Articles about credit online
Today, an online loan via mobile app can be one of the best solutions when there is a need for a small amount of money for unforeseen expenses, or extra funds are simply needed before the payment of wages. There are mobile applications for borrowing money online, that collect offers from banking networks, which are constantly updated. With our app, you can get the useful details and advice about how to get a personal loan, home loan, education loan, credit card loan or car loan.
What are the standard requirements for getting a loan online via mobile app?
1) you must be over 18 years old and be a citizen of the country where the loan is issued
2) you will be asked for your passport, and sometimes additional documents
3) it's good to have a solid credit history behind you, however it's not always necessary: for those who have overdue on current loans, it's possible to find profitable online refinancing offers.
Standard conditions for a loan application:
1) The first loan up to 10 000 is subject to the promotion "0% rate" (only on condition of timely repayment of the loan)
2) Depending on the specific proposal, you the loan repayment time is from 91 to 365 days. Large amounts like car loans or real estate loans can be repaid in up to 5 years.
3) The interest rate on loans may be from 0.5 to 360% per annum without commissions, depending on the offer you choose.
The quality assurance of the proposed financial institutions is the availability of:
1. Licenses and patents for conducting crediting and financial activities.
2. SSL certificates - a guarantee that personal information is transmitted over a secure protocol, and compliance with PCI DSS standards (data security in bank card servicing) - which means that your personal data is securely protected.
According to the Office of the Comptroller of the Currency, the Truth in Lending Act of 1968 was designed to protect everyday individuals from unfair and inaccurate credit billing and credit card practices. Under the terms of TILA, prospective lenders are required to provide you with specific information on loan costs that you can utilize to compare the financial terms that are being offered by competing institutions.
Sample disclosures required under TILA include:
1. Annual percentage rate
2. Finance charges
3. Payment schedule
4. Total amount to be financed
5. Total amount made in payments over the life of the loan
Sample Loan Calculation:
Loan Amount: 2000 USD
Repayment Term: 12 months
APR Rate: 14%
Your repayment: 178,8 USD per month
Total amount repayable: 2145.6 USD with the loan cost - 145.6 USD.
Disclaimer:
1. The loan terms described above are the average ones, the real terms will differ in different loan offers depending on the one you choose.
2. Our application gives advice on the typical conditions for taking a loan, it is not a credit institution, and it does not issue loans. We are not responsible for any advertising information posted in our application by third parties, including the specific terms of loans listed by banks or other financial institutions.
3. Our application contains basic tips and advice on loans and borrowings, please read them carefully before making a decision to take a loan.
4. Stories of successfully obtaining and repaying a loan by the app users do not guarantee that the other users will be able to get a loan on the same conditions. These descriptions are a reflection of a specific person's experience.
