SMS loans are often known as speedy loans. These are usually short-term and high-interest loans, preferable only for emergencies. Individuals in jobless situations may need help to get small cash assistance from mainstream lenders. Moreover, the phase makes one resort to minimal living and ensures only substantial living.
Under this, ensuring an internet subscription and continuously updating the plan seems troublesome. What if you reach the limit when you encounter an urgent cash need? If you have no one to share a hotspot with, SMS loans can prove your SOS solution. Individuals need not worry about weak credit history as anyone can avail of these loans at limited income slip.
Some lenders may reject the unemployed loan application due to unreliable income proof. We instead prioritise the requirements above anything else and approve income from benefits receipt and credit screening. Given the limited income, you need to figure out how much you can afford to pay back while leveraging the loan.
Will SMS loan credit checks impact the credit score?
No. We conduct only soft credit checks to decipher the affordability and the repayment potential of individuals leveraging credit.
According to the Loan Regulating Authority FCA, every lender must complete a credit review before transferring cash assistance. So, if you are seeking a no-credit-check SMS Loan in the uk by its literal meaning, then you may not find it anywhere. If someone does provide it, it is better to stay away from the lender.
We prioritise the borrower’s safety, so our soft check helps us identify the affordability and lend money accordingly. Normally, you can acquire a loan of up to £1000 to meet any urgent requirement. You may get the loan sanctioned quickly in the account. The initial checks will not influence the credit score. However, to keep it intact, you must stick with the repayment schedule and avoid missing any.
Can you get the money same day in the account?
We understand that you may be facing cash troubles in unemployment and need cash for any urgent requirement like-
- Pay the electricity bill
- Pay credit card bills
- Consolidate loans to release some money
- Urgent Repair issues
- Child requirements
- Medical urgency
- Food and other hygienic requirements
- paying a vendor for his services
Situations like these call for instant approval. Get these 15 mins. loans in your account today. These are completely collateral and documentation-free loans. You can avail of this without engaging in asset approval complications. Moreover, we do not ask for detailed personal credentials, making the loan swift and easy.
Are payday loans and text loans the same?
Most individuals consider both as similar loans. However, the terms differ in the process.
As mentioned above, Text loans are simple loans compared to payday loans. These do not require a smartphone or laptop with good internet connectivity to apply. Instead, one can apply through SMS. This makes it more accessible for individuals sharing little online knowledge about applying for loans. It is a more convenient option, then.
Payday loans are online loans that require good internet connectivity.
Another difference could be that payday loans allow the person to set automatic debit online. It ensures that the lender can take repayments per the account’s agreement. This facility needs to be included in text loans. However, the lender possesses access to an individual’s account detail and could access this if the borrower misses 3 payments in a row.
For this, either the individual must interact with the lender regarding the financial difficulty one faces owing to unemployment, or he may face a penalty that the lender can directly cut from the account. One must ensure a minimum balance in the account, or one may incur a penalty.
How are these Text loans beneficial for unemployed individuals?
If you, as an unemployed, can easily survive the repayments amid other expenses, here are some of the benefits that text loans provide you:
No Guarantor requirement
You need not involve a third person in your finances if you do not want to. Unemployment is a dark phase; finding someone to secure minimal cash is sometimes impossible. You can immediately apply for text loans with limited means with your mobile. By leading it independently, you can easily avoid the hesitation and discomfort of involving someone else in financial matters.
Easily accessible
These loans are comfortable in comparison to secured loans requiring complicated details and are time-consuming. This flexibility makes it a go-to option for unemployed individuals stuck in a financial fix. You can apply for the text loan by following the guidelines and getting the sum in your account in 15 minutes. You can use the money received to manage any unexpected costs immediately.
Bad credit is not a barrier to approval
We understand that keeping up with the credit score amid battling financial challenges could be exhausting. Understandably, you cannot clear all the loans at once to qualify for better interest rates. Relax if you are worried about-facing loan cancellation owing to insufficient credit. We accept applications with bad credit history. If you reveal the potential to manage repayments effortlessly, you may qualify for the credit with us.
14-day cooling period
Do you need clarification and feel like getting rid of the agreement quickly? You can rationalise the 14-day cooling period. Within this phase, you can exit the loan by paying the principal amount and interest rate without penalty. Only do so when you find any other way to fund your requirement or no longer find the deal suitable for you or your finances.
Do you charge fees on text loans?
You have landed right if you need 15-minute loans from the best direct lenders without indulging in any upfront costs. We do not charge any hidden or upfront loan fee. Ours is a simple process:
- We receive your text loan request
- Analyse your income and loan amount requirement
- Sanction amount within 15 minutes of loan approval
You do not need to register to get the loan. However, registering helps you qualify for applicable requirements without undergoing a detailed credit check and filling in other details again.
Bottom line
Thus, text loans are the best regarding convenient usage and simple terms. Anyone could avail of these without worrying about credit score and income constraints. It is highly helpful to unemployed individuals in meeting essential requirements without bothering and engaging in online solutions.