Many people learn that their salary
or pay cheque doesn't really stretch over the month. Despite mindful cost
management it may be the problem that sudden expenses crop up which require
urgent attention and can't wait until payday. You might need to do home
improvements, replace car tyres, buy a gift, make a trip or any other
unexpected circumstances that you need quick cash for. When this happens a text
loan could be an extremely useful borrowing facility for customers who need
money fast.
What is a Text loan?
A text loan is a simple method of
accessing cash easily and quickly and it's basically one of the many types of
payday loans - a short amount of credit to help you out until payday. The only
thing you do is register with your chosen loan provider and then send an SMS
when you wish to borrow. In a few minutes, you can borrow the money and it will
have been transferred into your bank account. It will take just fifteen minutes
to get the funds into your banking account.
Who can apply?
The terms and conditions are
different between various loan companies, but in most cases you have to be over
18 years old, have an active bank account and be earning a monthly salary of at
least £1000. Additionally you must have an email address and a cell phone. You
will need to sign up online to start with and then you can administer your
account using the text message functionality whenever you have to get a loan -
it's that easy. It costs just £1 per text plus your regular network fees for
the lender to process your application and have the cash available in your
account within 15 minutes.
What are the other benefits of text
loans?
There is no paperwork! You don't
have to waste time faxing evidence and documents that prove your employment,
address, monthly income and other credentials. There's no need to go to
lender's offices or spend time talking to an advisor on the phone. Additionally
there is no long credit score assessment. You will simply have to sign up first
with the loan provider and show that you are employed and receiving a regular
income. Once your application has been accepted, it is easy to borrow whenever
you need to. You send a text and a PIN number (which is given to you by the
loan company) and using these details you can borrow cash whenever you need it.
How much can I borrow?
At first the loan provider may lend
you £100 per loan, but after a while once they get to know you as a customer,
they may raise your borrowing limit so that you can borrow additional amounts
of up to £200, £300 or even £400.
How do I repay the loan?
The loan gets repaid when you get
paid - the loan term is generally seven to fifteen days and the lender will
take the money automatically out of your account. You can see exactly what the
charges are when you make your application, so you'll always be kept up to
date.
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