FREQUENTLY ASKED QUESTIONS
Q: What is a text loan?
A: A text loan is a short term loan applied for via SMS, repayable within a stipulated time period. Text loans are designed for borrowers who are looking for a fast solution to their short term cash needs. Text loans are instant loans as the reviewing and transferring periods are cut to a minimum.
Q: Is a text loan right for me?
A: Text loans provide a solution for occasional cash shortfalls. They are typically short term loans and thus cannot be used to solve/settle long term obligations/commitments. For these, look for other, more suitable forms of financing.
Q: What are the requirements for receiving a text loan?
A: The borrower needs to be over 18 years old, be living in the UK and own a UK bank account, as well as receive a regular income.
Q: How much can I borrow?
A: The amounts available for borrowing differ between lenders. As text loans are designed to cover short term cash shortages, they mostly come between £80 and £200 for first-time borrowers. This amount can increase after you have repaid the first loan on time, however, the amounts available do not exeed £800.
Q: How can I apply for a text loan?
A: Applying for a text loan involves two steps:
1. Register with a lender online;
2. Once approved, send a text to the lender detailing the amount you wish to borrow.