This is an article that, surprisingly, is about mobile loans of USD 5,000. Especially surprising considering the name we have chosen for the article. Here we will try to go through a little quick what you need to think about and we will also do price comparison plus you will find tips. We will not treat the loan type as closely as possible, but will concentrate more on what is special for this particular amount.
Mobile loan = Micro loan
The words micro loans and SMS loans have been heard by most people. A micro loan is simply a small loan of up to approximately USD 10,000. There are some lenders who lend even higher, but there are not many of them so far. The maturity is then usually 30 days but here there are also lenders who offer repayment periods up to 90 days. Lately, it has also been possible to see lenders who lend the money for an even longer period, but then it is doubtful if it is really micro-loans that we are talking about. It is rather short-term private loans.
To borrow the money you have to pay a fairly high sum. A loan of USD 5,000 costs around USD 700 and up. It is therefore important to think carefully about whether it is right to borrow money or not before doing so.
An SMS loan is a collective term used to describe a particular type of micro-loan and these are the ones that can only be searched using the mobile phone. Otherwise, these do not differ in any way from the micro loans. A mobile loan is exactly the same as an SMS loan. One disadvantage of mobile loans compared to micro loans is that not all lenders approve applications via mobile. This means that there is a greater risk of paying more if you apply for a mobile loan. The word SMS loan is also often used a little incorrectly to describe all micro loans.
Compare mobile loan of USD 5,000
Have a look at our department where we compare mobile loans of USD 5,000 before you borrow any money. Another tip is that you visit our department where we compare micro loans even as the chances increase for a cheaper price. A little further down in this article you will also find a simpler comparison of micro loans of USD 5000. As you will then notice, there is a lot of difference in cost between the different lenders, which makes it important to choose the right company to borrow money from. It is not uncommon for the most expensive lenders to charge double the price compared to the cheapest.