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Mini Text Loans
For one obvious reason, text loans are acquired by sending a text. Instead of driving yourself to the lender’s place or visit a website using a laptop and an Internet connection, you may get a financial assistance by sending an SMS to the lender. In a matter of minutes, you will receive a reply stating if you are approved or you are qualified for a lower amount. On the same day, you can have your money transferred to your bank account. These loans are becoming popular and it is commonly referred as SMS loans and mobile text loans.
Introducing Text Loans
Gone are the days when you need to talk to a real person; now, you can almost have everything done online, if not through a mobile phone. The same thing goes for loans; now, it is possible to get a financial support if you are in dire need of cash. Using a mobile phone, simply send a text message to a specific number. Most lenders will provide a pre-made text to know the amount you need and a Personal Identification Number (PIN) for security purposes. Lenders will only entertain borrowers who are registered with them.
Mini text loans offer amount ranging from £100 to £1,000, depending on your capability and credit rating. It may be smaller compared to other loans, however, it is beneficial to those who are in need of immediate funds. This type of loan is quickly becoming popular to many borrowers in the UK because they can have a financial resource in a matter of minutes.
The Loan Amount
Like other short-term loans, mini text loans are not big but it is enough to cover basic expenses for a month. It is adequate for buying groceries, financing unforeseen emergencies, paying debts, and more. Debtors are not restricted and they can use the amount whenever or wherever they want. However, since the loan is not for free and you need to repay the loan amount, interest rate, and other charges (if applicable), then you should be wise about your purpose. Do not borrow just because you want to; instead, borrow because you really need it.
Unsecured Short-Term Loans
Text loans are unsecured by nature; thus, you can borrow money without surrendering any collateral. Collateral is an asset or valued item, such as a house, car, jewelry, or gadget. Because it has skipped traditional processes, the entire loan application, approval, and sending of the money happens in just a few days. The downside is – such loans are expensive.
To reduce the extra costs, you can conduct a research first to find out the cheapest option. There are many lenders claiming that they have the lowest rate, but without knowing their terms and conditions, you are putting yourself at risk. There may be hidden charges apart from the fees you’ve already settled. In addition, doing a thorough research allows you to crack a better deal that may help you save money, find a better customer service, and land on a more flexible payment term.