Q:

What is the process for getting a Mobiloans line of credit?

A:

Quick Answer

The process for getting a Mobiloans line of credit begins with a three-step online application process, according to Mobiloans. Consumers start their applications by entering personal information, including their name, contact information, date of birth, Social Security number and driver's license number.

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Full Answer

The Mobiloans application process then moves to financial information, including the consumer's employment information and bank account information. Once all information is entered, consumers are directed to submit their applications in order to find out if the application is approved and how much they qualify for. Consumers can apply for a line of credit in as little as three minutes and receive their credit limit in only a few seconds, notes Mobiloans.

Consumers who are approved for an account receive a line of credit ranging from $200 to $1,000, according to Mobiloans. Customers who have a history of successful payments may later become eligible for credit line increases, with a maximum credit line of $1,500 as of 2015. Once a customer has borrowed from the line of credit, Mobiloans requires at least two monthly payments. The first payment is due within 30 days of the payout of loan proceeds, and additional payments are made every 14 to 17 days.

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