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Instant And Quick Text Loans
Text loans work almost the same as payday loans – fast, simple, yet risky. It’s a good option for those who have troubled credit history, however, it carries a high-interest rate that is often hard to settle. Because of the ease it provides, most borrowers are tempted to borrow more than what they need and are capable of. As a result, most of them are trapped in the vicious cycle of debt. Therefore, before submitting an application, you may consider this option’s benefits and drawbacks first.
Introducing Text Loans
Similar to payday loans, text loans are high-interest loans. The only difference they have with each other is the way their process. Payday loans can be acquired by filling out an online application form while text loans, for an obvious reason, can be procured by sending a text. There will be no other devices involved aside from mobile phones, making the loan more accessible than ever.
Text loans have proven its accessibility and with proper use, the borrower can make the most out of it. However, if the borrower fails to understand what the loan is about, it can cause more financial chaos.
How Do Text Loans Work?
Using a personal identification number (PIN), the loan applicant can send a text message to the instant text loans provider. Once approved, the money will be deposited to the pre-arranged bank account in a few hours, if not minutes. The PIN is provided by the lender to a registered number, therefore, the borrower needs to notify the lender in case he wants to change his mobile number. It will be given after the first application process.
Most quick text loans providers do not conduct any credit check, therefore, even with a troubled credit history, the borrower can be qualified provided that he meets other factors. For the principal amount, the potential debtor can acquire from £100 to £1,000 and existing clients may get even more. However, borrowers should know that its convenience comes at a cost. Like payday loans, it carries a very steep price, thus, you need to be extra careful when borrowing and borrow only the amount you need and you can settle easily.
Benefits And Drawbacks
It is true that text loans are beneficial especially when you have unexpected and sudden bills to deal with; however, not every borrower has the capability to settle this loan back on a short-term basis. Therefore, to make the loan beneficial, you should have the financial capability first. Otherwise, it can add more problem rather than solutions.
Whether you’re trapped in the middle of nowhere and you need extra cash to repair your car, or you need cash to settle other debts, quick text loans can help you. In fact, it can even save you money by letting you avoid penalties and other charges due to late payments. But then again, it is very expensive and without proper budgeting, you are creating a way to a bigger, deeper debt. For a safer option, look for a cheaper text loan provider who offers lower APR (Annual Percentage Rate).