Few industries, of any kind, have such rapid development as the fast-loan industry. This applies in principle to everything about the product itself, but the largest possible loan amount is the factor that the lenders focus most on.
If we think back only half a decade
The opportunity to borrow, for example, USD 5000 with a quick loan was quite small. There were simply not so many lenders with such offers. Today, however, the situation is quite different. The absolute majority of lenders have offers of fast loans of USD 5000 or more.
Some lenders have gone much further than that and offer fast loans that function largely like regular private loans. The differences? That it is easier to apply and that payments are made much faster.
The Good Finance Mobile Loan
Some players who are first with a new product or service will soon be skipped and will not be able to compete with those who take the baton. Mobile loans, which were the first in Sweden with fast loans already in 2006, have not met this fate. Mobile loans are, instead, one of the lenders that have driven the development within fast loans. It is therefore not surprising that it is precisely Mobilån that is the first to offer fast loans via mobile for up to USD 40,000.
To be able to borrow up to USD 40,000 through Mobilån through the same rapid application process and handling that applies to ordinary fast loans, you must be a repeat customer. It is therefore not possible to borrow up to the maximum amount the first time you apply. At the same time, there are all opportunities to borrow quite substantial amounts for the first time, of course, provided the economy allows it.
For fast loans on five-digit amounts, it becomes natural for the repayment period to be longer than 30, 60 or 90 days. For Mobilån’s new product, loans of between USD 25,000 – 40,000 must be repaid in 360 days. This will then be a so-called annual loan. For smaller amounts, you can of course choose a shorter repayment period.
Fast loan or private loan of USD 40,000?
In principle, the interest rate on a fast loan is automatically higher for a fast loan than it is for a private loan. It is the advantage of being able to get money quickly (one day instead of one week) as well as the generally lower qualification requirements (income, existing debt, payment notes, etc.) that make fast loans more expensive. For those in need of borrowing money, it is important to understand that a mobile loan of large amounts gives rise to large borrowing costs and therefore the possibility of borrowing should only be used in an emergency.