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Not that many years ago, you could only borrow money in person. That has all changed. You can now get mobile Loans.
The need for mobile loans is greater than ever today, and there is a wide range of loan products to choose from. You can borrow up to $10,000 in your name and in your home equity without the need for a credit score. Loans are available for many different purposes and in many different amounts and with flexible terms.
Making the right decision when it comes to borrowing money can be complicated, so we’ve put together this guide on how to get started with mobile loans.
What Are Mobile Loans?
These are loans you can apply for from your mobile phone, thus the name. Any online loan product that you can access via mobile phone can be called a mobile loan.
This can be especially helpful if you are stuck somewhere, say at an auto repair place with bad news and no way to go anywhere. If you are looking for Auto repair financing and can arrange it via your smartphone, then you have just arranged a mobile loan.
At one time, you couldn’t really do a lot of financial paperwork via the web. In fact, when the IRS first began accepting taxes online, you still had to print everything out on paper and mail it in before the deadline in mid-April.
Even after it was possible to do everything online, there was a lot less than you could on your smartphone. But as more and more people get online with their phones, businesses are taking it seriously that they need to be accessible via smartphone. They are making their websites more mobile-friendly and even developing apps to service this market, which is vast and growing.
Many people spend little or no time on a desktop PC these days. More than half of all searches are performed on a phone, so phones are increasingly the way we connect with the digital world.
Mobile Phone Loans
The great thing about applying by phone is the convenience. You may be able to make the arrangements from work during your 15-minute break and get on with your life.
Say you want just a 100 Dollar Loan to tide you over a short-term cash crunch. Instead of having to find the closest brick-and-mortar payday loan place, you just pull out your smartphone and make the arrangements.
What Loans Can You Apply For On Your Cell Phone?
There are three different types of loans that you can apply for via your mobile device: unsecured loans, secured loans, and pre-paid cards.
- Unsecured loans to cover any expenses. These tend to be the most common type as they can be used to cover any expense or expense, such as medical bills, education costs, travel costs, and home improvements.
- Mobile loans are available from $500 up to $5,000 and with flexible terms. One advantage of this type of loan is that there is no need for a credit score search and no security (i.e., collateral) needed if you can repay the loan early enough. There is even a fast cash option available if you need money immediately.
- Flexible lending: need to borrow less than $1,000? Putting a small loan on a pre-paid MasterCard or credit card is another option. If you need $500 to $5,000 and can repay the loan within six months, this option allows you to pay as little as one penny per day for each day that you have borrowed from the lender. This type of loan is ideal for those borrowers who want flexibility over repayment time.
- Secured loans are different from unsecured loans in that your home or personal property is used as security. Secured loans come in several different forms, and these provide the most security and protection for your personal and property.
- Pre-paid cards provide an easy and flexible way to pay for unexpected expenses such as medical bills, tuition, and travel. Pre-paid cards can be used to pay for any type of expense and will usually come in the form of a debit card.
The most popular product in this area is the MasterCard. You can use it in several different ways:
Unsecured. This is the most common type and is available for $500 up to $5,000 with flexible terms. All you need is a U.S. social security number or passport number to make this type of loan work.
The advantage of this type of loan is that there is no need for a credit check or collateral, so it’s quick and easy to get the money you need to pay for any expenses.
Unsecured loans are known as one of the shortest term loans available. Terms are available from 30 days up to 60 months, depending on the lender.
Pre-paid Cards. If you prefer not to use secured loans but still want quick access to cash, then you can choose to apply for a pre-paid card.
Want To Apply On Your Cell? Consider The Benefits And Drawbacks First:
To apply for a mobile loan, you need to be aware of the pros of applying via mobile device. The main benefits include:
- Speed: If you have a good credit score, you will receive a reply within two hours. If you do not have a good credit score, it can take up to two days.
- Cost: The interest rates on mobile loans are generally lower than credit card rates and small personal loans from banks or other financial institutions.
- Flexibility: With a mobile loan, the repayment terms are very flexible because there is no need for collateral or large amounts of paperwork. In most cases, these loans have flexible repayment terms that start from 12 months up to 60 months.
- Flexible income: If you don’t have a job, you can still apply for a mobile loan. However, the credit score needs to be good enough for the lender to approve your loan.
- Simplicity: With a mobile loan, there is no need for any collateral or credit checks.
- Convenience: With a mobile loan, you do not have to go anywhere, and you can complete all of your paperwork online at home.
As a result of all of this convenience and flexibility, it is not difficult to see why so many people are now applying for their loans via their cell phones.
What Should You Look For On A Mobile Site?
When applying for a loan via your mobile phone, it is worth noting that not all applications are offered in the same way. For example, you should be aware that there are several different types of sites and several different ways to apply:
- Search engine: You can use a search engine to find the lender and then click through to their site. Once you have opened up the lender’s website, you need to apply for a loan. There will usually be either a direct link or an application form on the site.
- SMS / text message: This is how you will receive your loan approval message if approved. Please take note that this method can result in high fees as you pay for each text received and sent.
- Mobile site: If you are approved for a loan via your mobile phone, you will receive an application number that you can use to access the lender’s mobile site. You can use this page to complete your application. The advantage of using this method is that the company has already checked your credit score and, if you are approved, can usually send the money within 24 hours.
- Phone call: If you want to avoid the risk of high fees for SMS texting, then phoning through your application is another option. However, it is worth noting that not all lenders offer this service, and some will charge higher interest rates as a result.
How Do I Apply For a Loan Via Phone?
Mobile Loans are arranged much the same way that any digital loan product is arranged. You will need to provide ID, such as:
- State driver’s license.
- Military ID card.
- State issued ID card.
- Student ID card from a college or university.
- Tribal ID card.
You can use the camera on your smartphone to upload an image to your phone and attach it to your application. You will also need some kind of financial information, such as a recent bank statement. You may be able to download a PDF from your online account.
Apply Now For A Mobile Loan at TheGuaranteedLoans
TheGuaranteedLoans helps consumers find the loan products they need, such as no income verification personal loans. We take your information one time, then compare it to our database of lenders and loan products. If we find a match, they contact you to complete the process.
If you are ready to start your mobile application, click the button.
FAQ
Lenders are very strict on this. If you are approved, then they will notify you by text that you have been approved – and then your loan details will follow shortly afterward. However, if you do not receive any messages confirming your approval, then it is worth getting in touch with the lender to find out what the problem is.
If you need a loan and have a good credit score, then applying for a mobile loan is quick and easy. Of course, you should be aware that the interest rates on a mobile loan are generally higher than traditional loans. However, if you need quick access to cash and do not want to secure the loan with any collateral or paperwork, then a cell phone – or tablet-based – loan might be the right option for you.
Of course, this is always a question worth asking. Before you apply for any personal loans mobile, you should always check the company’s credentials to ensure that they are real and offer all of the services they claim to offer. This information can be found on their website or via Google searches.
Applying for loans online is extremely easy but also extremely risky if you are not very careful. Always make sure that the lender is legitimate by checking their FICO score and by finding out how long they have been in business. You should also make sure that you only deal with real lenders who take your security seriously.