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. Last Updated: 07/27/2016

DeltaCredit Introduces New Loans

DeltaCredit Bank has introduced loans for renovating and furnishing apartments to its clients.

The $1,000 to $20,000 loans are being offered at a 12 percent interest rate to DeltaCredit clients, the bank said in a statement announcing the new product.

The bank said loan applications will be processed within a day and that no guarantor, surety or additional documentation is required. The loans must be repaid in 26 months, the bank said.

"It often happens that, having spent the money on a home, consumers find themselves with insufficient funds to carry out renovations," the statement said. "This is a very real problem for those buying both new and older housing."

Sometimes buyers cannot spend as much on an apartment as they want to ensure they will have enough money left for repairs. "To help our clients resolve that problem, we have created a new product and now can offer loans to repair apartments, so people can obtain the apartment they dreamed of," Nikolai Chitov, president of DeltaCredit Bank, said in the statement.

A market survey showed construction companies are the only organizations offering loans for renovations. These loans are not aimed at middle-class property owners, the bank said.

"The normal loan is for only three months and requires either a significant down payment or high interest rates and a minimal down payment of $3,000," the statement said.