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Representative 49.9% APR. Representative Example: Borrowing £1,000 over 12 months, repaying £103.06 per month, total repayable £1,236.72. Interest rate 49.9% (variable).

Text Loans in the UK

Your mobile phone plays a major role in your life. From sending and receiving emails to video conferencing to making purchases online, there are so many things you can do from the comfort of your home using your phone. One of the biggest benefits of using your phone for some of these tasks is the convenience it offers.

Many people in the UK today use their phones to apply for text loans. If you are in an emergency situation and you need urgent cash, a text loan can be your quickest way out. All you need to do is send a personal identification number via text to a lending institution and your loan will be approved and deposited into a pre-agreed bank account in a matter of minutes.

The PIN you send to get your loan will be issued to you once you are through the initial application process. During this stage, the lender will confirm your particulars. In some cases, your credit history may not be an issue, which is great for people with poor credit scores. Of course, you should make sure you are in a position to repay the loan before you apply.

What are the advantages if text loans?

Text loans in the UK have come in handy for people with limited credit availability and tight budgets. For anyone in a position to repay the short-term loan plus interest and associated fees, the simplified application could be a massive advantage.

Here are the other advantages of text loans:

1. Few requirements
Accessing text loans is made easy partly due to the fact that you only need to meet very few basic requirements. As long as your 18 years or older and the lender is satisfied that you can repay the loan, your loan will be approved. You also don’t need to provide any form of collateral.

2. Speed
In most cases, your loan will be approved within minutes of you sending the text with your PIN. Unlike with conventional loans, you don’t need to fill multiple forms when applying for a text loan. With so much competition in the market, every lender strives to offer the quickest services.

3. Your loan limit increases with time
Most lenders will increase your loan limit for subsequent applications every time you repay your text loan on time. For example, if you apply for a loan of £300 and you clear it in time, the lender will gradually increase your limit according to their lending policy.

4. Protects your credit rating
With their short repayment periods, text loans are great for people who want to protect their credit rating. With a longer-term loan, you never know what can happen within the repayment period. If, for one reason or another, you default on your payments, your credit score can take a significant hit. In most cases, you will repay your text loan as soon as you receive your next salary or cheque.

In summary

There is no doubt that text loans have proven very useful for people in need of quick financing. However, it is important that you tread carefully when applying for these loans. You don’t want to spend the entire amount on the wrong things only to struggle to repay it.