When a user needs to take out a microloan, a new and highly beneficial offer for them is to receive funds from a microfinance organization through the mobile application Borrow Money Instantly. Today, this is the fastest, simplest, and most convenient method, allowing one to obtain the necessary amount on favorable terms and in a short time. Further, we will detail the methods of obtaining a loan, the conditions of the microloan, and examine the procedure for repaying the loan on a specific example.
How is the process of taking out microloans through a mobile application organized?
New, modern, and functional mobile software for issuing microloans provides clients with the simplest and most convenient way to receive money. The client does not need to spend a lot of time visiting a bank branch, filling out numerous documents and forms. Everything happens quickly and easily; the process of issuing money is fully automated.
The advanced mobile application Borrow Money Instantly itself does not handle incoming applications and make decisions on lending. The application acts as an intermediary, connecting the user in need of funds with a microfinance organization ready to provide them.
In a short time, each client finds the optimal offer and can receive money on the most suitable terms for them.
What are the chances of obtaining a microloan for a client with a bad credit history?
Applying for a loan through the mobile application Borrow Money Instantly is one of the rare opportunities for a user with a bad credit history to take out a microloan. This is because, through the mobile application, the client gets access to several dozen microfinance organizations, each with its unique conditions and parameters for lending money.
With such diversity, there are guaranteed to be at least a few companies ready to provide funds. The chances significantly increase when applying for a small amount. In such cases, the microfinance organization takes on minimal risks, and the user gets an opportunity to rehabilitate.
Timely repayment of the debt in full and within the contractually agreed term improves the client’s credit rating. This significantly enhances the prospects for obtaining the next loan for a larger amount and on more favorable terms.
Step-by-step instructions for obtaining a microloan in a mobile application
You can apply for a loan in a mobile application and receive money in a few minutes. Just follow these step-by-step instructions:
Go to the official mobile applications market, Google Play.
Find the Borrow Money Instantly utility for obtaining microloans on favorable terms.
Download the software to your mobile device.
Start the software installation. The utility will take up minimal space in the memory of a smartphone or tablet and works without problems even on devices with old operating systems.
Register in the mobile application for issuing a microloan. The user needs to provide basic personal information for identification purposes.
After this, at any time of the day, you can fill out and send an application for a loan. This will not take much time, as no documents need to be attached. Just specify the required amount and the term for which the user expects to receive funds.
The submitted application is automatically considered by several dozen microfinance organizations. Notably, after receiving approval, it is not necessary to continue with the loan process. The client can use the mobile application to explore existing offers on the market. The mobile application helps to know in advance what amount one can receive if needed, for what term, and under what conditions.
Example of repaying a microcredit obtained through a mobile application?
The terms of the microloan obtained through the mobile application Borrow Money Instantly depend on the microfinance organization that will provide the funds, as well as the requested amount and term.
Available credit organizations issue money for a term from 65 days to three years. A microloan can be obtained at an annual interest rate from 6.63% to 35.99%.
For example, if a client receives $4000 for 10 months at an annual interest rate of 18%, the additional payment will be: $4000 * 0.18 = $720. Over 10 months, a total of $4720 will need to be paid.
$4720 / 10 = $472 — this will be the monthly payment necessary for timely repayment of the loan during the specified period.
