What Are Text Loans?
Are you bored of making loan inquiries over the phone or through other methods? Allow us to introduce you to text loans - quick mobile loans that you can apply for online.
Text loans are loans that can be borrowed via text. You can use text throughout the entire process between borrowers and lenders. Because of the emergence of smart technology and smartphones, most lenders now accept loan applications by text message.
You can now get instant loans without speaking to anyone from the comfort of your own home or workplace. When you submit all the required information and qualify, lenders will credit your bank account immediately.
It's important to note that all lenders are required by the Financial Credit Authority to undertake credit checks.
How Do Text Loans Work?
The term “text loan” should not give you the impression that the application process is complicated. Text loans are similar to regular loans. The only difference is that you will engage by text instead of calling.
Take a look at the points below to understand how text loans work:
- Send the text request: As a potential borrower, you will text a potential lender who offers text loans.
- Apply: After the lender verifies your information, they give you a personal identification number.
- Confirm your cash amount request: Most text loan providers can give you anywhere from £100 to £5,000, depending on your needs and qualifications. Confirm that you accept the approved amount.
- Send your PIN and receive your cash: Send the lender the PIN you received after completing the initial application. The lender, usually within 60 minutes, will credit your bank account.
Am I Eligible to Get a Text Loan?
If you're wondering if you're eligible for a text loan, contact us, and we'll show you. However, there are a few requirements that you must meet first. They are as follows:
- You must be at least 18 years old.
- You must show proof of United Kingdom citizenship or permanent residency.
- You have to provide proof of your present financial position.
- You have a working phone number and an email address.
When you fit the above criteria, connecting you with several lenders who offer text loans will be simple.
Can I Get a Text Loan For Bad Credit?
It's encouraging to know that most lenders offer loans regardless of one’s credit score, specifically those affected by bad credit. Even those with bad credit can now get text loans and their alternatives from most online lenders. They understand that life can throw you a curveball, find you unprepared, and leave you looking for urgent cash.
Lenders have decided to focus on a person's present employment and financial status. They will not deny you a loan simply because you have previously missed loan repayments. Regardless of your credit history, they will still offer you a loan for poor credit.
Because the text loan lenders understand that you need the money to meet an immediate financial need, they will make the process as simple as possible. They are eager to assist anyone who requires immediate financial assistance through text loans.
We will only introduce you to lenders who comply with FCA's legal rules. They follow strict guidelines and will not offer any loan against FCA guidelines. Our job as a broker is to match you with lenders who can help you meet your goals.
How Much Can I Borrow?
A text loan is a loan you can borrow and payback as soon as your next payday arrives.
FastPaydayLoans can connect you with lenders offering loans ranging from £50 to £5000. Your income and your ability to repay will determine the amount you can get.
Ensure you borrow an amount that you can afford to repay. Your lender will charge you interest and penalties if you don't pay your text loan on time, just like other online loans.
Borrow the amount that will cover your emergency needs and that you will be able to repay on time.
How much would you like?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
How Do I Apply for a Text Loan?
Finding a lender for text loans is not difficult. If you conduct an online search, you will undoubtedly come across UK direct lenders. Their application processes may not differ significantly, but we've highlighted how many of them conduct theirs if you're unsure.
See how most lenders approach text loan applications.
- Send a text message to the lender with a loan request and the amount you want.
- They will send you an application form containing their requirements and instructions. You should send it to several lenders to increase your chances of being selected for one.
- The lenders will use the application form to determine if you can afford the payments. Those who believe you satisfy their requirements will make you an offer.
- Accept the offer that is most suitable for you. The lender will credit your bank account with your funds after sending the Pin they gave you during the initial application process.
The most critical thing to remember is that you should only approach credible text loan lenders. Before committing to a loan with them, read through their rules and regulations. Remember to ask if they adhere to the FCA's rules.