A mobile loan usually means that you send a text message from your mobile phone to a service number. Then you can fill in your loan application via a mobile link – directly in the mobile.
Mobile loans are basically the same as sms loans and micro loans. The loan amount is often the same, but via the mobile loan you fill in the application via the mobile . A micro loan is made online or over the phone.
Message directly on your mobile loan
These loans are a thing to give customers a very fast service as you often get an answer to your loan application directly .
Your loan application is often set low when it comes to small mobile loans. For example, with some lenders it doesn’t matter if you have payment remarks. However, this applies far from everyone.
Even if you get a quick response to your loan application, it is obviously a good idea to take a day and think through if you really need to take out the loan.
Turn on the internet
When you apply for a so-called mobile loan, it may also be that the internet function on your mobile phone must be activated. Always check with your lender what applies to mobile loans.
If you do not have a functioning internet connection, you can instead take a sms loan or micro loan over the phone.
Keep in mind that you will be able to repay the loan you have taken. And never take out a new loan to repay the old one.
Mobile loans are loans over a short period which often means that they must be repaid within a month. Many times they are interest-free but instead a charge on the loan is added, so in fact the effective interest rate becomes quite high.