Schooty Loan – How Does It Work?
What is Schooty Loan?
In this post we will discuss how works and what is the difference between and payday loan. So, without wasting any time let us dive right into the topic.
What is Schooty Loan?
is one of the latest lending options available today for the borrowers . The word “schooty” literally means “little shoe” and this name is derived from the fact that the lender will ask you to wear a pair of shoes as a guarantee for the loan.
In contrast to normal lending options, this type of loans have fixed interest rates and no late charges. Also, in most cases you don’t have to worry about the repayment schedule because the lenders will take care of it.
How Does it Work?
Schooty Loan is based on the concept of using your own shoes as a collateral.Schooty Loan; Nowadays everyone has a pair of shoes lying around in their house and the lenders will use those as an assurance of the loan and they will give you the money for the same.
After using the funds for the specified purpose, the borrower will pay back the amount of the loan plus a small service fee. The amount of the loan and the amount of service fees will be decided by the lender and the borrower has to pay the exact amount in the specified period of time.
Now that we have understood the basics of how Schooty Loan works, let us understand the difference between Schooty Loan and Payday Loan.
What is the Difference Between Schooty Loan and Payday Loan?
There are several differences between Schooty Loan and Payday Loan. One of the biggest differences is that the Schooty loan is a short term loan and it is meant for small financial issues. Whereas, a payday loan is a longer term loan and it is meant for larger and urgent financial needs.
Another big difference is the repayment schedule, you will have to repay the entire amount in the specified time period and there will be no option of getting the loan for a single occasion. Also, the borrowers don’t have any rights in the repayment process and they are bound to pay the full amount of the loan.
How can I Get Schooty Loan?
To get a Schooty loan, the borrower needs to be over the age of 18 years. They will have to fill the application form online and once it is completed, it will be sent to the lender for approval.
The lenders usually don’t accept applications from the borrowers who are below the age of 18 years and also from the people who have a bad credit score.
How much can I borrow for Schooty Loan?
The lenders have different plans to offer and you will have to compare them to find out the one which suits your requirements the most. Some of the lenders will offer a loan of up to $500 while others will extend the amount up to $2000.
So, I hope this post has answered
Top 7 Effective Schooty Loan Tips
Schooty loans are very popular in India as they provide an opportunity to the borrowers who can’t repay the loan amount within the given time. These types of loans are given by banks to the individuals who want to earn extra money to pay their monthly expenses and also to cover the unexpected situations.
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To get this type of loan, the borrower needs to apply for it through a broker as he will provide all the details about the loan. The application will be submitted through the brokers office and will be approved by the bank if the borrower has a good credit score.
