Text loans are extremely convenient routes to short-term lending. Once you've registered with a provider on their website, you'll be given a pin code which you can use to text a loan request for $100 when you need to meet an emergency shortfall. The money will be transferred into your account in just a few moments for you to use. It will then be repaid at the time agreed prior to the loan, via a direct debit taken from the card details you provide at the point of registration.
Text loans are ideal for emergencies such as unexpected vet or car bills, emergency repair costs, forgotten birthdays or other occasions where the budget just doesn't quite stretch far enough. They are instant and don't require you to fill out forms, undergo a credit check or queue to speak to an advisor when you need the money. They are simply managed via text message over your phone and if you use them correctly, over time they can help to rebuild a poor credit rating.
However there are instances when you shouldn't apply for a loan. Like all forms of borrowing, text loans need to be paid back. So you mustn't apply to one, if you are already in debt and know that you won't be able to pay it back.
If you do apply for a text loan and find that you're unable to repay the debt, you'll rapidly accrue penalty payments, as well as high interest rates. These can mount up quickly and if you can't find the money to repay the growing debt, it may be passed to a credit collection agency. At this point you risk being summoned to a court or eventually being made bankrupt if the debt is not cleared.
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