This free app offers fast cash to Mexicans
colada is a business and productivity app that offers short-term loans to customers in Mexico. It provides fast and easy loans and targets citizens over 18 with a government ID and bank account. It aims to provide customers with a simple loan application process, 24/7 support, and data security.
Cash in a flash
colada provides loans ranging from 600 to 10,000 pesos that can be paid back over 90 to 365 days with a maximum annual interest rate of 36%. The loan application process can be completed directly within the app. Once approved, funds are deposited directly into the user's bank account.
That said, the interest rates for these short-term loans are pretty high at 36% annually. For those needing a small amount of cash in a hurry, the convenience may outweigh the costs. For larger loans or those needing more time to pay back, the interest charges can add up quickly.
For prompt payers
colada offers short-term loans to customers in Mexico. However, the high-interest rates mean borrowers could end up paying back far more than they borrowed if not careful. That said, for those in need of quick cash and able to repay the loan on time, this proves a convenient option.
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