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Technology Enables Loans Via Text

by Jim ONeil on May 4, 2011

in uk loans news

The computer and Internet streamlined the way we find and process information. The smart phone brought much of that functionality into the palm of our hand. Through the wonders of technology, UK citizens can now apply for a loan via text.

No credit check loans that require no faxed documents or collateral and are delivered via SMS are becoming very popular.

It takes just a few minutes to apply for a text loan and once the application is approved, the cash is quickly transferred into the designated bank account. The applicant must first register with an online lender, who provides the individual with a PIN.

When cash is needed, the person simply composes a text message containing the PIN and required loan amount and sends it to the lender.

Small loans of up to 100 pounds may be applied for in this manner. Repayment is automatically made within seven days via a direct debit from the bank account. If a borrower is unable to repay the loan within this period, he or she may request an extension from the lender.

Additional fees will be charged but this may be worth the extra time granted for repayment.

Since these loans do not include a credit check, people with bad credit need not worry about approval. Whether they have CCJs, bankruptcy, default, are in

arrears, or are insolvent, they can use this method to get immediate access to cash.

Becoming registered with an online lender allows a person to quickly receive cash whenever it is needed.

Companies that offer text loans work with a large network of lenders that offer cheap loans to nearly any borrower. Within just hours of texting the request for money, the individual will receive the funds in the bank account.

This may be the quickest and most convenient way yet to receive a small amount of cash.

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