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.
