If you are familiar with payday loans then you should have a rough idea of what text payday loans are. These are simply those that you can apply for using your mobile phone. You only need to apply for the loans via text messaging (SMS). Banks have realized that there is a need for easy access to small short-term loans that do not need too much scrutiny for processing. These loans are small and are given for short periods. You can expect to pay a high interest rate since these are short-term loans and are a risk for the lender since they do not look at your credit background.
The first thing that you need to do is look for a lender who is offering this service. Text payday loans can be accessed from private lender and there are many that have set up websites that you can visit and fill in your details. You should read testimonials from independent review sites so that you can narrow your search to a few lenders. Pay them a visit and find out about their service, the interest rates and their penalties for late payment. Once you have made up your mind you can go ahead and register with one of the companies.
Once you have registered for the service and you need to get access to text payday loans, you only need to send in a request of how much you need via SMS to the lender. You will get a PIN number to use for purposes of verification. Once your request has been verified you will have the loans processed through your bank account. You will also be required to repay the loan through the same bank account. If you will not have enough funds in the account by the end of the payment period you can ask for an extension for which you will be penalized.
In order to qualify for these loans, you must adhere to these requirements.
• You MUST be an adult in gainful permanent employment.
• You MUST be a citizen of the United Kingdom
• You should have a bank account for processing of the loan.
• You should have a valid phone number and email address for correspondence purposes.
Once you have met these requirements, the bank will easily process your application and you can meet your urgent needs. The loan amounts are small and do not exceed 100 pounds. The usual payment period is a week but you can get an extension. You no longer have to struggle to meet small urgent payments. You may need to finish paying your bills and you are short on money. Just ask for text payday loans from your financial institution.