Mobiloans is a type of flexible line of credit which could be extended up to $2,500. The lender is MobiLoans, LLC, which is a tribal entity operated by the Tunica-Biloxi tribe of Louisiana. This is a federally approved Indian tribe, which operates from its reservation. The Mobiloans line of credit works similarly to a credit card, except in that there is no card involved per se. The user can withdraw according to need, and the money has to be paid pack through minimum payments at least as frequent as twice a month; there would be interest on this amount.
The annual percentage rate (APR) charged on the borrowed amounts is 206.79%–442.31%. The interest rate is variable. The user must own a valid checking account and must be a resident of an eligible state. Further, there has to be no previous default on their record if they wish to get a Mobiloans line of credit. They must have a regular source of revenue. They present themselves as a substitute to overdrafts in the event of an emergency. Once you open their account, you get a line of credit that ranges from $20 to $1,500. Upon requirement, you can get on their website and transfer the money to your account. After that, you start to pay back the loan according to the terms and conditions.