Oops! The tyre puncture on the highway, those unexpected expenses, that sudden need for medical attention, anything in the daily routine life can put you in a financial crisis. Every time, you cannot rely on friends, family, savings, because these all take time and few things are so urgent that you need the funds in a few hours. With much resemblance to payday loans, the text loans are also instant sources of funding. They respond in minutes and provide funds in a short period. Irrespective of your financial condition, you can get funds in your account by just sending a text message.
Features of Text Loans
The above features are obvious in all deals in the loan market. These are the basic things that these loans provide and lenders try to deliver best to stay in the competition. This means you have many choices to explore and then exploit the one that is best for you.
What You Cannot Expect In Text Loans?
Without any doubt, the text loans by direct lenders are convenient in many ways, but like every loan product, it has some decided purposes. Expecting anything beyond that is of no use.
Huge funds – The text loans are for minimal and very urgent needs. You cannot expect to borrow a significant amount from these loans. For that, you need to switch to some other option. Such loans are only for small needs, and nothing significant or long-term can be satisfied with this.
Tenure is short– Obviously, when the limit to borrow is less, the mandate cannot be extended. Do not misinterpret it to be a long-term loan. Just like you repay a payday loan on your next payday, the lenders of text loans ask you to repay the amount on next payday, next week or whatever is in its policy. But for sure, the tenure is quite short.
A lower rate of interest – The absence of obligation, and the speedy funding makes the text loans a little expensive on loan rates. Their prime feature is quick funding to those in the last minute crisis. In such situations, a small help can change the need, but for that lender needs some kind of security on the loan money. High-interest rate ensures that security.
Oh, nothing much to discuss in the procedure. You apply to the lender through a text message. An approval comes through word, and then funds reach to your bank account, which you provided during applying for the loan.
Your Responsibility Of Being A Borrower
Well, not only for this but for every loan, the borrower has some responsibilities. But for these loans, you need to be on your toes because of the high rate of interest. The amount of repayment can be a little heavy, and if you miss repaying that, the mark on your credit records is also significant. A bad credit score can enter your financial life.
Excellent the lenders wisely after a comparison. Some lenders in the UK provide rational deals. But make sure you confirm things on your own.