What are Mobile Payday Loans

The trends are changing in technology and it is not any different with payday loans. Most people enjoy applying for a cash advance because of the easy approval process. The application process just got easier with mobile payday loans. A mobile cash advance involves applying for a loan through SMS without any paperwork. Companies wanted to develop a loan for working people who wanted quick access to cash. The borrower can apply for the advance from their mobile phone at any time.

Many companies in the United Kingdom provide mobile micro loans. They are a short term solution for family emergencies. The loan amounts are from £60 to £300 with a repayment timeframe of seven to 45 days. The application process is simple. It can be done by cell phone or on the website.

Payday loan companies do not run a credit check, but there are certain criteria to meet. The borrower must be a citizen of the United Kingdom. He or she must be 18 years or older. The borrower must be employed with an active bank account. An email address and mobile phone is required as well. If you meet the requirements, then the lender will mostly likely approve the loan.

Before applying for a loan, you will need to decide on the amount of cash and when you want to repay it. Many websites have calculators for calculating how much total repayment would be for getting the loan. If the amount is affordable then, you can proceed with applying for a cash advance. People who apply for payday loans want their money immediately. Customers are happy to know that the money can be obtained the same day or by the next day.

Borrowers can use their cell phone to see what lending options are available to them. After finding one, you can visit the official website and submit the online form. The lender will accept the application and send a confirmation email. If the cash advance is approved a text message is sent to the customer’s phone, then the customer has to text back the word “AGREE” to the company. This text message means the customer is agreeing to the conditions of the loan. It is important for borrowers to read the condition and terms before agreeing to the contract. You are responsible for repayment after accepting the terms.

If the company receives the loan back during business hours, then a deposit is made to the customer’s bank account. The timeframe for when the funds show up in your bank account will depend on the bank. They are usually in the account within 24 hours. These types of loans provide a solution for someone who may get an unexpected bill or when someone gets sick. Emergencies usually occur when people are not prepared or short on cash. People do not always have the option of asking a family member or friend. Going through a lender is confidential and everyone does not have to know about the loan. Mobile micro loans make it that much easier to obtain a cash advance.