Micro loan lender goes mobile

CashOnCell has offered to customers micro loans that can be added to a monthly cell phone bill and require no credit check, collateral or bank account, the company said.

According to Pew Research, nearly two-thirds of Americans own a smartphone. By harnessing this technology, CashOnCell said it aims to remove all of the pain points in current micro lending including demanding repayment periods, crippling fees, and the requirement of a borrower´s physical presence in a retail location.

CashOnCell a micro-loan lender that conducts transactions via smart phones.