Everyone is running for the sake of responsibilities or as a hobby. Anyone can face any of the obstacles in the way while driving to another city or any other problem. Sometimes all problems happen at once like non-availability of enough finance, then for the fastest solutions, you can approach the direct lenders and apply for the text loans. The demand of these loans is rising to satisfy the needs of the funds at the earliest.
Origin of Text Loans:
Prior to the introduction of text loans, people used to struggle when they needed funds in an emergency. This was the reason that online lenders started distributing loans on phone. The funds are transferred on the deadlines told to the borrower, if no any technical error happens. A person stuck in a financial problem, text a lender and then the sum of money transfers to the online bank account. These are very short term loans and the sum of these loans are small.
Criterion for Text Loans:
A person having the citizenship of the UK can avail the benefits of these loans if aged 18 or above. An income status is enough to get these loans, which ensure the lender that the payment will come.
How can Text Loans Act as Boon?
The advantages of text loans explain that how can it act as a boon for the borrowers. Read the below mentioned points and you will get to know that how it is possible for text loans to act like a boon.
- No documentation needed:
As a borrower needs these loans in a hurry, many of the lenders do not ask him or her for documentation to save the time. It is overall online procedure so the details of the borrower can be easily accessible by getting the basic identity from the borrower. You can refer London Loan Bank, an online lender, if you do not want to get documentation take place.
- No credit check:
There is no credit check involved in the procedure of these loans to provide ease to the borrower.
- No broker fee:
To contact a direct lender, you do not need any broker and hence you are free from brokering charges.
- No application fee:
Again, to save the time and also the money of the credit seeker, the credit provider does not include application fee for applying of text loans.
- No collateral or guarantor:
These loans are applied in the case of emergency and at that time, arranging a collateral or guarantor is not easy for the borrower. By considering this fact, most of the direct lenders are not asking for any security or a cosigner.
- Fastest Financial solutions:
By avoiding all the major steps like credit verification, guarantor or security, a lender saves its time and the loans approve at the earliest.
- Is there any drawback?
The interest rates of these text loans are generally high. It is because there is no credit check, collateral or guarantor involved in the process. To secure the funds of the lender, the interest rates become high than the usual ones.