Regardless of how carefully we budget and monitor our spending, even the most cautious of people finds that occasionally, funds run short. Life's emergencies such as a broken down car, an unexpected vets bill or a forgotten birthday, can put sudden demands on anyone and extra cash is needed.
In such circumstances, short-term immediate lending such as text loans, can be useful. However, as with all financial products, they need to be considered carefully before use, to understand their conditions and terms and to be clear that you can adhere to the repayments in a timely fashion. If not - it may be that you would be better speaking to a debt advisor before taking out further borrowing and further stretching yourself. It is very important that you don't borrow if you know you cannot repay the money.
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However, if you are confident in your abilities to manage your repayments and if you are over 18 years old, have a regular income and a mobile phone, text loans may be suitable for you - and they have a number of key benefits, which aren't found with other more 'old fashioned' loan types.
Fast and simple registration process
Firstly, they are very quick and easy to sign up to. The registration process takes place online via a short form. This is then automatically checked against your history, personal details provided and credit record to assess whether you are eligible to use the text loans service. There is no need to fax documents, wait to speak to an advisor or queue up in a branch.
Quick decision
Secondly, you will hear very quickly whether you have been approved or declined and the message will be sent to your mobile phone. From this point on, if you have been accepted, a pin code will be sent to your phone that you text when needing to borrow £100.
Instant transfer
Thirdly, the loan is instant - simply send a text with your pin when you need to borrow and it will be in your bank account within a few minutes for your use. You don't need to speak to anyone or complete application forms - everything is managed instantly via your mobile phone, using text messages.
The repayment then happens automatically at the repayment date - usually seven days after borrowing - and is taken from the direct debit card you provided at sign up. You don't need to do anything else and upon repayment, your debt will have been cleared.
You can then take out text loans at further intervals as needed and have the security of knowing that the service is on hand when you have an emergency that needs covering. Having said this, text loans aren't designed to cater for long term financial borrowing needs, as their interest rates are designed for short term emergencies only. Other products such as personal loans may be more appropriate in such instances and it's worth speaking to an advisor for more information.
As you successfully manage your text loans, you may find that you can borrow more in future - depending on the lender - and also you will be able to rebuild a damaged credit rating, by showing your ability to manage credit.
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