HOW IT WORKS
Obtaining a text loan can be done online and the process is simple and straight-forward. You’ve only 3 short steps to follow:
1. Compare different providers on this website to choose one (or several) that suit(s) you and register an online account with them making sure you satisfy their terms and conditions (see our reviews);
2. Send an SMS detailing the amount you wish to borrow;
3. Receive cash in your bank account on the very same working day and more often than not in just a matter of minutes.
Let’s now look at each step in a little more detail.
Once you have chosen a lender, the registration process with any of the lenders listed on our website should take less than 5 minutes to complete.
You will then receive a loan code or PIN number from the lender which allows you to start borrowing by SMS. Different providers have different requirements as to what the SMS must contain, so refer to their respective websites. Usually, the text will look like this (brackets signify variation between lenders):
LOAN (PIN) amount (duration of the loan in days)
Following their review and approval of your application, which will normally take no longer than 15 minutes, the loan is paid directly to your bank account. Expect to receive the loan on the same working day, in fact, with most providers the money is wired to your account in a matter of minutes. Note that with some lenders for some accounts with Building Societies or the Post Office, transfer time might be longer.
As for paying back the loan, in most cases, you do not need to bother dealing with the repayment process as upon the end of the loan period the money is automatically deducted from your account. All you have to make sure of is that the amount to be repaid is in your account to meet the deadline. Check this before you apply though, as at least one of the lenders requires you to make the transfer yourself.