TXTLoan Overview:
Today we will take a look at a quite new and interesting way to get a short-term loan. Due to technological progress and companies that are willing to make their customer most satisfied they are inventing new and more comfortable ways in order to apply for a loan. Today if do not own a computer you can apply directly from your mobile phone, simply by texting them. TXT Loan can lend you from £100 up to £500 for a maximum of 15 days. But let’s see if it is that easy and comfortable as it seems from the first sight.
Requirements:
First of all there is a difference between first time customers and people who has already borrowed money from TXTLoan. First time customers can only lend £100 and they have to register at www.txtloan.co.uk.
All other requirements are quite usual for this kinds of short-term loans: 1) You need to be living in the UK; 2) You must be at least 18 years of age or older; 3) You must have a valid mobile phone number; 4) You must have a working e-mail address; 5) You need to have a minimum income of £400 per month; 6) You must have an active bank account in any of UK banks with a valid debit card.
In some cases you may need to provide bank statements as your additional information.
Interest rate:
Interest rate of TXTLoan is quite similar to other companies working in the same field of short-term loans. Take a look at example that they have on their web-site:
“Representative example: total amount of credit £100; loan term 15 days; interest £17. Total you repay £117. Annual Interest 414% (variable), representative 4474% APR.”
How to apply:
The only option for first time customers is to apply directly on the web-site. Because of that you may have to send or receive some documents via e-mail or via fax. After you finished you registration and application form online, they will send you an e-mail, which contain of a special link and PIN code number which you must enter in order to finalize your registration. Once you completed the 2nd stage application form, you will have to submit it and sign the electronic loan agreement. TXT Loan will check and validate your information and they will inform you by a short text message if you have been accepted or not and if they will transfer the money to your account.
As a second time customer, the process of taking a new loan will be much simpler and a lot quicker. TXTLoan is doing some background research concerning about your credit history. So, if you credit history is not so well, prepare yourself to send them some documentation providing you can pay the loan back.
Pros:
- Very quick and use way to get a loan (especially for a second one)
- Company has very innovative way of looking
Cons:
- Other short-term lenders offering cheaper options
Verdict:
TXTLoan will transfer the money to your account very quickly and easily, so they are especially good if you are in a tight spot and need money as soon as possible. It’s not the cheapest option across the market, because some of the competitors in a short-term lending can provide with the cheaper option, but may be not that fast as TXTLoan.
Anyway, please, read carefully agreement before you apply or sign for anything. Also: “Short term loans should not be used as a long-term financial solution.”
