Mobile Loans

What Is a Mobile Loan?

A mobile loan is simply any type of online loan you can apply for using your cellphone, tablet, or any other mobile device.

It is becoming more and more popular as it allows you to apply for a loan without the need to go through the hassle of visiting a bank. This can be especially useful for people who are on-the-go and don't have time to visit their local branch.

Does WeLoans Offer Loans by Phone?

WeLoans is not an online lender platform, so we don't actually offer you the loan per se. However, we partner with reputable mobile loan lenders in the market and will be more than glad to connect you with suitable lenders.

The application process is super easy. You only need to visit our mobile-friendly site and complete a loan request form. We will forward your information to our trustworthy partner lenders, who may send you the funds within hours!

How to Get a Loan Over the Phone?

Getting a mobile loan is a simple and straightforward process, especially when working with WeLoans. Here are the steps to follow:

Fill out a form

Complete the loan application form on our website. The questions in this form revolve around your personal and financial information, so it would help to have your identifying information and income documentation ready.

Compare offers

After receiving your application form, we will connect you with several lenders who may send you their offers. Compare the offers based on loan amounts, repayment terms, and interest rates before selecting the most suitable one.

Make an agreement

Once you’ve selected a suitable offer, the next step is to sign the loan agreement. This is also done online, so you don’t need to visit any offices.

Get your money

Now that the deal has been finalized, you can wait for your money. You may receive the funds in your account as soon as the next business day.

What Are the Benefits of Mobile Loans?

Check out the top three benefits of taking loans over the phone:

You can apply for the loan wherever you are

You can access a mobile loan from wherever you are as long as you have your mobile device. It doesn't matter if you’re at home, at the grocery store, on a train, at the park, or anywhere else. You can have peace of mind knowing you have readily available money whenever you need it.

You can apply for the loan anytime

Besides being able to apply for a mobile loan wherever you are, you can have it anytime. That’s because most online lenders and brokers operate 24/7. Depending on the lender or broker you’re dealing with, you can submit your application form in the morning, during the day, at night, or at any other time you want.

Mobile loans are processed quickly

Since the entire process happens online, you could get a lending decision within minutes and receive the money within one day.

Is it Safe to Submit a Loan Application by Phone?

Applying for a loan over the phone is safe. Reputable online lenders and brokers have invested in next-gen encryption systems to ensure your data is safe and secure.

That said, online loans still carry some risks for someone who’s not careful. Before sending your personal information to an online lender, ensure you understand how their mobile site or app works and the security measures put in place to safeguard your information.

Here are a few safety measures to follow when applying for mobile loans.

Avoid using public Wi-Fi

When using your phone to apply for a loan, disconnect from all public Wi-Fi networks to avoid hacking and theft of your information. Instead, use a private network that has password protection.

Only install apps from trusted sources

Before applying for a mobile loan, ensure the lender or broker you’re dealing with is legitimate. Only download apps from acknowledged app stores like Google Play Store and Apple's App Store. Here are the 10 best instant money Apps you can trust.

Be keen on the app permissions

Most money lending apps will ask for permission to access your personal and phone data during installation. Understand the permission you’re giving and what that means for your privacy.

Three Types of Loans Offered Over the Phone

There are several options if you're looking to apply for a mobile loan. These include:

Payday loans

Payday loans are short-term personal loans that typically need to be paid back by your next payday. Because of their short repayment period, these loans should only be used to cover short-term financial needs.

Installment loans

Installment loans can be repaid in fixed installments over a set period of time. An installment loan may be used to purchase an expensive item or to make a major purchase such as a car. The repayment schedule will usually be set up so that there's one installment every month or two months, with the final payment made when the loan matures.

Line of credit loans

With a line of credit loan, you get a credit limit that you can access at any time. Unlike payday or installment loans, this type of loan remains active even after repaying what you owe, while fees/interest are only charged on the amount you use, not the entire credit limit.

What Are the Requirements to Get a Mobile Loan?

While the requirements may vary from lender to lender, here are some of the things you’ll need to apply for a mobile loan:

• Mobile device. You’ll need a smartphone or tablet to access a lender’s website or use a lending app.
• Government-issued ID. For proof of identity, you'll need a state ID, passport, or driver's license.
• Active checking account. Your lender will ask for an active checking account, where they can draw from when it’s time for repayment.
• Proof of income. Your lender may ask for your recent pay slips or tax records (if you're self-employed) to confirm your ability to repay the loan.
• Social security number (SSN). Some lenders may ask for your social security card if your SSN is not on your ID.
• Valid email address. This is the address where all details concerning your loan are sent.