Mobile loans from ASAP Finance can help you get a quick fix in just a few taps, no matter your credit score
The lending industry is developing by leaps and bounds. Thanks to technology, you don't need to visit a lender's store and spend half a day waiting in long lines and filling out a huge number of documents to get a loan. Now, you can do this in a few clicks via your smartphone.
There are many websites and apps offering emergency cash assistance to borrowers with any credit. However, you need to choose a tool responsibly and be aware of all the potential risks and traps. ASAP Finance will help you navigate the process and access multiple offers for small personal loans via your mobile phone.
Who Can Apply for a Mobile Loan?
Mobile loans from ASAP Finance come with easy-to-meet eligibility requirements. The common criteria are as follows:
- Be of legal age – no less than 18 years old;
- Be a US legal citizen;
- Have an active bank account;
- Have a stable source of regular monthly income.
Lenders also apply several document requirements needed to verify your identity and solvency. Thus, you may be asked to provide:
- Valid ID or driver's license;
- Income confirmation (pay stubs, bank statements);
- Proof of address (rent, lease, or mortgage agreement, utility bills).
| Please note that each lender may apply their unique criteria, so there may also be certain requirements to your income level, credit score, or debt-to-income ratio. |
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How Do Mobile Loans from ASAP Finance Work?
Mobile loans are financial products a borrower can request via their smartphone. They allow you to get money quickly from the comfort of your home, eliminating the need to visit a lender's store. To apply for a mobile loan through ASAP Finance, you simply need to go to the application page on the website or install our mobile app.
The process itself consists of 3 simple steps:
Fill out a simple application form. You only need to specify some basic personal and financial details, so it will take you about 5 minutes to complete;
Get an approval decision. You will get a response shortly after submitting a form, usually within 15 minutes to 1 hour. The verification process doesn't involve a hard credit check.
Receive the funds. If approved, read your loan contract carefully to review the terms. If you're fine with them, e-sign the agreement. The money will be deposited into your checking account as soon as the next business day.
Then, you need to repay your loan as agreed. The process is usually automatic, meaning that the money will be electronically withdrawn from your bank account on the due date. The exact repayment schedule depends on the loan type.
Types of Mobile Loans
There are several types of mobile loans, each tailored to different borrowers' needs. Here's a detailed overview.
Online Personal Loans
Personal loans are flexible financial solutions offered by banks, credit unions, and some online lenders. They may be used for a wide range of individual needs. With their help, you can borrow up to $50,000 and repay the funds within 12 to 60 months. Although personal loans are affordable due to APRs from 5.99% to 35.99%, there's also a pitfall. These loans usually have strict income and credit score requirements.
Payday Loans
A payday loan is a short-term financial solution designed to cover small, unexpected expenses or daily needs. These loans are usually used when a borrower needs some money before their next paycheck arrives. With amounts of up to $1,000 and repayment terms ranging from 2 weeks to 30 days, these loans are almost ideal for minor emergencies. However, they come with higher-than-market-average APRs which often exceed 400%.
Installment Loans
These loans are designed for longer-term needs or more significant expenses. They allow you to borrow up to $5,000 and gradually repay the money in a series of affordable monthly installments. The repayment terms vary from 2 to 24 months. Installment loan APRs typically range from 16% to 100%. While a longer repayment period results in a lower monthly payment, it also comes with a higher total loan cost.
Title Loans
A title loan is a secured loan offered against your vehicle's title. The amount you can get with a title loan is usually a portion (up to 50%) of your car's price. An interest rate is lower compared to a payday loan due to collateral backing. Even when your auto is pledged, you can still drive it within the entire loan life. Then, you need to repay the funds in up to 30 days. If you fail, a lender can repossess your vehicle.
Loans via Cash Advance Apps
Cash advance apps are borrowing tools for smartphones that provide financial assistance to employees with any credit scores. They offer very small amounts of $50 to $300 that need to be repaid by your next paycheck. Some apps charge no extra interest and fees, while others may apply APRs or set extra costs for instant deposits or membership.
Benefits of Getting a Mobile Loan through ASAP Finance
Mobile loans offered through ASAP Finance come with several key benefits.
24/7 Application Process
You can apply for the loan online when it will be convenient to you. There's no need to stick to the lender's operating times.
Quick Approval
Our mobile loans are usually approved within 1 hour or less. The process doesn't involve hard credit checks.
Accessibility
Borrowers with any credit can qualify as a credit score is not the only factor we look at. Your income is usually above your FICO rating at the decision-making stage.
Fast Access to Emergency Cash
You can get money on the same or next day of applying. The speed of the process depends on the time and the day you apply and your bank cut-off times.
Tips for Getting Safe Mobile Loans
While mobile loans are very convenient, they also come with multiple risks due to various forms of online scams. This is why you should be on alert and know how to recognize the red flags of predatory lenders. Here's what you can do to protect yourself.
Why Choose ASAP Finance
At ASAP Finance, we offer a streamlined loan process to make our products convenient, quick, and accessible. We prioritize your needs and do our best to provide a seamless borrowing experience. Here's what borrowers get when working with us.
Quick and Easy Application Process
You can request a loan in just 5 minutes by filling out our simple application form. There's only basic information required.
Instant Approval Decisions
Get a loan decision in 15 to 60 minutes without undergoing a hard credit check via major credit bureaus.
Loans for All Credit Types
We look far beyond just your credit score when making approval decisions. Your solvency and current financial state are above your FICO rating.
FAQ
01
How Much Can I Borrow via Smartphone?
Loans via smartphones can be between $50 and $50,000, or even higher. The exact amount you can borrow depends on your lender, credit score, and income. At ASAP Finance, you can get a mobile loan of $100 to $5,000.
02
What Are the Interest Rates?
An interest rate is determined by a particular lender based on the loan type, repayment period, your credit score, debt obligations, and income. Payday loans can cost you from $10 to $30 for each $100 borrowed, which often results in an APR of over 400%. Installment loans usually come with APRs between 16% and 100%. Personal loan APRs range from 5.99% to 35.99%.
03
How Do I Repay My Loan?
Loans obtained through ASAP Finance come with automatic repayment. The money will be electronically debited from your bank account. You only need to stick to your repayment schedule by maintaining a sufficient balance to cover your loan payment on the due date.
04
How Can a Mobile Loan Help Those with Bad Credit?
Mobile loans can help people with less-than-ideal credit histories get much-needed financing quickly. As there are typically no hard credit checks performed, applying for such loans will not result in a credit score drop. Some options may even help borrowers improve their FICO ratings.
05
How Do ASAP Finance Loans Differ from Other Mobile Loans?
ASAP Finance loans come with higher approval chances due to the multiple offers that are available after you submit a loan request form. They are deposited within just one business day and don't involve any hard credit checks or extensive paperwork. We also use encryption technologies to protect your data and thoroughly check our partners to ensure their trustworthiness.
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