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At the top of the list are financial services, including getting a loan. In fact, getting a loan by phone today isn’t just a super-easy walk in the park, you can literally get a loan by phone while you’re taking a walk in the park. It's like buying something on Amazon, just a few taps of your finger and you’re good to go.
If you’re in the market for a loan and want to avoid busy places like banks and credit unions, read on to learn the basics of getting a loan by phone.
How does a loan by phone work?
Getting a mobile loan (or a loan by phone) is just like applying for a loan online, only instead of using a computer you do it through your smartphone’s web browser or a dedicated app. All you really need is an internet connection.
Once you find the a trusted lender, you complete the application on your smartphone. If you’re approved the lender may reach out for more information. Thanks to the convenience of email, SMS, and smartphones with built-in cameras, documentation can be sent back and forth directly on your smartphone.
Advantages of getting a loan by phone
Many of the benefits of getting a mobile loan are fairly obvious. For starters, it’s a huge convenience. You can apply from anywhere and at a time that’s best for you. You’re not limited by a lender’s business hours and you don’t have to travel across town to visit their physical location.
Of course, this creates a few downstream advantages as well. For instance, comparison shopping with loans is far easier and faster online. Instead of spending an entire day travelling from lender to lender to lender, you can park yourself on your patio and enjoy a cool drink while you do it all on your phone in a matter of minutes.
When it comes to applying for a loan by phone, the process is typically faster and simpler than applying for a loan in person. There’s minimal paperwork, no waiting in line, and no need to return to the location later when your loan is approved.
Why banks don’t typically offer mobile loans
Banks traditionally favour customers with good-to-excellent credit and specialize in offering loans with relatively low interest rates.
As a result, the application process for loans at banks tend to be quite stringent, detailed, and tedious. Before approving a low interest loan of any amount, a bank will seek to minimize risk as much possible by patiently doing their due diligence.
This process doesn’t translate well to the world of online banking, let alone mobile banking.
Mobile loans are typically available from lenders that leverage technology to provide fast loans, even if you have bad credit.
What to look for when getting a loan by phone
Before you apply for a loan by phone, do some comparison shopping to find the options that work best for you. Here are a few things to consider when you’re looking for a mobile loan.
1. What types of loans are available?
Personal loans and payday loans are the most common. Be wary of payday loans, as they typically come with dangerously high interest rates and extremely short deadlines for the loan to be repaid.
2. What does the repayment schedule look like?
Before you accept any loan offered to you, make sure you fully understand the repayment expectations. Avoid short payback schedules entirely, as this can lead to a bad cycle in which you’re accruing interest and going deeper into debt very quickly. Some lenders allow you to customize the repayment schedule to your terms.
3. Does the lender or service have good reviews?
If you’re like most people, you avoid products with poor reviews or only one star when you’re shopping online. Accepting a loan from an online lender should be no different. Before you agree to anything, check the lender’s reviews on sites like Trustpilot, Feefo, and Google.
4. Will an in-person appointment be required at any point?
Many lenders will offer online loans and other banking services, then require you to visit one of their physical locations later on to complete the process. If a completely mobile experience is important to you, try to find out beforehand if an in-person appointment will be required at any point.
5. When will the money be deposited?
Depending on your needs, you’ll also want to know ahead of time how soon the money is available to you. If you’re seeking a loan for something time-sensitive, some lenders and services will deposit the money into your account within hours of approval.
Need a loan? Spring Financial is at your fingertips
From vehicle repairs and medical bills to education expenses and dream vacations, Spring Financial makes it easy to apply for the cash you need on your smartphone.
What sets Spring Financial apart from other lenders:
- Convenient installment loans: Apply on your smartphone (or desktop) and get approved for loans up to $15,000 without ever having to leave your home.
- Lightning-fast funding: Apply online in minutes and get funds sent directly to your bank account on the same day or within 24 hours.
- Customizable repayment schedules: Payment plans are flexible with terms between nine to 60 months.
- Trusted Canada-wide lender: Spring Financial is trusted by Canadians across the country – just check out the reviews on Trustpilot and Feefo.
- No hidden costs: You never have to worry about hidden costs like application fees or maintenance charges ever.
- Any credit welcome: It doesn’t matter if you’re new to credit or have filed for bankruptcy, Spring Financial says yes when the banks don’t.
What are you waiting for? Get approved for an installment loan today by applying online or calling 1-888-556-6441.
