Phoneloan operates by using your device, a smart phone or tablet, as a form of collateral and lends money based on the resale value of the product. When a customer pays back the full amount of their loan, their merchandise is returned to them. In the event that a customer does not pay back their loan, they therefore surrender their device as a full payment.
What do I need to be approved for a loan?
All you need is a smart phone or tablet such as an iPhone 5 or newer, iPad Generation 1 to iPad Pro, Samsung Galaxy S5 or newer, Samsung Tab 1 or newer, your full name, United States residential address, and a working phone number.
How much are the fees associated with my loan and how are they calculated?
The fees associated with your loan are fixed to a specified cost and/or percentage. You will be charged an Initial Loan Cost of 25% of the Approved Loan Amount and this total will determine your Initial Loan Balance. You will then be charged a Monthly Fee (holding fee) equal to 20% of the Initial Loan Balance. All three categories will determine your overall Loan Value. Additional fees for shipping, money transfers, and/or a purchase of a spare-phone are determined when applying for a loan.
How much money can I receive for my device?
The value of each device, phone or tablet, varies by its brand, model, capacity, and carrier. We use these four categories to assess the resale value and to consider how much money we will be able to offer you. Therefore, a newer model of a phone or tablet with a larger storage capacity will receive a higher approved loan amount than an older device with a low capacity.
Will this loan affect my credit rating?
We do not use credit rating, bank status, income status, or employment status to approve you for a loan. Therefore, a default on your loan will not affect your credit rating, but instead will force Phoneloan to liquidate your device to cover the costs of the loan.
How long does it take to be approved for a loan?
Phoneloan clients will be instantly approved for a loan based on the value of the device. They will then be able to receive their money within twenty-four hours after they sent their device in for review.
What is the difference between a minimum payment and a full payment?
A minimum payment refers to the absolute minimum a user must pay in order to prevent their loan from entering a default stage. The value of the minimum payment will always be equal to the amount of the Monthly Loan Fee for the user’s loan.
A full payment refers to the total value of the loan, including all additional costs such as the Loan Initiation Cost and Monthly Loan Fee. The value of the full payment will be determined by the value of the device plus the additional costs.
How can I receive my money?
Our clients will be able to receive their money through a bank transfer, a money wire (Western Union), or PayPal. Customers who choose to receive money through a money wire or bank transfer will be charged a transfer fee that is deducted from their approved loan amount.
Is there a limit on how many times I can use Phoneloan?
Our clients will be allowed to request as many loans as they desire. However, we strongly suggest that our customers limit the amount of loans that they request during the same payment period in order to guarantee that they can pay back each loan on time.
Can I pay back the loan sooner?
Phoneloan.com encourages its clients to pay back their loan as fast as financially possible in order to avoid the risk of entering in a state of default on a loan.