Bank of Cyprus now provides an express loans service which basically allows one to submit a loan application for amounts up to €15,000 with his/her smartphone.
The minimum quick loan amount to be requested is €500 with interest rates being the same as those provided in stores without personal guarantees or other collateral.
At the same time, quick loans are without initial bank charges and with a maximum repayment period of seven years. But only three years for amounts up to €3,000.
A Banks of Cyprus press release said quick loans are an innovative service for Cyprus allowing for a consumer or car loan or overdraft.
Once an application via mobile phone is received, he/she promptly receives a message whether it was approved or not.
Once approved and the message arrives on the mobile, the applicant has to go to the store he/she maintains an account for the signature to take place.
The loan amount will be available no later than the working day following the date of signing contract documents.