PaybaQ, a leading online resource for microloan management, has just made life easier for iPhone and iPad users. The company recently launched a mobile application through iTunes that allows users to manage personal loans through a tablet computer or smartphone.
Between the Web site and this app, paybaQ offers constant loan management ability.
This company was established to manage and streamline small person-to-person loan repayments to friends or family members. Recognizing that people commonly lend money to each other, paybaQ attempts to make the repayment process less uncomfortable.
Users can add new loans, manage their borrowers, record payments, and track activity. Now, they can do all this from their iPad or iPhone in addition to a computer.
To use the site, a person purchases a credit using a secure and private system. The credit is returned to the lender for reuse once the loan is repaid using a credit card.
The technology platform can coordinate loan terms between an unlimited number of parties. The use of an intermediary like this site makes the lending transaction more objective. Using the tracking feature, lenders can identify which borrowers represent the highest level of risk.
At all times, lenders and borrowers can view when a payment has been made or is due. Reminders are sent via text message or email, helping borrowers to stay on track with their repayment.
Keeping things objective maintains a better relationship between lenders and borrowers. This is important, considering that the two parties are relatives or friends.
Person-to-person loans are a less expensive alternative to payday loans and cash advances on credit cards. With paybaQ, lenders can provide small loans to their acquaintances or family without having to harass these folks for repayment.
By seeing exactly where things stand at any point, borrowers know when they have fallen behind- no uncomfortable conversations required.
