A paperless loan is an entirely online transaction between a borrower and lender via a digital lending platform. It allows you to borrow money online with just a few clicks without the hassle of going through an exhaustive documentation process that involves excessive paperwork.
The entire communication between the borrower and the lender happens online, without any physical intermediary, thus making it an entirely paperless process.
The entire process – from approval to disbursement is online. Thus, saving your time that is often wasted in visiting the bank repeatedly to submit your forms and documents. With minimal or no human intervention, the paperless loan is approved in the shortest possible time.
Safety is crucial when it comes to paperless loans. Therefore, the lending platforms are SSL (Secured Socket Layer) certified and are protected against any fraudulent activities.
Quick Approval Decisions
The application and approval process of paperless loans is entirely automated, making it convenient and efficient at the same time. The hot loan is approved within only 15 minutes. The process is a lot faster and streamlined – apply at any convenient time, upload soft copies of your documents, and it’s done.
Lenders offering paperless loans maintain transparency about their hot loan terms. You get to know the details such as rate of interest, loan amount, application fees, additional fees, etc. at the time of application. You also get to use a monthly payment calculator that lets you know your loan eligibility, monthly repayment amount, loan tenure, etc. to make repayments affordable for you.
Documents Required *
(photos of the front and back mandatory)
Motorcycle Registration Certificate
(in case of MRC application)
Original photograph required
(selfie from the app)
*All the documents are to be uploaded through the app. No hefty paperwork.
How to Get a Paperless Hot Loan Online With MoneyTap
Step 1: Download MoneyTap online loan app or visit the website
Apply for a personal credit line from the comfort of your home at any time.
Step 2: Fill in the required fields and take a selfie
With just a few details and no paperwork, you can apply for a credit line of up to VND 50M in no time.
Step 3: Get money
After submitting your online loan application form, get instant approval of a credit line. Borrow as low as VND 1M and as high as your credit limit and pay interest only on the amount used.
Step 4: Pay up and refill your credit line to use in the future!
Make monthly repayments of the borrowed amount and replenish your credit line for future use.
The interest rate on paperless loan starts from 22-35% per year. The interest is charged only on the amount you borrow. It means if you don’t borrow money online from your approved limit, you’ll not be charged any interest.