Introduction
A mobile cash loan is a type of short-term loan that can be applied for and managed using a mobile device such as a smartphone or tablet. It is a convenient and easy way to borrow money for unexpected expenses or emergencies when you need cash quickly.
The application process for a mobile cash loan typically involves filling out an online application form through the lender’s mobile app or website. You may need to provide personal and financial information such as your name, address, income, and employment details.
Once your application is approved, you may receive the loan amount in your bank account or Mobile Money Wallet within a few hours or the next business day. The loan amount, repayment terms, and interest rates may vary depending on the lender and your creditworthiness.
Mobile cash loans are often used for short-term financial needs and should be repaid on time to avoid high fees and additional charges. It’s important to carefully read and understand the terms and conditions of the loan before applying for it.
In this Article, we shall talk about UltraLoan mobile cash loan app, which offers swiftly instant loan to Ghanaian citizens.
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What Is UltraLoan?
Ultraloan provides great online loan product in Ghana. Personal loans, Ultraloan deposits loans securely. With no credit guarantees, the user can get cash loans online at Ultraloan, safely and securely.
Ultraloan offers the best loan service to the customer with low fees and no hidden costs. It mainly offers 91 – 150 days loan products.
UltraLoan Product Features:
Loan Amount: GHS 100- GHS 6000
Loan Term: 91-150 days
Loan Interest: 0.07% per day (1.8% equivalent monthly interest rate only)
Service Fee: 10%-32% (Deductible )
APR：10%-22%
Estimate: An applicant who receives GHS 3,000 loan for a 91-day term in one-installment, would be charged on an daily interest rate of 0.07%, thus GHS 191 in 91 days, and a service fee of 3,000*32%/365*91=GHS240 for one time.
The total repayment fee is GHS3,000(borrowed amount) + GHS191(interest) + GHS240(service fee) = GHS3,431 in one installment.
The monthly repayment fee is GHS 1144.
The APR is about 14.4%
• The borrower has the flexibility to make early repayments to reduce the above-stated interest.
What do you need to apply for a loan?
- Must be 18 years and over
- Must have your Ghana ID
- Must have a digital wallet account in Ghana.
- Must download the application.
How to Apply for UltraLoan Mobile Cash Loan in Ghana?
Applying for UltraLoan is pretty easy and quick – follow the steps below to commence.
- Download the UltraLoan App from Google Play Store.
- Register an account with them.
- Fill out your basic information in the app.
- Choose a wallet to receive your fund.
- Apply Now!
That’s it, you’d receive your loan in no time.
Why choose Ultraloan?
- Free to use, there no hidden fees
- Same-day access to cash
- 24/7 support
UltraLoan privacy:
Read UltraLoan Privacy Policy Below::: https://h5.ultraloan.net/privacyPolicy
Contact UltraLoan
Reach out to the UltraLoan Administrators via email below.
Email: [email protected]
Company address: Accra-Central GA-183-8164, Accra, Ghana
Conclusion
Before you proceed with your loan application you should be aware that mobile cash loans can have both advantages and disadvantages. Here are a few to consider:
Advantages:
- Convenience: One of the biggest advantages of mobile cash loans is their convenience. You can apply for a loan, submit your documents, and receive funds from the comfort of your own home, without having to visit a physical branch.
- Speed: Mobile cash loans are usually processed quickly, which means you can receive funds in your account within a short period of time, often within hours or minutes.
- Accessibility: Mobile cash loans are accessible to almost everyone with a mobile device and an internet connection, which means you can easily apply for a loan even if you have limited mobility or live in a remote area.
- Lower requirements: Some mobile cash lenders have lower requirements for borrowers compared to traditional lenders, making it easier for people with poor credit scores or no credit history to obtain a loan.
Disadvantages:
- High-interest rates: Mobile cash loans often come with high-interest rates, which means you may end up paying more in interest than you would with a traditional loan.
- Short repayment terms: Mobile cash loans typically have short repayment terms, which means you may have to pay back the loan in a shorter period of time than you would with a traditional loan. This can lead to higher monthly payments that may be difficult to manage.
- Predatory lenders: As with any financial product, there are predatory lenders that offer mobile cash loans with unfair terms and conditions. It’s important to do your research and choose a reputable lender to avoid falling into a debt trap.
- Limited loan amounts: Mobile cash loans often have lower loan limits compared to traditional loans, which means you may not be able to borrow as much money as you need.
