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Tuesday, October 7, 2014

How SMS Loans Work

These loans are part of the new family of payday loans and they're a great option for people who need to borrow small sums of money very quickly and simply, without filling out complex forms, visiting a bank or lender, hanging on the phone to speak to an advisor and having to present various forms of evidence to make a loan application.

How easy is it to set up the loan?

SMS loans can be set up in 15 minutes! You'll need to register on the lender's website before making your first loan, using the quick application form to register and get set up. The lender will use a credit reference agency to check that you're in employment, earning regular income and that you meet their lending criteria. Even if you do have bad credit, you may still be accepted and then you can manage your SMS loans effectively and reliably to help build your credit rating going forward.

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What do I need to set the loan up?

You'll need a few basics. Firstly, you'll need to be 18 of over and show that you're in employment and earning regular income of at least £1000. You'll also need internet access to register with the lender on the first occasion. From then on, you'll need a mobile phone that you can text from. Once you're set up, you'll simply need to text your pin code (which the lender will give you when you register) to the lender's customer number and you'll be able to borrow £100. The money will be automatically transferred into your account and can be there in just a few minutes. Over time, as the lender gets to know you, they may extend your credit facility so that you can borrow larger sums of £200, £300 and even £500.

What are these loans for?

They are designed to provide instant cash for a short-term requirement - basically to tide you over until payday. Even the best budgeters can find that a surprise or unexpected cost comes their way - anything from a forgotten birthday, to a broken down car or a higher utility bill than expected. These short-term loans simply tide you over until payday.

Importance of repaying an SMS loan on time

As with any loan, the loan must be repaid on time and this will usually be within 7-15 days, according to when you receive your pay check. The agreement will be made between you and the lender when you apply and you will be able to see the repayment amount clearly, before accepting the terms and conditions. Without repaying the loan on time and according to the conditions you signed up to, you will start to accrue charges.

Consequences of not paying your SMS loan back in time

If you don't pay back your loan in time, charges will be added onto the loan, as the duration of non-payment increases. As well as costing you more, this will damage your credit rating and make it harder for you to obtain credit in the future.

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