Baubap offers a fast and flexible way for individuals to access instant loans directly from their mobile phone, with amounts ranging from $500 to $9,000 MXN. One of its standout features is that it does not require a credit history or credit bureau check, making it ideal for those without formal credit records. Loan terms stretch from 90 days up to 24 months, adapting to your personal needs and preferences.

The interest rate is a fixed maximum APR of 300%, with a representative CAT of 1355.2% excluding VAT (as of June 2024). As an example, a $500 MXN loan repaid over 90 days would cost you $874 MXN plus VAT on interest. Registration is open to legal Mexican residents with a valid photo ID and a bank account. There are no prepayment demands or income proof required.

How to Apply for a Baubap Loan

Applying for a loan through Baubap involves a straightforward process. First, download the app to your Android device and register as a legal Mexican resident. Then, fill out the application form, supplying your official ID and bank account details. No upfront payments, income verification, or credit checks are needed. After submitting your application, a decision will be communicated within 10 minutes. If approved, funds will be made available instantly to your bank account.

Main Advantages

Baubap does not review your credit bureau history, making loans accessible for those building or repairing their financial record. Additionally, the “Va de Vuelta” programme rewards borrowers by returning up to 50% of paid interest on timely repayments, and the referral system allows users to earn cash for recommending friends.

Another major pro is the commitment to data privacy and a zero-harassment collection policy, giving peace of mind to users wary of aggressive recovery tactics. The company also operates transparently under Mexican law as a registered SOFOM with CONDUSEF.

Main Disadvantages

The most significant drawback is the relatively high fixed APR and CAT, which can make borrowing costly if not managed carefully. For example, small loans may end up costing almost double in just 90 days.

Furthermore, applications are only accepted from legal residents in Mexico, which limits eligibility. All dealings are done through their mobile app, so there is no physical branch support available.

Verdict

Overall, Baubap serves as a viable option for those needing fast, accessible cash without relying on a traditional credit score. Its clear application process, quick response time and unique rewards set it apart. However, potential borrowers should assess the high costs before proceeding. It’s best for those confident in repaying on time and seeking convenient, no-fuss financing.