A text loan is the easiest and the quickest varieties of loans that you can get. However, people are still not aware of what text loans are about and how they can be helping them in getting some instant cash without any hassles. As the economic times are not very favorable, even the most prudent of the people have to face financial issues at one time or the other. There may be unforeseen emergencies, medical emergencies or expenses that are urgent but cannot be paid for without taking a loan. In such a case, you must stop thinking and get a text loan for yourself.
Just like every other kind of payday loan you will be getting a small unsecured loan for a very small duration of time so that you can meet small emergencies or urgent needs for funds with ease. However, the procedure is a little different in terms of text loan. You first have to select a loan provider and then register with him for a loan. As and when the need of a loan comes up, you should go ahead and send a text to the loan company. Within a few minutes, your loan will be processed and transferred to your bank account. Ideally, all this can take place within just 15 minutes. The terms of application are different with different companies but being at least 18 years of age is necessary in almost all the cases.
You must have a bank account of your own and your monthly salary should be at least 1000 pounds in order to get a txt loan. A cell phone and an email address are also a necessity for you. First, you will have to go online ad register yourself and then use the text functionalities of the service. This will work as the finest kind of payday loan service you have ever seen. With the help of a text loan service, you can try to make sure that you make adequate reserves for unforeseen financial issues and sort them out with ease.
There is no paperwork involved in this kind of loan because of which it is so easy to get. You don’t even have to go to the office of a loan company and fill up different kinds of forms to get a loan approved. Just apply for becoming a part of their network and you can be getting financial help, whenever you need.
All the loans that we review or recommend all have:
- Minimum period of repayment: 6 months. We do NOT recommend taking any loan with repayment period of less than 6 months, as you will have difficulties paying back
- Maximum period of repayment: 3 years
- Annual Percentage Rate (APR): less than 12%. Any rate higher than this will negatively impact your finance
- Below is an example of the loan mentioned in this article, with a loan amount of $20,000
|Flat Interest Rate||7.50% p.a. (Effective Interest Rate of 14.39% p.a.)|
|Total Interest Charged for the Loan||$20,000 x 7.50% p.a. x 3 years = $4,500|
|Loan amount + Total Interest||$20,000 + $4,500 = $24,500|
|Monthly Instalment||$24,500 / 36 = $680.56|