This is a question that is actually very easy to answer. A mobile loan is a loan that you only take with the help of your mobile phone. These loans are also often called SMS loans and it is the same.
How much can you borrow?
For those who want to borrow money using the mobile phone, this is a micro-loan that is the alternative. Micro loans that stretched up to a few thousand from the beginning have now become a little bigger. This means that it is possible to borrow from USD 500 up to about USD 10,000 through micro-loans. Then there may be some lenders offering even bigger loans with this is not very common. In recent years, it has become clear that lenders are offering their customers to borrow larger amounts, which is probably a development that will continue.
Terms of the mobile loan
If you first look at the terms that apply to the loan itself, these are the same as for all other micro loans. This means a short payback period. The most common is 30 days, but depending on the size of the loan and what the lenders offer you can get repayment periods of up to 90 days. It should also be said that it is sometimes possible to borrow the money for even longer, but then it is rather the question of a short private loan. For this you have to pay from a few hundred dollar up to about a thousand dollar. Of course, how much it costs is very much about who the loan is taken from and how much money is borrowed. It differs greatly in cost between the cheapest and most expensive lenders so it is important to choose the right one.
The requirements that the lenders make are usually quite simple. Most require no active payment remarks. There should then be an income every month that makes them feel confident about getting the money back, but the income requirement is often not very high. The borrower must be a citizen and also be resident and registered here. The age limit varies a little between 18 – 20 years as a minimum.
Compare before you borrow
If you look a little at the different lenders, you will quickly notice that we previously wrote that the prices vary quite sharply for micro loans. A little further down this page, for example, you can find a list of lenders offering these loans. As you will notice, there are quite a few lending institutions. Therefore, as prices differ between them, you should compare them before making a decision. The tip is then that you visit our comparison section of the site where we have compared all the lenders a little more thoroughly.