Loans Magic icon

Loans Magic APK

For lenders, borrowers, debt collectors, lawyers, debt buyers, bounty hunters

1.7 for Android
5.0 | 1 Reviews
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The explanation of Loans Magic

Lenders using Loans Magic to find borrowers are prohibited from offering loans with a minimum repayment period of less than 90 and a maximum period of ten (10) years and also prohibited from offering loans whose maximum Annual Percentage Rate exceeds 36%.
A sample loan would be as follows:
1. Loan amount USD 100
2. Loan period 12 months;
3. Annual Percentage Rate 12% which equals (0.12 X 100 = USD 12)
4. Service or other fees = 0;
5. Total Repayment amount on month 12 is USD 112.
6. Monthly repayment USD 9.34.
IMPORTANT NOTICE: Loans Magic does not lend money. We provide a progressively secure platform where borrowers and lenders can find each other and start a transaction. We provide a system where borrowers can review lenders (and vice versa) and a mechanism to file complaints where there is abuse or unethical behavior.
Lenders near you. Loans Magic provides a registry of lenders in each country to give borrowers as wide as possible a choice when looking for finance. Loans Magic offers the option of switching countries, so that a borrower can check on the lenders in other countries. For example, a borrower in Lagos, Nigeria can see whether there are any cross-border lenders from Nairobi, Kenya or even New York, USA.
Loan Applications. Lenders spend a lot of marketing money trying to find borrowers who fit their target market. Loans Magic provides an abundance of loan applications from all over the world (grouped by country), where registered lenders can be able to start a conversation that can lead to a loan.
Register of Defaulters. Defaults cause losses to lenders, especially private lenders who have no access to credit reference bureaux. That lack of information also harms borrowers, because lenders do not know how to price their loans. Lack of information on defaulters is solved by Loans Magic by providing a Member’s Only accessible register of defaulters in every country.
References. In a bit to increase creditworthiness, borrowers may list friends and family as references for lenders to see. This is done through the My References section in Loans Magic. A borrower in Chile with ten friends as his references is a better lending risk than a borrower in Paris with no listed references.
Legal Documents. We provide lending contracts, claim forms, loan applications forms and other legal documents for use by lenders and borrowers.
Lender reviews. Which lender was difficult in their approval process? Who as considerate during default? Which lender offered transparency in their lending process? The lender review section allows users to give feedback on their experience so as to help other users educate themselves.
Bounties and Rewards. Are you offering a reward for the tracing of a debtor who has absconded with a loan? We have a large international user base of bounty hunters in every country that can help you track missing debtors.
Debt collectors. Do you have a debt that you want collected? Loans Magic has a debt collection platform that connects you with registered debt collectors that are effective and professional.
Lawyers. Have you been treated unfairly or has there been a breach of a lending contract? We have a lawyers section where lawyers who have expertise in loan disputes can advise and defend you against all forms of claims.
Discount buyers. Discount buyers are people or companies that can buy an asset from you at a reduced price. For example, if you have a car, instead of borrowing against it and paying expensive interest, you can sell it at a reduced price to a discount buyer. For lenders, discount buyers can also buy debt. For example, if you have lent someone USD 100 and would like to sell that debt, a discount buyer could buy it from you for USD 80.
Hire Purchase. Instead of borrowing USD 100 to buy a TV, why don’t you get the same TV from our hire purchase platform with USD 20 deposit. You may pay the rest slowly instead of paying interest.

Loans Magic App 1.7 Version Update

Dec 17, 2020
Global chatroom, lenders near you, loan applications, register of defaulters, references, download legal documents, lender reviews, bounties and rewards debt collectors, loan lawyers, discount buyers and hire purchase deals.

Additional App Info

Operating System: Android
Category: Social
Publish Date: Sep 3, 2020
Latest Version: 1.7
Min Installs: 50
Installs: 50+
Size: 6.7M
Requirements: Android 4.2 and up
Offers In-App Purchases: true
Contains Ads: true
Price: Free
Report: Flag as inappropriate
App uploaded by: Individual
Available on: Google Play Store

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