At a certain point in life, we all face a situation where we need funds on an urgent basis. Not having funds in the pocket make it more challenging to cope with the financial crisis that you are facing. You can come across any emergencies in life where you might need urgent cash to deal with the problem like:

• Unpaid bills

• Rent

• Car breakdown

• Medical issue

• Sudden job loss

• Urgent home repairs

These situations can occur with anyone in life where you need a significant amount of money to deal with the problem. Well, you might approach your friend or family to seek some financial assistance. But, if you don’t want to involve money matters with your people, then best would be to take professional help.

How to get urgent funds during a financial emergency?

It might sound a bit upsetting, but the time when you will need funds the most will also be the time when you face most difficulty. The hard lending policy of the traditional lenders makes it tough to get a loan on an urgent basis.

Fortunately, there are options where you can get funds quickly. Many private and online lenders are available in the market who offers instant funding facilities. So, if you are in an urgent need of a loan, then you can apply for text loans now.  You can directly apply for the loan directly from your phone, where you just have to send an SMS to the lender along with your basic details.

The maximum amount that you can get with SMS loans

SMS loans fall into the category of short term funding, so it is ideal for the scenario where you are facing an acute problem and need money urgently.  The maximum amount that you can get depends on the lender where you are applying.  You can get an amount from £500 to £5000 easily without any hassle.

However, while applying for the loan, keep this thing in mind that it will be you who will have to repay the debt along with interest. Hence, apply for the amount that you actually need not more than that.

Who can borrow the loan?

Well, to get such loans, there is a minimum requirement. You don’t need to provide any guarantor or present any collateral for the approval of the loan. Also, if you have a poor credit score, you can still qualify for the loan. These are basically the mini credit loans, where a negligible or almost no credit check is performed to approve the loan.

So, even if you have a poor or zero credit, you can still get the loan without any inconvenience. The lender will take other factors to determine your capacity of repayment like:

• Income status

• Job history

• Credit utilisation ratio

• Employment history

Based on these factors, the lender decides whether you are eligible for the loan. However, the approval rates of SMS loans are quite high, so there will be low chance that your request for the loan will be rejected.

Things to keep in mind when applying for SMS loans

There is no doubt that SMS loans can be extremely useful during the time of emergencies. But, it is important to ensure that you are approaching the right lender. As given on the short term basis, these loans can come with higher interest rates, and failing in the repayment can result in penalty fees.

But this is not the same with every lender in the market as there are some who do not perform such rigorous lending policies. You will get the funds instantly without any kind of complications. But, it would be better to ensure that you repay the loan on time.

So, this was how you could arrange instant loans when you are facing a financial crisis in your life and need immediate funds.