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What Are Text Loans
One of the best qualities that majority of the loans have nowadays is speed. Borrowers who avail quick cash are able to address their financial concern in a matter of minutes. Instant loans have become helpful when it comes to financing urgent expenses. It’s also beneficial when you are in need of cash and you cannot provide collateral or a guarantor. These types of loan are offered in a quick manner; however, when it comes to easier and faster application process, nothing beats text loans.
A text loan is a good example when it comes to development and technology. In just a few clicks, you can get the financial assistance you need; however, it is only available when you’ve been previously qualified for a loan. There’s no need to go online or visit a physical loan office; instead, you can simply send a text message to get your next loan. Long ago, re-applying for a loan takes time and energy. As a borrower, you need to exert effort in dressing up to impress the lender, endure traffic, and deal with a number of loan providers. You also need to bring a handful of documents with you to suffice their requirements. Overall, it was a huge challenge that every borrower has to go through even if it was their second or third loan. With text loans, such things are not crucial and you can have the loan again in just a snap. You can be qualified even without paperwork; in fact, your eligibility depends on your credit rating and affordability check and lenders will verify this through the information you’ve provided beforehand. In a snap, you can receive the lender’s decision via SMS.
It takes an hour or so to get the confirmation you need and the best part is that you still have the access even after office hours. Most lenders entertain borrowers only during business hours; however, with text loans, you can still submit an application anytime and anywhere. It is available 24 hours and 7 days a week. But if you choose to go beyond the regular working hours, most lenders will inform you that it might take a little longer.
How To Apply For A Text Loan
Just when you thought that online loans are the most comfortable when it comes to acquiring loans, wait until you try a text loan. As mentioned, a text loan is only available once you’ve successfully borrowed a loan. This means that you should go through the online application process so the lender can procure the necessary details. Once you’ve made an account with a text loan provider, you can apply for a new loan online. You need to prove your capability to settle the loan, therefore, you should settle the first loan prior to applying for a text loan. Once your responsibility with the first loan is done, you can now use the text service. With this, you can get the money instantly without going through a lot of paperwork.
Depending on the lender, you will send a specific message to a particular number. In a few minutes, you’ll get a decision reply, stating whether you’ve been approved or not. If you’re successful, you can get the money using the same bank account you’ve utilized beforehand. If you’re rejected, then you may try once more or you can just call their customer service for advice.
How To Know Whether You’re Approved Or Not
Every lender has their own terms and conditions and rate, but on the average, you can get as much as £500. There’s no need to wait for a long time; in fact, after sending a message, you’ll know the result right away. Being a successful applicant doesn’t mean that you will get the loan. Even if you’ve been qualified before, you can still get an unpleasant reply. You may be rejected due to affordability and other factors. In these cases, the lender may suggest a certain amount you can apply for instead.
Applying Using A Different Mobile Number
Changing your mobile number may happen anytime due to various reasons, and some borrowers believe that this will affect their eligibility. Indeed, most lenders will only accept registered mobile numbers because it has a specific PIN. However, you can always notify the lender through a phone call so they can conduct any necessary amendments.
The same thing goes with bank accounts; in case you’ve created a new account, you need to update your details before you apply for a loan. Lenders use this to validate your identity and as their means to send the money. You may still acquire the loan, but you need to inform their customer service right away. Otherwise, you may log in to your online account and update the details on your own.
How Much Does A Text Loan Cost?
One of the reasons why a text loan is cheap is because of its almost free service. You only need to pay the regular amount when texting, therefore, the lender won’t charge anything at all. Think of it like sending a message to your friend – the charge will be reduced in your mobile provider’s regular rate.
What Do You Need To Know About Text Loans?
A text loan is not yet widely available, but with the ease and convenience it provides, it won’t be long until the world knows about it. Technically, this is offered to anyone who has repaid their first loan. As mentioned above, you cannot apply unless you have a successful transaction with the same lender before. First-time borrowers do not need to worry because most loan providers will send an instruction on how they can apply and redeem their money. Most of the times, the message to be sent will follow a certain format, therefore, there’s no need to compose a new message or say words such as “please or “thank you” to increase your chance. The text loan service is automated and you can have the decision in a matter of minutes.