Text messaging has provided many benefits beyond merely communicating between individuals, and now being able to get emergency cash is one of them. Using text messaging for loans is an incredibly simple way for an individual to get emergency money quickly. Unless a person is independently wealthy or has close relatives who are, there is a great likelihood that they will need to borrow money at some point. In many cases, they will need a loan on short notice and with a little hassle as possible. Getting emergency loans is usually difficult, however. Loans from banks and family members often have strings attached and the process of borrowing is usually anything but quick. That is where payday services that offer loans via text messaging come in.
The Case for Payday Loans
Payday loans have long been criticized for their high interest rates and are often seen as a means for people with low incomes to wind up deep in debt. The critics tend to ignore the fact that these loans are typically used only by people with few options for acquiring much-needed funds quickly. Payday loans are for people who need money in an emergency and have nowhere else to go. As such, they provide an invaluable service to people who may find themselves suddenly unable to buy essentials like food or clothing.
How Text Message Loans Work
The borrower’s first step is to register with a service that provides text message loans. A mobile number and their name as well as bank account/debit card details are all that is required. They will receive a PIN which will serve as their password and to identify them. When the person finds themselves in a situation where they need money quickly, they simply send a text message to the number provided in a format like the following : loan amount, their pin and the amount of time before they can repay the loan. The amount will usually be credited to their bank account within a matter of minutes. When the loan is due, the money owed will simply be debited from borrower’s account on the appointed date. No sitting nervously before a bank manager or pleading with a family member. These loans will be available to the borrower around the clock so that no matter what time of day the emergency occurs, it will be possible to send a text message and receive a loan.
Payday Loans are Often Available When Bank Loans are Not
Banks have certain requirements for anyone seeking to borrow money from them. Among other things, they may be required to provide collateral and show that they have a good history of making payments on their debts. One of the many benefits of payday loans is that they are usually available to people with low credit scores or who fall into other categories that make them poor lending risks for banks. With a payday loan service, any individual with a regular source of income can have access to money that can help to pay emergency expenses.
How to Choose a Text Message Loan Provider
The first part is the customer service. How friendly are they? How knowledgeable? The circumstances in which the loan is necessary are usually stressful enough without having to deal with rude and unhelpful customer assistance on top of it. Another important factor is the efficiency of the service. In other words, how quickly does the borrower get the loan? The whole point of a text message loan service is to get the loan as quickly as possible with as few hoops as possible to jump through. The loan provider should be able to provide the money within a short period of time.