subject: Text Loans The Process [print this page] Text loans is another term for a pay day loan, text loans are the new craze in pay day loan world. A few years ago when pay day loans were first introduced in to the United Kingdom you would have had to apply for a pay day loan on the lenders website and then you would have had to phone the pay day loan company in order for them to release the money in to your bank account but this has now changed and many pay day loan lenders are jumping onto the text loan band wagon.
To apply for a text loan you will need to first register with a lender, this is all done online via their website, you will need to fill in details about yourself and also details about your income, dont worry your employer will not be contacted.
If you are accepted for a loan and pretty much most people normally are you will be sent a text message to your mobile phone, in this text message it will contain your unique PIN number, you need to keep this safe as this is your PIN number in which you will need to text back to the lender in order for them to release your loan money in to your account.
The pin number does not change and you will only have to register just the once with the lender, this means that wherever you are in the country you can get access to the funds.
As you can see text loans are very handy and quick the money will be able for you to spend in your bank account within just a few hours, when its time to repay the loan there is no need to contact the lender, the money will be automatically debited from your bank account on the agreed date, this is normally 31 days from when the loan was issued.
There is a charge to borrow money and this figure can be as high as 30 per 100 borrowed so it is best to have a look at various lenders to see what the best rate is available to you. As no two lenders charge the same fee.
If you cannot afford to repay the loan for whatever reason you must inform and tell the lender straight away dont leave it until the repayment date as you will be charged a late payment charge and this can be quite high as well.
