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Has anyone had experience with microfinance organizations (MFOs) before? Should I extend my current…

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Has anyone had experience with microfinance organizations (MFOs) before? Should I extend my current loan or take out a new one to pay off the old one? Or is it better to just wait for court proceedings?
Heard you can work there for 4 hours, has anyone tried it? What do you think?
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Lyubanya
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pay off if possible
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November 3, 2026 at 2:30 PM
Annet
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My husband had a time like that—taking out new loans to pay off old ones is a path straight into a pit... Either borrow from family and friends, wait for court proceedings, or declare bankruptcy if the debts are large enough to qualify.
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November 3, 2026 at 2:33 PM
Inna Titok
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Annet Thank you
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November 3, 2026 at 2:36 PM
Yulichka Sidorik
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Oh no, no, no, I knew someone who took out new loans to pay off old ones. You shouldn't do that. It's better to find a way to pay them off faster. You'll find it easier to try and borrow from friends than to go back to an MFO (microfinance organization). Friends won't ask for interest, or at least not as much.
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November 3, 2026 at 2:39 PM
Churkina (Belous) Diana
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Pay off when possible, a new loan is like a snowball, the debt will only grow
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November 3, 2026 at 2:39 PM
Kochukov Aleksandr
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Yeah, that's how I drove myself to bankruptcy. There's no point in extending them with new ones. It's a snowball effect. Forget about the collectors and stuff, pay what you can, don't extend, just close them. Or wait for the bailiffs and pay them off slowly through them.
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November 3, 2026 at 2:45 PM
Inna Titok
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Churkina (Belous) Diana Thank you
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November 3, 2026 at 2:45 PM
Tatyana Rubtsova
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It was such a bind. Renewing, negotiating installments with microfinance organizations (some are willing to make concessions), but definitely not taking out a new one, because you initially take out a larger amount, so you'll have to return more than you owe on the first one.
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November 3, 2026 at 3:15 PM

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