Mobile Money Loans

How do Mobile Money cash loan work?

Customers can borrow from $300 to over $50,000 through a Mobile Money loan. If anyone is not sure how much they can borrow against any particular item, a Mobile Money representative can visit their home or workplace to give them a valuation. This process does not cost the borrower any money.

Successful applicants can borrow up to 70% of their item’s value. To begin the process, they need to submit an online enquiry and a Mobile Money representative will contact them soon after. Once the process is complete, Mobile Money can approve the application in as little as 15 minutes.

Borrowers can receive their cash through a direct deposit or a representative can drive them to a local bank to receive a cheque. While the typical loan term of Mobile Money cash loans is one day to three months, they can get an extension.

Features of a loan from Mobile Money

• Apply with bad credit. Getting a loan if you have negative marks on your credit file can be a challenge. This is not the case with Mobile Money. As the loan is secured against an asset, applicants with bad credit can be considered.
• Provide security in different ways. Mobile Money lets customers borrow against items such as cars, motorcycles, boats, trucks, caravans, trailers, horse floats and even aeroplanes. Borrowers can also get a loan against legal claims, property settlements and wills.
• Transporting unregistered vehicles. If someone has an unregistered vehicle, Mobile Money can arrange for its transportation. If the vehicle is drivable, it can use trader's plates that allow it to move unregistered vehicles to its premises.
• Security. Since it began operations, Mobile Money has not reported a single incident of a lost or stolen item. As many as nine security cameras work round-the-clock to monitor its premises. It makes use of laser beams and base alarms for added safety. It also has complete insurance cover against damage, fire and theft.

Fees and charges to consider

Upon the approval of the loan application, Mobile Money presents customers with a loan contract. It’s important that applicants go through the contract carefully. This is because it will give them a clear indication of the interest the loan will attract as well as all applicable fees and charges they may have to pay during the course of the loan. For example, if someone makes a late payment, they will incur a late charge.

If someone thinks that the cost of the loan is too high for their budget, they don’t have to accept the loan contract. If they choose to repay the loan ahead of time, they don’t have to pay any additional fees or penalties.

Mobile Money Loans eligibility

If a prospective borrower has assets to pawn, they can get a loan through Mobile Money. They can also pawn goods that belong to third parties, provided they have written permission from the owner. They can use a vehicle on which they still owe money as collateral, provided the desired loan amount is less than the valuation.

How to apply

Customers can initiate the process by submitting an online enquiry. Completing the application successfully requires that all applicants provide some basic information:

• Their name, residential address, email address and phone number
• Documents to prove their identity, such as their driver’s license, passport or state ID
• Proof of ownership of the item they wish to use as collateral (registration papers or purchase receipts)
• If using a third-party item, written permission from its owner

On processing an application, successful applicants usually receive approval within 15 minutes. Once they accept the loan contract, they can get a cheque almost immediately. Getting Mobile Money to transfer the funds into their bank account is also an option.