Whether you are looking for a loan to buy a new car, a house, or for other reasons, you should know that there are many different loan options. But you need to be sure that you are getting the right one for your situation.
Flexible repayment terms
Having flexible repayment terms for your findo loan application is important if you are looking for a loan to cover your monthly expenses. The amount you can borrow depends on your income and credit score. You can get a loan up to 100% of your monthly income from QuickCredit. The repayment terms range between 10 and 90 days. You can also choose to repay the loan in a single installment or multiple installments. You are required to indicate whether you prefer electronic forms of payments on your loan application form.
QuickCredit has an innovative product called Payday Credit. This facility gives retail customers instant access to cash. You can access the facility by dialing *737*0# or select option 1 for Payday Credit. This 20,000 loan without documents facility has an annual interest rate of 18%. Having flexible repayment terms for your findo loans is important if you are looking for unsecured loans. The repayment terms for your findo loans will depend on your income, credit score, and repayment capacity.
No collateral or guarantors
Getting a no collateral or guarantor business loan can be a great way to boost revenue for a small business. There are many types of no collateral or guarantor business loans available, so it’s important to know what to look for in a loan. It’s also important to keep in mind that there are costs associated with borrowing money. For example, you may have to pay a higher interest rate or you may have to pay off the loan sooner. Having a no collateral or guarantor loan will allow you to take care of these expenses without putting your business at risk. You should also be aware that you may have to pay a UCC lien if you’re applying for a loan.
The best no collateral or guarantor business lender will not only give you a loan at a reasonable rate, but will also explain your loan’s terms in plain English. There are also many advantages to applying for a no collateral or guarantor small business loan, such as being able to use the money for any purpose, including building your business credit history.
Mobile phone data used to develop home-grown alternative risk model
FIDO is a mobile loan application that uses the data on your mobile phone to develop a home-grown alternative risk model. The application uses a unique set of data points, including mobile location, contact list, application form data, spelling mistakes, and the exact timing of when your phone was last charged. This non-traditional data helps develop credit scores, which can reduce delinquency rates by 20% to 60%. The solution is being implemented by FIDO in the Ghanaian market, with the aim of eventually being adopted by traditional microfinance institutions in developing countries. This allows banks to expand their customer base and reduce risks.
This new business model will allow FIs to take advantage of growing internet penetration. It also presents an unprecedented opportunity for FIs to capture the digital footprints of their customers. Through this data, FIs can develop predictive models that help them reduce delinquency rates and offer innovative lending solutions.