As part of our approval process, we also assign you with a MoneyMe loan rating based on your credit report and history. Apart from your credit score, we take into account other factors to assess your eligibility for credit, such as your credit history, income, debit cards or debt obligations, and living expenses. When you apply for a virtual credit card, you go through the same review process that our personal loans and other loans online customers do. You can count on it to keep your cash flow healthy and secure, so you’re always ready no matter what comes your way. Use it to transfer cash directly to your account or pay for big-ticket items and bills straight from your Freestyle app. Unlike mini loans, the Freestyle virtual credit card allows you to withdraw as you need it. The application for the virtual credit card is entirely online and just takes minutes to complete. Freestyle helps you stay on top of things, giving you credit right in the palm of your hands. You can also use it for emergency expenses, or when you need to transfer cash to your bank account. You can use it to Tap n Pay for your coffee on your way to work, book your next travel online when using miles is just not an option, or simply indulge on your favourite thigs. Our virtual credit card provides you with the extra cash you need to enjoy your lifestyle. It’s one tap away when you need emergency cash-outs for car repairs, big utility bills or when you simply need easy money for your everyday, on-the-go needs. Now, it’s one tap away when you need it to cover unexpected costs, or when you need to go on a holiday and book your travel. The virtual credit card is accepted anywhere that accepts Mastercard online or via Tap n Pay in-store. And with MoneyMe, it becomes possible for your credit card, too. The things that used to be on your desks, such as phone books and calendars, are now stored in your phone.
It’s much more convenient to keep all the important things in one secure accessible place. Using Freestyle is easy and simple, but the possibilities are endless. Rather than asking you to load your credit card number and other details into payment apps, our virtual credit card type product takes a further leap by keeping everything online, including the card itself. In just a few taps, you can Tap N Pay, purchase in-store or online, and transfer funds to your bank account. Freestyle is designed to respond to this generation’s growing need for quick access and convenient solutions. And as part of our commitment to be the credit provider of choice for Gen Now, we are giving you the freedom to access and manage your credit whenever you need it. Here at MoneyMe, we do things straightforward and hassle-free. Accessing your credit is now faster and easier, just the way it should be. Unlike conventional credit cards, Freestyle is entirely online and lives on your smartphones. With Freestyle, you can use your line of credit up to $20,000 anytime, anywhere. It’s the latest innovation in credit cards that is stored virtually on your phone, and not in your wallet. After several months of ice cream sales, the loan is paid off.Introducing Freestyle, the virtual credit card. As customers pay for ice cream with their debit and credit cards, a predetermined percentage of this revenue goes directly to the lender to pay off the loan, which includes interest. The ice cream shop agrees to the terms of the loan, purchases the new freezer and is able to continue operating during the crucial summer months. It can see that the average card sales have been high enough to cover a loan to buy a new freezer. The merchant cash advance lender contacts the card terminal provider to get the ice cream shop’s financial data, particularly monthly sales. It contacts a merchant cash advance provider and explains its urgent finance needs. The business does not have the cash on hand to buy a new freezer. Unfortunately, their freezer breaks down at the beginning of summer. To better understand merchant cash advances, let’s look at a hypothetical case study of an ice cream shop that gets most of its sales during the warmer months of the year.
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