CashOnCell is shaking up the traditional payday loan industry by offering small convenient loans that can be added to your monthly cell phone bill — no credit check, collateral, or bank account needed.
The demand for short-term loans has constantly increased year after year since the early ’90s. In spite of the huge success of the payday loan industry, CashOnCell believes they can do better — much better. Technology has unlocked so many conveniences in other industries from transportation to shopping — so why not finance?
According to Pew Research, nearly two-thirds of Americans own a smartphone. By harnessing this nearly ubiquitous technology, CashOnCell aims to remove all of the pain points in current micro lending including demanding repayment periods, crippling fees, and the requirement of your physical presence in a retail location.
In other words, in an increasingly on-demand world, CashOnCell aims to be to traditional payday lenders as Uber is to the antiquated taxi system. Where traditional payday lenders’ service is slow, expensive, and untrustworthy, CashOnCell is quick, affordable, and transparent.
CashOnCell offers same-day deposits of a small $50 to $100 loan directly into your bank account or debit/credit card with nothing more than a smartphone account in your name — regardless of income or credit.
Unlike payday loans which require repayment within 2 weeks, CashOnCell simply adds your loan balance to your monthly cell phone bill, thus adding convenience and giving you 2 more weeks of breathing room.
A $0.99 monthly subscription and a 3% loan fee*, with zero percent interest, is all it takes to get your loan. We give you a $100 loan, and 30 days later, all you pay if $103.00.
*(less loan providers separate processing fee)
CashOnCell is on-demand cash in an on-demand world. Typical users are people in a lower income bracket who occasionally have funding issues. People who need access to a smaller amount of cash than what payday lenders usually provide and at a significantly lower interest rate that doesn’t compound. Think: the struggling college student on a tight budget, or the single mom working three jobs just to make ends meet.
CashOnCell is a unique service that doesn’t exist anywhere else. Product development is underway and the service is set to launch in 2017. The company’s goal is to reach 1 million subscribers by January 2017. As an incentive, they are offering three months of free subscription plus no transaction fee on your first loan.
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