There are many reasons for borrowing money. You might need a personal loan for a new appliance. You may need money now to get your small business off the ground. No matter what your reason, as a young millennial, getting to the bank and applying for a traditional loan can be tough. You work a busy schedule and your only day off might be a day when the bank is closed. Many banks provide you a way to apply for a loan online, but sometimes the process can be confusing and you might not have the time to sit down at your computer to go through the process. Today, however, the loan application process is simpler than ever with apps that let you borrow money from your mobile device. Using an app, it takes only a few minutes of your time to complete the loan application and approval is almost instant.
As a small business owner, you have a lot on your plate, and not a lot of time. Kabbage is a lending app designed to help make your life a little easier by allowing you to apply for a small business loan right from your smartphone. You can apply for a line of credit up to $250,000 in just a few minutes. You provide basic information and receive a decision quickly. Requirements for approval include being in business for at least one year and having an income of at least $50,000 annually or $4,200 monthly for three months. When you apply you will be asked to create a login, provide business information, and link your business accounts. Linking your accounts allows for easy review to make a faster decision. The app also allows you to withdraw working capital when you need it and make payments no matter where you are.
CASHe is a phone app that provides you with a way to borrow cash at any time. The app streamlines the application process, dwindling it down to just a few minutes. Loans are approved based on your social profile as well as your earning potential. You provide verified proof of employment, personal details, and a selfie. After this, the information is sent for processing and a decision is provided very quickly. The amount you can borrow is up to 40% of your monthly income. Interest rates are comparable to most major credit cards and there is a one-time processing fee. If you use the app again, the fee is waived, but loans are limited to a 15-day strict return liability. The major goal of this app is to replace borrowing money from friends.
MoneyMe allows you to borrow anywhere from $200 to $15,000. There are no hidden fees or other hassles. The fees you do pay are based on your MoneyMe rating, and the amount can be found on the cost page. The application process takes only 5 minutes to complete and a decision is made very quickly. Once you have been approved, the money can be in your bank account in less than an hour, depending upon your specific bank. If you apply after business hours, getting your money may take a little longer. Once you have been approved, you set up a repayment schedule in accordance with your pay schedule.
Affirm is a lending startup that was founded by PayPal and Yelp co-founder Max Levchin. The company was started in 2012. It began by providing small loans for internet purchases. Now, Affirm has launched a mobile app that acts like a virtual credit card that can be used as a line of credit. This line of credit can essentially be used for any online purchase. The virtual card provides you with a one-time card number, expiration date and 3-digit code. Rather than a fee, Affirm charges a flat interest rate up front for one time charges and tells you what you will end up paying before you hit purchase. In order to use Affirm, you need to provide proof of identity. The credit is provided only for the purchase you want to make and Affirm determines your likelihood to repay based on your credit score and the total cost of your purchase. Loans may be denied based on borrowing habits deemed too excessive. It provides you with a way to finance a purchase without having to apply for a traditional credit card.
While the apps don’t necessarily make it easier to quality for a loan, they certainly make the process much faster for those who are approved. Every lending app is different, so it will be important that you do your research before you decide to apply with one. With the right app, you can get the money you need in a simpler, faster way than you ever thought possible and the process of paying it back can be just as simple as well.