What are text loans
Text loans are short term funding by the lenders for their returning customers of the previous online Payday loans . These loans are not available for the first time borrowers.
Because lenders already have the data of the loyal customers so some times they offer instant loan approvals.
Why text loans are popular?
Short term loans are high cost loans, so you will go for them only in case of urgent need of money, otherwise you can manage these cash requirements via regular funding from the bank.
Text loans can be applied through your mobile text message and no need to fill long loan application form. The lenders will treat this message as your application. They will call for all the required details from their database and take quick loan decision. approved loan will be credited directly to your bank. This facility save your time in getting emergency funding which is a prime factor.
Some other advantage of text loans are:
1.Flexibility in application time:
The online mode of Text loans has brought great relief to persons who are in urgent need of cash but have no time to visit lender’s office. For example the employed persons who have to take leave to search the cheap loan from this lender’s office to that lender’s office. By online application you can apply and search in quick time span at your home or office. Here you have full freedom for choice of place and time for loan application.
2. Instant decisions save time:
Many direct Lenders use latest technology in loan application processing so you can get quick response to your application. If you wish to proceed further then OK otherwise you can try with other lender’s website.
3. No paper check is required:
Online loan system is fully computer driven, so no hard copy of document is required. If the lender asks for some proof regarding your income or bank details you can email them.
4. Free loan quote:
You can get many free loan quotations with different lenders or brokers website, now compare them and take your beneficial decision.
5. Free market survey to find the best:
By comparing loan quotes and reading review about that lender you can easily find the best loan solution.
6. Fast loan payouts:
When your loan is approved by the lender and you agreed upon their terms, money will directly credited in your bank through wire transfer in next few minutes if you have finished it before 3 pm in any working days.
7. Automated loan repayment:
Lender will ask you to sign a digital mandate form after this loan amount is directly debited from your account on pre-decided date.