TxtLoan Review – Read This To Get A Better Idea Of This Well-Known Instant Lending Company
The cell phone is now the tool of choice for financial transactions for many people. Ever since January when people learned they could send contributions to help the earthquake victims people have become aware that the cell phone can manage money. This Txtloan review will describe how one company is even lending money via cell phone.
They are a company that lends money by phone. They lend small amounts of money and the loan is for a very short period of time. The borrower sends a text message with a pin number and within minutes the money is in the borrower’s bank account.
Getting a loan from them is easy and convenient. However they don’t lend to just anybody. Unlike the companies in certain parts of the world that for a while were courting subprime borrowers they seem to want customers who can repay what they borrow.
Anyone who wants to borrow from them must be over 18. They must be a resident of the UK and have a UK bank account and debit card. They also need a cell phone and an Email address. Finally they must be employed and have an income of at least 400 pounds per month.
A text loan loan is for 100 pounds for seven days. That’s it. They don’t have a lot of different flavors but if you like vanilla they can give you what you want. If the loan is repaid within the stipulated seven days the charge is ten pounds. The total will be 110 pounds.
According to them most of its customers are aged between 20 and 30 years. They have an average income of about 25,000 pounds. About ninety per cent of borrowers repay within seven days. That leaves 10 per cent who do not.
The ten percent learn how expensive a quick convenient loan can be. They spell out the terms on their website Yo will receive a repayment reminder before your seven day is up. On the eighth day they will collect 110 pounds from your account. If the funds are not available at that time you will receive an overdue notice on the ninth day.
The first overdue reminder includes a 25 pound administrative and transaction fee. That brings the loan total up to 135 pounds. On the eleventh day a second overdue reminder arrives and the total owed is up to 160 pounds. By day twenty-three the loan totals 200 pounds.
It doesn’t get better. Eventually they turn your account over to a collection agency who will add their own administrative fees. In fact this text loan has an APR of nine hundred ninety four per cent. They point out, however that the idea of APR doesn’t really apply as they only make sort term loans and only for a small amount of money.
TxtLoan can be a good tool for handling cash flow problems. If you need to pay a bill or handle an emergency that can’t wait a few days until payday Txtloan can help. If you want to buy something on impulse that you can’t afford at a hundred pounds you aren’t going to find it more affordable at 110, 135, 200 or more.
Do You Have To Get A Payday Loan Urgently And Cannot Waste Time Going Through Hard-To-Understand Payday Loan Sites With Not Much Clear Information And You Need A Fast Way For Finding Your Best Loan, Then Take A Look At Our TxtLoan Review. It’s A Review Written For Exactly This Purpose. Click Here: TxtLoan Review.