Need of money can come at you any time either you are at home, in your office or travelling to somewhere, you used to dream for. When you are travelling out, the reserve for the travel with the enough money for the uncertainties must be already kept with the savings. What if you do not have habit of saving much before the things happened to you? Of course! You can use debt financing (get loans from the lending companies).
The sad thing is that the standard financial institutions do not allow funds without the procedure, even if you need money in urgent and if you do not have the overdraft option, then the situations might get typical for you. No worries! Either you are still packing your bags for an outing or on it, you can ask the online lenders (based on the FinTech and also known as direct lenders) for text loans to get the fastest access to the money.
Introducing Text Loans
These are very short term loans, which are availed by variety of people in the nation, when their savings shortfall and they are in the emergency financial needs. As the example has already taken on the travelling, some people can even get such loans when they need to visit their doctor but they do not have enough funds. Either they can go to the free medical services or they can get such loans, in case they need. These loans are known as text loans, because under these a borrower can avail the loan facility just by texting the lender.
Note: Not every lender provide such loans, so do a research before applying and then fill an online application form and submit it responsibly.
Features of Text Loans
No credit check
There is no credit check considered by the lending companies generally, which allow the text loans, as these are very short term loans and come under the unsecured category. This helps the first time borrowers and low credit scorers to get an opportunity to consume the loan facility without getting restricted from such aid. Not every lender provide such facilities, so apply after reading the terms and conditions of the lender for not getting rejected from the end of the lender.
No requirement of guarantor or collateral
There is no requirement of a guarantor or any collateral in the text loans, if they are unsecured and there approvals are not guarantor and the main concern is that the lender is open to approve such loans. Without showing the details of a guarantor or deposing any collateral like property or vehicle, now any borrower can get funds in the emergency financial situations.
No broker interference
As generally, the direct lenders allow such loans and they are open for communicating with the borrowers directly in order to solve their financial conflicts, there is no interference of broker in these online processes. With the help of these loans, a borrower can save the consultancy fee and spend it somewhere else and save the time consumed on consulting a broker in finding a genuine lender by doing the right research.
No documentation
Any online loan lender does not involve the lengthy documentation in the procedure of the online text loans to provide the instant approvals to the borrowers.
Flexible repayment period
Some direct lending companies allow the borrowers to use the flexible repayment period, in case they get delay from the end of the employer in transferring the salary. For that, you have to confirm from the lender that it provides such facility and pre notify him if you suspect that the employer will delay the salary.
End Suggestion
The borrowers in the UK are suggested to use the loans according to their needs and always take them if they genuinely need them otherwise they should avoid using debt financing.
Author’s Note
Os Money presents text loans without any credit check, requirement of a guarantor, collateral and documentation. The approvals of these loans are the fastest, and thus apply in the emergency needs only.