that keeps accruing and multiplying overdue payments.
- Spent money not as intended: used funds for current needs, while old debts remained and accrued interest for each day of delay.
- Applied to an illegal MFO: did not check the National Bank registry — risk of fraud and loss of money without possibility of recovery.
- Immediately after receiving the money, pay off old debts on the same day: do not put it off to avoid forgetting and spending the funds on other purposes.
Conclusion
Refinancing a loan through an MFO is a working way to reduce debt burden, but only with a conscious approach and a sober assessment of your capabilities.
Key takeaways
- Refinancing through an MFO: suitable for small debts up to 600,000 ₸ — microloans and small consumer loans, not for mortgages or car loans.
- One payment instead of several: reduces the burden on the budget and the risk of overdue payments, but it is important that the new loan fully covers the old debts.
- Look at the GESV: when choosing an MFO, focus on the annual effective rate, not the daily rate — it reflects the real cost of the loan with all fees.
- Overdue payments are not a death sentence: many MFOs consider applications with overdue payments individually, especially if the debt has not been transferred to collectors and there is proof of income.
- Check legality: before applying, make sure the MFO is in the registry of the National Bank of the Republic of Kazakhstan — this is the only guarantee of operating within the legal framework.
