Text Loans- now get money through your phone

Text Loans- now get money through your phone

Mobile phone is such an accessory that no one can stay without it, it's a must have thing these days. They are carried everywhere and anywhere, and now there is an added feature which one can use if he/she is in need of any financial help. Now mobile phones can be used to get a loan and such loans are termed as text loans.

Text loans are quite small types of loans that the borrower can get when he/she send a SMS to the lender where they are registered as a borrower. When the borrower registers his/her name to any particular lender, they are given an ID number therefore the borrower can get money anytime by submitting a SMS with the ID number. During the time of registration the lender does check all the details of the borrower and then only registers the borrower. One can register with a lender online also.

Well when a borrower borrows some money through text loans, they must be sure that they are quite small and they can provide the borrower with only a loan sum ranging from 50 pounds to 100 pounds. The loan sum can be increased as per the borrowers monthly income as well as his/her repayment capability. These loans need to be repaid within 7 days, therefore they are a better resource of money and they don't keep the borrower in debt for a very long duration. The only drawback is that there is a high rate of interest involved in this loan.

Some borrowers fear in applying for these loans because of their bad credit rating. Well, these loans are credit check free and are a good source of alternative. So, one is eligible to borrow these loans even if they are running poor credit rating due to arrears, bankruptcy, defaults, CCJs and even insolvency and any other issues as well.

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