This article is specifically about mobile loans of USD 1,000. First, we will quickly take up some facts about this type of loan and then a little further down in the article you can find a price comparison between the majority of lenders and useful tip.
Mobile loan = Micro loan
Although the word mobile loan is not heard very often, it is not really strange. A mobile loan is a micro-loan that is applied only with the help of the mobile phone. For this reason, they are often called SMS loans. The very word SMS loan is often used to describe this entire loan category, although it is a bit wrong.
A micro loan is a small loan that will be repaid after a short period.
A mobile loan is just a sub-category of this type of loan. Otherwise, the most common is that micro-loans are applied for directly through the Internet and since mobile loans are only searched via the phone, they are not as common.
Otherwise, if you ignore the way to apply for the loan, it does not differentiate between a mobile loan and a micro loan when it comes to terms. If you take out a mobile loan of USD 1,000, you can expect to pay a few hundred USD for this if the lenders have no offers. The loan should then be redeemed in normally 30 days when it is so small. Some lenders offer longer maturities for their micro loans, but then there are often slightly larger sums. However, there may be some who also lend such money for a little longer.
How to go about applying for a mobile loan is a little difficult for us to say exactly here. The basic idea is always to send a text message to the thinking lender. But what it should say in this communication is difficult for us to say as it varies between the different lending institutions.
Compare mobile loan of USD 1,000
Before you borrow any money you should compare the terms of the different lenders, then of course you should also carefully consider whether you need to borrow the money or not. a mobile loan of USD 1,000. You can also visit our slightly more detailed comparison of mobile loans.