People can now get loans by text through their mobile messaging service (SMS). This is an effort for banks to reduce the hassle that people have to go through when applying for small loans. You no longer have to apply online for small loans or pay the bank a visit. You can simply send a text message to your lender asking for the loans and as long as you are registered and have met other requirements you will get access to these emergency loans. The financial institutions recognize that people are a busy lot today. The hassles of every day life may make it hard to pay the bank a visit to ask for a small loan or go through the process of filling an online loans application form for small amounts that you could borrow from your friends and family. They have availed this service so that you can get access to these types of loans easily.
Once you have identified the amount of money that you require to meet your urgent need, you need only send this amount and the period that you aim to repay it in. The bank will then send you a PIN number with which you will verify that the request is indeed genuine. Once you have verified the loans by text request, your money will be processed and put in your bank account. Most banks will advance you up to 100 pounds for a period of one week. Once the week has gone by, the bank will expect to find enough money in your bank account to clear the loan. If you are unable to clear the loan in the stated time, you can request for an extension. This will cost you since they will penalize you for the delay.
Loans by text require you to be a citizen of the United Kingdom. You should legally be an adult and you should have a bank account. If you do not have one then one will be provided to you once you register for this service. A phone line and an email address are important for communicating with the lender. Once registered you only need to send a request for a loan through a text message. The bank will ask you to confirm by means of a PIN number that they will send to you. Upon confirmation your loan will be credited to the bank account.
Shop online and look for various institutions offering this service. Find out from friends and family if any of them have ever used this service and what they think about the service. Pay attention to the small details of the service such as the penalties for any extensions and their interest rates.