What are Text Loans?
Text loans are short-term loans that are borrowed by sending a text, which is one of the best options for your urgent financial needs. The text loans are categorised among the unsecured loans that do not have a guarantor requirement. It is simply a payday loan and one of the quickest ways to request a loan. The direct lenders may facilitate your request by using electronic communication means, i.e., text messages, for faster service.
How Can Text Loans Help You?
The expenses that come out of the blue can affect anyone with minimal credit availability. Not everyone can accommodate these sudden expenses in a short amount of time. Short-term loans like Text Loans are available for the people who are facing sudden and unplanned expenses but are out of cash.
Are there any Risks of Text Loans?
Short-term loans, including text loans, have high-interest rates. The people who can't repay the loans with heavy interest at a specified time can be at significant risk. In many cases, the direct lenders can access the borrower's bank account. In case of delay in repays, the lender can take any money available in the borrower's bank account to recover the loan.
What are the Alternatives of Text Loans?
People having good credit ratings can have the opportunity to take loans from credit-issuing institutes, which will issue loans at lower interest rates. Another possible option is banking overdraft. Banking overdraft allows the account holder to draw out more money than their account balance. Having credit cards is also an effective way to acquire short-term loans.
Am I Eligible for Text Loans?
For the text loans, the eligibility requirements are very minimal and easy to fulfill. Here at FastPaydayLoans, our direct lenders will approve your text loans once you prove that you can afford to repay the loan by giving your income details and credit history. Your age should be 18 or above and you must have a valid bank account to acquire the text loans.
Application Procedures of Text Loans
The application procedure for text loans is so straightforward that it only takes you minutes to finish.
Step One: With your text message as the loan request, our lenders will let you fill in an application for understanding your basic information, which is only for evaluation used.
Step Two: Once your loan application gets approved, you will receive your loan offers. At this time, consider well your economic situation and your repayment ability before accepting a Text loan.
Step Three: Receive you money. As a quick loan, you don’t have to wait a long time before receiving the funds. In general, you will have the loan money within days of the application being approved.