Text For A Loan
Many of us have found ourselves in the position where we don’t have enough money to see us through the month and end up foraging around for loose change to see us through the last week leading up to pay day, or using a credit card to cover daily living expenses.
In some cases, people turn to the services of a doorstep lenders or payday loan company, for a small, short term loan to bridge the gap and although these loans tend to be rather expensive over a longer term, many people find them useful to provide cash in the run up to pay day, especially at this time of year with the additional expense of Christmas shopping and works parties etc.
There is now a new variation on the payday loan idea, which is even easier than having a doorstep loan company calling round to your house. Txtloan Ltd has launched a service whereby a customer is able to simply send a text message from their mobile phone and obtain a loan for £100, which will be automatically transferred into their designated bank account within minutes of sending the text.
In order to qualify for the loan service, borrowers have to register their details on line with Txtloan Ltd and meet certain criteria, but once this is done they are able to apply for a loan as many times as they like.
The maximum loan value is £100 and runs for a term of one week, after which time the borrower has to repay £110 as a single payment to clear the loan. Although this may seem like a quick and easy way to get a bit of cash to see someone through to payday, the APR (Annual Percentage Rate) on these loans works out at 994 per cent, which means that a far better idea is to simply manage your cash slightly better and budget for the full month to ensure that you don’t need to rely on such services.
