A new and highly beneficial offer for customers who wish to obtain money from a microfinance organization is the process of applying for a loan through the Cash Advance mobile app. It’s the quickest, simplest, and most convenient method, saving time and allowing the loan to be arranged for the necessary amount under the most favorable conditions. In this detailed review, we’ll delve into how to obtain money, the terms involved, and provide an example of loan repayment calculation.
How is microloan issuance organized in the mobile app?
The new, modern, and functional software for microloan issuance provides customers with an incredibly straightforward and convenient means of obtaining money. The individual doesn’t need to spend much time, effort, or resources on the loan process. Everything happens quickly, easily, and is highly automated.
The Cash Advance Loans app itself doesn’t process applications or issue funds. It acts as a convenient intermediary, connecting those in need of funds with a microfinance organization prepared to provide them.
As a result, each customer finds the optimal offer and can receive money on terms that suit them best.
Is there a chance for customers with a poor credit history to get money?
Applying for a loan through the Cash Advance mobile app is one of the rare opportunities for users with poor credit histories to access funds once more. The secret is simple: through the mobile app, the client gains access to several dozen microfinance organizations, each with its unique conditions and parameters for issuing money.
With such diversity, there are guaranteed to be at least a few organizations willing to provide funds. The chances significantly increase when a client requests a small sum. In such cases, the microfinance organization assumes minimal risks, and the user gains an opportunity for rehabilitation. Timely repayment of the entire debt in full and within the contractually established period leads to an improvement in the client’s credit rating. This significantly enhances the user’s prospects for obtaining the next loan, potentially for a larger sum and under more favorable conditions than the current one.
Step-by-step guide to obtaining a microloan in the mobile app
After carefully studying this guide, every user will clearly see how easy it is to arrange a loan in the mobile app and receive money today. To apply for a microloan, just follow a few steps:
- Go to the official Google Play market for mobile apps.
- Find the Cash Advance Loans utility for obtaining microloans on favorable terms.
- Download the software to your mobile device.
- Initiate the software installation. It takes minimal space in the smartphone’s or tablet’s memory and works smoothly even on devices with older operating systems.
- Register in the mobile app for microloan issuance. The user needs to provide basic personal information for identification purposes.
Fill out and submit the loan application. It won’t take much time since no documents need to be attached. Just specify the required amount and the duration for which the user expects to receive the funds.
After submitting the application, it undergoes automatic review by several dozen microfinance organizations. Notably, after receiving approval, it’s not mandatory to proceed with the loan. The client can use the mobile app to explore existing market offers, clearly understanding the sum they can receive when needed, the duration, and the conditions involved.
How much will need to be repaid for the loan arranged through the mobile app?
The terms of the microcredit arranged through the Cash Advance mobile app depend on the microfinance organization providing the funds, the requested sum, and the duration. Available credit organizations disburse funds for a period ranging from 65 days to three years. A microloan can be obtained at an interest rate ranging from 6.63% to 35.99% per annum.
For instance, if a client receives $2,000 for one and a half years (18 months) with an annual interest rate of 18%, the additional payment will amount to: $2,000 * 0.18 = $360. Over 18 months, a total of $2,360 will need to be repaid.
$2,360 / 18 = $131.1 is the monthly payment required to settle the loan within the specified timeframe.
