Also known as mobile or SMS loans, text loans are loans applied for by text message. The text loan lender does not usually need any information other than the client’s mobile number, email address and bank details.
Text Loan Lenders managing director Kevin Walker believes it’s essential for customers to understand that text loans should only ever be a short term measure. He says: “Text loans have received negative publicity because the APR – the interest rate you pay on the loan – is very high. Because of this, text loans should only ever be used as short-term options, such as when you need a bit of cash for just a few days until payday.
“If you know how and when you are going to repay the loan, a text loan is a quick and simple way to manage your cashflow for that short space of time. But if you need a longer-term solution, a text loan probably isn’t for you.”
Text Loan Lenders is part of mymoneycredit.com, which offers loan advice and guidance to customers, particularly those on low incomes and benefits. Text Loan Lenders can give advice on issues such as managing finances more effectively, and always highlights how heavily a customer can be stung by the lender if a loan is taken on for more than a few days.
Unlike many other websites, Text Loan Lenders lists all the direct payday loan lenders able to put cash into a customer’s bank account. By listing the companies themselves and not brokers, clients know that Text Loan Lenders is showing them every option.
Customers are able to borrow between £100 and £1,200 via the Text Loan Lenders website, repayable within 31 days. The companies offering text loans, wage advance loans and payday loans take applications online or by text and put the cash loan into the applicant’s bank account, usually within 15 minutes. These loans are unsecured, which is often a good option for customers with a low credit rating looking for a short-term loan.
For more information please visit www.textloanlenders.com (http://www.textloanlenders.com/