TxtLoan is a payday loan provider in the UK market. They are unique in that they offer loans from the convenience of your mobile phone. You have to register once and you might need to fax in some documents, but after that, you just have to send a text and you will receive a loan fast.
In case you are not familiar with payday loans, they are a type of short term financing for bridging the gap until your next pay day. It is not a long term financial solution, but if you have expenses that you must cover today, then these loans can be a great help.
If you are getting a loan from TxtLoan, then you can borrow £100 only, no more and no less. Usually pay day lenders give the option of choosing from a range of amounts, but TxtLoan is unique in this respect.
You can expect an APR of 894% on your loan. This is one of the lowest APRs on the market today. It is typical to see APRs of 1500%, 2000%, and even more with other lenders.
All loans are same day transfers, even if it’s past 5pm or it’s not even a business day. These text loans are available around the clock, so it can be a lifesaver if you need the money fast on a Sunday.
However, there is a same day transfer fee of £5.50. The typical repayment amount on a 7 day loan is 10%, so for each £100 borrowed, you repay £110, plus the same day transfer.
Usual terms apply: you must be over 18 years of age, be a resident in the UK, and receive a regular salary. The minimum monthly NET salary you can apply with is at least £400. You must also have a bank account which can receive direct debit.
In addition, this lender, unlike almost all others on the market, requires you to have a mobile phone and an e-mail address. But these days, that should not be a problem.