Upon installing Onloan, the process of setting up a loan to receive or invite others is made simple as opposed to traditional means of obtaining loans. Instead of having a tremendous amount of formal contracts or background checks, all that a user is required to do is to log in using their Facebook credentials. Once logged in, users have two main options, to post a loan or share loans with friends and families through social media networks including Facebook, Twitter, and LinkedIn.
In the first case where users are looking to create a loan, a simple process makes it quick to and easy to set one up without much hassle. This is contrasted to getting a bank loan which can take days or weeks at a time with a substantial amount of paperwork that can deter many others from seeking a bank loan at all. All that is required is to supply certain details such as the title of the loan, the reason for the loan, the end date, and the selected amount which can range from a few dollars to upwards of a million dollars.
This informal nature of the app is further extended with the requirement for the user to supply a photo of themselves which makes it seem more like a social media profile than an app which facilitates loans. This aspect of Onloan can be a considered a drawback of the app as it deviates from the traditional paperwork and contracts model of bank loans so that people do not consider it to be a serious loan medium. For example, the need for a loan in excess of $100,000 may seem dubious if the user is required to supple a picture of themselves for their profile as it resembles social media. However, this may play into the informal aspect of Onloan as it is an app designed to serve the needs of a greater audience instead of those looking to acquire more formal bank loans.
Once the loan has been created, users will be able to share it with friends and family and see how much is outstanding while those invited are able to add to the loan. In this way, loans can be facilitated very quickly among family and friends in a seamless way that is accessible to those without the hassle that would be present with more formal loans.[appbox googleplay com.finance.onloan]