Are you
pressed for cash to meet an emergency and are looking for payday loans? Did you
type fast cash and eLoanWarehouse popped as an option? Are you confused like
which option to choose either Payday Loans Or Eloanwarehouse? Before you click
to borrow, let us find everything we need to know about this loan facility; the interest,
payment duration and everything that comes with it.
What is a Payday Loan?
A loan
generally refers to a financial agreement where one borrows cash from a party
(lender) to pay it with interest after an agreed period. A Payday loan is a
short-term loan characterized by high interest because of the speed and
convenience that comes with it.
The loaned
amounts are small depending on the salary range of the borrower. For instance,
research shows that the average maximum amount of a payday loan is around 430 for most
lenders. One may need to apply for several payday loans to meet their target if
it is above $1000.
It is
accessible to a person who wants to respond to an emergency before payday. In
most cases, the lender requires full payment of the loan once the salary comes
in. The terms are non-negotiable and may eat a big part of your paycheck
forcing you to borrow again. This throws you into a debt cycle.
Additionally,
the clients enjoy a ‘no credit check’ policy in the application process.
The government has also instituted legal regulation that protects the consumer
from lender exploitation. In cases where the borrower is unable to pay in time,
the payment period can be extended by the same lending period. A roll-over/
renewal fee applies which, in most cases equals an interest fee for one
month.
What is an eLoanWarehouse?
Unlike Payday loans, eLoanWarehouse is a loan facility in the form of a software/Application that offers installment loans. It is a legitimate alternative to payday loans with a longer and flexible payment period and the loans are paid off over a period of 6-12 months.
Just like
payday loans, Eloanwarehouse is characterized by the following features:
- Fewer qualification requirements since no credit history is needed
- Easily accessible- the application and disbursement process is purely online hence very convenient for emergency needs
- eLoanWarehouse Offers large borrowing limits as compared to other payday loans. One can borrow to a maximum of $3000 through the App or a USSD code
- The application and approval process only takes one business day or less
- Allows for a longer repayment period since the instalments are up to 12 months
Finding a
loan App that lends fast cash is not enough. You need to study and understand
the terms and conditions for the offer. This option has an upside in that the
application and approval process is faster and devoid of many conditions.
However, the
approved amount may less than a home equity loan would offer. This loan-type
application process is quick and the cash is disbursed within 24 hours. It is
deposited directly to your mobile number money wallet making it so convenient
as an emergency response. eLoanWarehouse offers many advantages over payday
loans.
The Price of Convenience
With the
pros, there must be cons that come with such convenience. They include:
- There could be some extra charges that come with such a smooth process such as a higher processing fee and extra hidden charges.
- ELoanWarehouse loans have higher interest per annum than other payday loans or personal loans.
- The amount offered depends on whether you are a new customer, silver, gold or platinum. The different customer categories depend on how often you borrow, your payment frequency and the amount borrowed each time.
How to Apply for eLoanWarehouse
As the name
suggests, the borrower fills out and submits their loan application online.
Loan authorities for the App analyse the application based on the terms and
conditions then give the verdict. If the borrower meets the set criteria, they
are sent a form with the offer to sign.
Afterwards,
the requested and approved amount is deposited directly to their account in an
hour or so. The process is easy, and quick with almost zero frustrations. The
amount offered may however differ with how often you borrow from the lender.
Expected eLoanWarehouse Amounts and Payment Period
Generally, eLoanWarehouse
provide the loan amount ranges between $300 to $3000. A more
affordable alternative to payday loans. This however depends on if you are
a new or repeat client. The table below gives an insight into the client type
and amount offered
|
Customer |
Cumulative Payments |
Amount Qualified |
Payment Term (months) |
|
New |
0 |
$1000 |
9 |
|
Silver |
7 |
$1250 |
9 |
|
Gold |
15 |
$1500 |
9 |
|
Platinum |
24 |
$2500 |
12 |
Note: One
must have an active direct deposit bank account where their salary is
deposited. Additionally, one has to be 18 years and above. Additionally, you
should be able to take home a certain minimum amount after loan deduction as
per the government loan regulations.
Should I Apply for eLoanWarehouse?
Your
decision to apply for the loan depends on the weight of the cons to you. If you
are looking for fast cash with convenience, it is a perfect choice for you.
However, bear in mind the higher interest rate and unnecessary processing fees
that come in as an extra charge. eLoanWarehouse can be a suitable option
for those seeking an alternative to payday loans.
Additionally, this is your number one option if your credit score is bad and you need financial help quickly without waiting to be cleared by the credit bureau. When all is said and done, it is advisable to take caution and shop around for other similar loan products and evaluate the pros and cons.
Conclusion
eLoanWarehouse
rank itself as an alternative to payday loans. The temptation to get payday loans
can be high due to the simple steps involved and low demands in the application
process although eLoanWarehouse's interest rates are likely high. The downside
of the arrangement is that a borrower can be easily trapped in a cycle of debt.
For this reason, make it your goal to manage your finances well and in a case
where you are pressed, choose between it and alternative borrowing options.
Personal loans, friends and family, and credit cards are great options to consider.
