Text Loans Easy Availability Of Monetary Assistance
Financial emergencies often take us by surprise
. The borrower may not have enough time to arrange for the money on time. He will have to approach the lender for aid and give an application and so on. This process is extremely time consuming. Thus text loans are beneficial at such times of need. They grant the borrower easy availability of monetary assistance.
The entire application process is extremely simple. As the name suggests the borrower is only required to send a text to the lender. The text contains the amount of credit required by the borrower. The borrowers mobile number is registered with the lender.
To be registered for this mobile loan facility the borrower must first approach the lender. It must be noted that all lenders do not use this service. The borrower is then given a customized code number. This code number has to be mentioned when the text is sent. Once the application is accepted the lender will send you a confirmation e-mail. The mail will also include all the terms and conditions and your personal PIN number. When the credit applicant is in need of money, he will just have to send a text to the lender stating the amount required and the repayment period. After few minutes the amount gets transferred to your account. The borrowers credit status and financial standing is already verified by the lender.
Text loans are granted for 100 pounds for a period of 1- 7 days. The borrower can also extend the repayment period of such credit. On the date of repayment the lender will debit your account with the amount of the funds borrowed. In case you want to extend the repayment period you have to inform the lender. If the borrower extends the repayment period, he is charged additional interest.