Mobile Loans: All You Need to Know
According to recent research, approximately 50% of Americans cannot access a loan of $400 that they can use to take care of their financial emergencies.
However, payday lenders usually care for such people by providing them short-term loans to help pay for their unexpected expenses.
Today, most people prefer to use mobile loans since they come with many advantages and features that seem to be more useful.
Therefore, if you ever find yourself in a situation that requires you to pay your bills urgently, mobile loans from companies like GreenDayOnline will help you settle these bills as quickly as possible.
What Are Mobile Loans?
Mobile loans are any type of loans that can be applied using a mobile device. For example, if you decide to borrow a particular amount of money using your mobile phone to help you take care of your financial emergencies, then you will have gotten a mobile loan.
How Much Can I Qualify for When Using Mobile Loans?
There are many types of mobile loans that people can apply for. However, most of them allow you to access a small amount of money, which is usually below $1,000. They are available in smaller amounts to enable you to maintain a good credit score since these amounts are easier to repay on time.
How Long Will it Take for My Mobile Loan to Be Approved?
The reason why most people prefer mobile loans is that the application procedure is easy and stress-free. If you borrow from a lender like GreenDayOnline, your loan will be approved in approximately five minutes.
If you submit it before 5 PM PT on weekdays, GreenDayOnline will electronically transfer the money to your account within the next 24 business hours.
This will go a long way to ensure that you avoid the inconveniences that come with not paying your bills on time.
Mobile Loan Eligibility Requirements
When using GreenDayOnline, you will not have to worry about your poor credit score as we do not approve your mobile loans based on traditional credit checks.
However, we do have some requirements that will enable you to qualify for a loan. The following are some of the eligibility requirements for getting a mobile loan from GreenDayOnline:
- You must have an active checking account
- You must be a resident of the state where GreenDayOnline operates
- You must have proof of an income, such as a regular job.
- You must be over the age of 18 years
- You must NOT be an active member of the military or their dependent.
As you can see, these requirements are not hard for most people to meet, and it will only take you about five minutes to complete your mobile loan application.
How safe is it To Apply for a Mobile Loan Using My Phone?
When applying for mobile loans, most people are usually concerned about internet security. The major concern is that their private information will not be kept safe.
However, if you use a licensed company like GreenDayOnline, you are sure of your security. This is because we use the latest technology to guarantee the safety of your private details.
Check The Company’s Legitimacy
To ensure that the lender of your choice is legitimate, try checking the company’s website address. Only opt for companies that have a website beginning with HTTPS instead of HTTP. this is because such companies’ information is usually encrypted to prevent hackers from gaining access to your private details.
The URL address bar must also contain a green padlock. Sites that have this icon are usually safe, and that all communications are encrypted.
Other Factors to Look Out For
Besides the encryption, there are other factors that you should also ensure to check out. Before sending your mobile loan application, make sure that you have verified the company’s identity.
The company should display all its details on its website, including the address and contact details.
All the company’s terms and licensing details should also be available on the website for users to access. Once you have verified all these details, you may now proceed to apply for your mobile loan.
The Advantages of Mobile Loans Over Payday Loans
Payday loans do work well for most people looking for quick money to help pay their late bills. However, mobile loans tend to have an edge over payday loans due to several reasons.
For example, mobile loans from GreenDayOnline are usually transparent when it comes to providing details such as interest rates and other fees.
These will help you to know the exact amount you need to repay. It will also be easy to plan ahead and avoid any inconveniences that might come with having to deal with hidden fees.
As you keep borrowing and repaying your mobile loans with GreenDayOnline, you will qualify for a bigger loan amount with pocket-friendly interests.
You will also find useful articles on our website that will teach you how to manage your loans and money in general.
Is it possible to get a loan on my phone?
Yes, GreenDayOnline allows you to apply for a loan using your mobile device. The entire process is optimized for mobile phones to make it easier for users to apply for loans on the go.
The entire application process will take less than 10 minutes.
What will I need to qualify for a mobile loan?
The following are some of the details you will need to qualify for a mobile loan:
- Email address and phone number
- Source of income
- Contact information plus your home address
- A checking account
- To confirm if you are an active member of the military or his/her dependent.
- Your social security number
How long will it take to access my money?
You can apply for a mobile loan at any time of the day or night when using GreenDayOnline. The application process takes approximately five to ten minutes.
Once you submit the application, the loan decision will be made immediately, and the money will be available in your account within 24 business hours.
Does a mobile loan affect my FICO credit score?
No, if you apply for a mobile loan from GreenDayOnline, your FICO credit score will not be affected.
I have bad credit; can I still qualify for a mobile loan?
You will still be able to qualify for a mobile loan from GreenDayOnline with bad credit. However, you should also meet other eligibility criteria to qualify for the mobile loan.