Getting a loan is now as simple as 1-2-3. There are a large range of quick and instant loans that people can apply for. For example, you can now get text loans that will provide you with a loan for a short period of time through a SMS or TEXT message from your mobile phone. Here is how the process usually works:
Step 1:- Decide how much you want
Usually, these text (sometimes spelt ‘txt’) loans have a cash limit to how much can be paid out. That means if you require more than £2000, you will not be able to get it through text loans. Usually companies are willing to provide short term loans of amounts that range anywhere from £500-£1000 and these loans are authorized quickly in just a few minutes.
Step 2:- Paper work
Usually, you have to register online at the website by submitting personal details, bank account details and other information. The company will usually review the documentation. There is no need to send in social security numbers but the website may do a credit check. Even with the credit check, the company will authorize loans for you as these are short term loans that can be paid back in a few days. Once you have been approved for this loan, you are automatically sent a PIN number. This PIN number has to be then sent back to the company in the form of a text message signifying that you have accepted the terms of the loan.
Step 3:- Interest rates
Please note that although these loans are a few of the quickest loans in the market, the interest rates can be quite high. The exact interest rate will range anywhere from 15%-30% on the loan amount that you have taken. However, the government has fixed the upperlimit for these loans as 36%. But when you are taking the loan, ensure that you check with the company and finalise the interest rates before proceeding. However, these interest rates will be specified in the text message that is sent in the loan PIN that you are getting
Step 4:- Payment and Payback
Usually, payment processing is complete in only 15 minutes. The cash is deposited in your account and you can withdraw and use the cash as you require it. Once you have taken the cash, the company will also specify the payback of the loan according to the process that they want. Ideally, when your paycheck comes in, the company will automatically deduct the cash from your account as it will set up an automatic debit or credit process. If you wish you can also extend the loan as much as possible but you will have to pay a fee for this extension.