Mobile Online Loans - Apply from your smartphone
Mobile Online Loans - Apply from your smartphone
A recent survey shows that about half of Americans don't have access to $400 to pay for unexpected expenses, so it's not surprising that so many people turn to short-term loans for help. Payday lenders have traditionally filled this role by letting customers borrow small amounts of money for brief periods of time. Recently, though, mobile loans have become short-term lending alternatives that offer more benefits than payday loans.
The next time you find yourself unable to pay your bills, get a mobile loan from a company like LendUp. It will offer more than you could hope to get from most short-term loans.
What is a mobile loan?
The term "mobile loan" can refer to any loan someone applies for with a mobile device. For instance, if you use your smartphone to borrow $100 so you can pay this month's utilities bill, you have just gotten a mobile loan.
While the name can refer to diverse types of loans, most of them give consumers access to small amounts of money under $1,000. Borrowers may even get as little as $100 to cover a credit card's minimum payment. Since missing a payment can impact your credit score, it makes sense for people to borrow small amounts of money so they can pay their bills on time.
Most mobile lenders make it easy for borrowers to get the money they need. With LendUp, it only takes about five minutes to apply, and if approved, and If your LendUp loan is submitted before 5 p.m. PT on a weekday, we'll electronically transfer the funds to your bank account within one business day. See our FAQ for details. That's a great benefit when you realize you have to pay a bill quickly to avoid late fees.
Why choose a mobile loan instead of a payday loan?
While payday loans work well for some people who need fast access to cash, mobile loans offer a few advantages that most consumers will appreciate. For instance, LendUp is transparent about its fees and interest rates. Knowing exactly how much you have to repay will help you feel more comfortable about getting a short-term loan. There aren't any hidden fees, so you know exactly what to expect from the minute you start looking at the loan.
LendUp's website provides over a dozen educational courses that make it even easier to learn what's necessary to improve your credit rating. After completing classes like The True Cost of Credit, Roadmap to Your Credit Report and Beating Credit Card Risk, you will have the tools needed to build a stable financial future.
What do I need to apply for these mobile loans?
LendUp doesn't use a traditional credit check to decide who is approved. The company does have some qualifications, though. You could qualify for loans as long as you are:
- Over 18 years old
- Have a recurring source of income, such as through your job
- Have an active checking accountant
- Live in a state where LendUp is licensed to operate
Unfortunately, the company can't lend money to active members of the military or their dependents.
These are easy qualifications for many people to meet, and the application process only takes about five minutes.
Is it safe to apply for mobile loans by phone?
Many people are concerned that internet security can't keep their private information safe. Before submitting an application through your mobile device, make sure the company has the right technology to protect your privacy.
Start by looking at the company's website address. Secure sites start with https instead of http, Sites that begin with https encrypted information to prevent thieves from intercepting private data. You should also look for a green padlock in the URL address bar. If you see one, it means the site is safe and all communication through the website is encrypted and secure.
However, strong encryption alone doesn't necessarily indicate a reliable company. This makes it important to verify a company's identity before sending it an application. When researching LendUp, you'll find that it is owned by a company called Flurish Inc, which has a COMODO Extended Validation Secure Server certificate. All of the company's licensing and terms are also freely available. Having confirmed the company's identity, you can feel confident apply for a loan on your smartphone.
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an innovative new payday loan banking model that’s more Silicon Valley than Wall Street
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