Text loans in the UK are becoming a popular way for consumers to get immediate cash. They are excellent sources of quick income for those occasions of dire need. If your car ever breaks down in between paychecks, this type of advance would be perfect for you. If you need school clothing for the children and you are a bit short on funds, a text loan could help get your kids geared up for learning. If you ever had one of those unfortunate situations where you have exhausted all extensions on the household utility bills, a text loan would be the perfect rescue.
What are Text Loans?
A UK text loan is a payday loan that you can acquire by sending a simple text message from your mobile device. It is a short-term loan meant to help you out in cases of extreme emergency. The typical loan period of a text advance is fifteen days. This means you are expected to return the proceeds within a period of fifteen days. Generally, you would pay back the advance on your first paycheck after the lender issues it. You have an extra week to make your payment back to the lender.
How to get a Text Loan
In order to receive a text loan, you must register with the lender first. You will need to fill out a short application with important information such as your name, address, mobile phone number, place of employment, length of employment, bank account information, and debit card information. The best thing to do is register today so that you easily request funds if you need them in the future.
You can normally complete the registration process within fifteen minutes. The lender will look at your overall situation and decide whether it wants to extend the funds to you. They do not usually base their decision on your credit score. They look at the whole picture and base their decision on your ability to pay. You are expected to be responsible and not request loans if you do not believe you can repay at the appropriate time.
If the lender decides you are eligible for assistance, it will send you an approval text message and a pin number. The pin number is what you will use to request monetary assistance. Requesting a loan is very simple. You send a text message in with the keyword LOAN, your pin number, the amount you are requesting, and the number of days you would like to borrow the funds. The maximum amount of days is fifteen.
Once you request the loan via text, the lender will disburse the funds into your bank account. The first time you borrow cash, you may only be eligible for £100. If you make your payments on time, the lender may see fit to raise the amount you can take out.
After fifteen days, the lender will automatically deduct the appropriate amount from your debit card. If the funds are not available at that the time, the payday lender will add an administration fee and attempt to withdraw the funds later.