Moniqo is not a direct lender, but a broker. We help our clients to find the best loan for their needs without hitting the underwater rocks and overpaying. Unfortunately not all the lenders respect the code of ethics and inform you about all the hidden risks - that is why Moniqo is so helpful. And be sure that using a broker costs exactly the same as taking a loan directly from a lender minus the hidden fees and risks.
Once you have completed the application form, we review it and send out proposals to lenders we think will provide the best terms for you. Every application is reviewed independently and a spesific proposal is made based on the information provided.
A payday loan is sometimes called a short term loan which is usually given for a short period of time. The most popular are 30-day loans. This type of loan has very high interest rate since it is considered to be of higher risk.
The main reason why payday loans are so expensive is the risk of bayback failure. The fact that no collateral is required (these loans are known as unsecured personal loans) also increases the risk for the lender.
You can spend the money on anything you desire: utility bills, buy a new laptop, travel or cover medical bills. In fact loan lenders have no control over your spending. However keep in mind that this type of loan may be very expensive and Moniqo would not suggest you to take a quick payday loan if you don't really need one.
We respect our client's privacy and make sure that the process of obtaining a loan is safe and secure, for this we use a variety of online security measures.
Absolutely not! We have made the application process 100% online which means that you do not have to fax anything at all or mail anything. After you submit the online form, the lender will contact you for some details. In case you are selected to get a loan, you will have to sign an agreement and send back to the lender. The sign-up process is also fully online. In fact many of our clients get funded the same day they send the application.
For us your credit history does not matter. All we care about is the real personal ID and a stable income source. In some cases though lenders may decide to issue a loan even to people without the official income source. So if you are not sure, just send your application - this does not mean that you are obligated to take a loan even if you are given one. You will get funded only when you sign-up the agreement provided by the lender.
If you loan application gets accepted with any of the lenders, they will contact you and provide all the required information about the ways you can make the payments. Our selected lenders are always happy to assist you if something is unclear.
Once your application has been accepted, the lender with transfer the funds in full to your bank account. This means that you must have an active bank account and a debit card to be able to use the money. Unfortunately lenders do not accept applications if you have no bank account.
The amount of the payday loan issued by the lender depends on your financial situation. After reviewing and checking the information provided in the application, the lender will offer a short term loan in the range of 100 to 1000 US dollars. If you have a stable income source and can prove it, then there is no reason why you would not get the maximum loan possible.
Of course. The reason why payday loans are so expensive is the fact that your credit history does not matter. Some of the lenders we are partnered with are focused only on bad credit score loans.