Text loan is a great facility traditionally provided by the lenders to their existing customers with good payment history. Nowadays, the leading lenders in the UK have started to provide these small loans even to their non-existing clients. If you need a little money until the next payday, it is the best option to meet out the financial needs. To manage the urgent need of small quick cash, you just need to text the message. Once the identity of the message sender is verified, cash is deposited in the referred bank account with a day.

Why Mobile Text Message Loan Should Be Your Pick- The Benefits:

There are multiple ways to get same day loan in the UK because of easy access to internet and the developed culture of lending agencies for working online. Personal approach to the office of lending agency may not be possible each time, therefore, virtual process is liked and followed by the most borrowers. Text message loan makes you free from physical presence; this facility can be availed from the lender of your city irrespective to your location. You can apply for this loan even while on the move; the process is fast and simple. The benefits of text loans can be summarized as:

• Quick
• Virtual
• Anytime credit facility
• Simple process because of less risk
• Short-term liability
• Easy to pay through automated single installment
• Great alternative for the first time borrower

Are You Eligible For A Text Loan?

Although the instant loan is granted for small amount, still, the lenders want to secure the credited amount. Each lender has own criteria to assess the credibility of borrower but basic eligibility conditions are almost the same:

1. You must be of 18 years age or over
2. You must be a verified resident of the UK
3. You must have regular income
4. You should not be declared bankrupt
5. You must have access to a bank account
6. You must have proof of address for the three years

What Should You Know Before Applying For Text Loan?

Can I get a message loan if I have bad credit score?

The credit checks are essentially conducted to assess the previous payment; however, even the borrowers with bad credit score can also get small amount payday text loan.

What is the security module for payday texting loan?

The lenders get the rights to withdraw the due amount from the forthcoming pay deposit.

How much amount can I get through mobile SMS loan?   

The sanctioned loan amount depends upon your documented credibility and current earning. As per standard practice at most of online loan stores, mobile SMS loan amount don’t exceed 30- 40% of salary.

Why should I prefer SMS loan against payday loan?

You may get higher amount through payday loan but it is normally costlier than the low amount SMS loan. Therefore, if you need small quick cash to be returned on the payday, SMS loan is the better option because it needs comparatively less formalities.

How Can You Minimize The Cost of Text SMS Loan? 

The offered interest rate on SMS loans is normally higher than the interest rate offered on personal loans but the ease in getting this credit facility makes it a favorite choice of borrowers with assured monthly income. The cost varies from lender to lender; therefore, selection of genuine direct lender dealing in text loan helps you keep the borrowing cost at bare minimum. The short-term loan amount can be used to pay the due bills on the time that otherwise would adversely affect your credit score. On the time payment of monthly bills saves you from the penalties; the saving helps you pay the interest amount. Is it good to pay part of existing personal loan with mobile SMS loan? No, you shouldn’t use this facility to pay other personal debts because you pay higher interest rate at text SMS loan; the representative APR may be 1300% – 1500%.

Is Text Loan Good for You?

Everyone is concerned with the borrowing cost; therefore, the thought of ‘am I a good candidate for text loan’ is common. The SMS text borrowing is good for you if you:

• Need small amount loan for a justified need
• Have low- good credit score
• Can pay the entire amount in single installment from the forthcoming pay cheque

Concluding Note:

The payday text loan is the modern format of lending that is good for the borrowers and lenders both. The simple process, easy availability and high affordability make it a favorite choice of financially disciplined borrowers. To maximum the benefit –

Justify the need – explore the alternatives – short-list direct lenders – invite the offers – compare the deals -negotiate – seal the deal.

Description: Text loans can be effective as they can provide instant funding access. If applied properly, they can stabilize your financial situation too.