The important thing is that you start by thinking about whether you really need to borrow and after that you should preferably look around for the lender who has the lowest price on their loans, as these can vary quite a bit. You need to know that you can afford to repay your loan after, say, 30 or 60 days, otherwise the risk is that you will be in financial trouble.
How to apply for an SMS loan?
In the past, it was mostly about sending an SMS to a certain telephone number where you had entered all your information. Today, it is most common for people to use the application forms on the website. Sometimes you can also register with a lender and then your information is stored in their database for future loans.
The application itself must contain information about how much you want to borrow and how long, of course, but also information about you and your finances that will allow the lender to make a good decision on whether or not to take out a loan. Such as annual income should be sent with. The lender also makes a credit report to get more information about your finances, for example to see if you have payment notes.
Once you have applied, the application is usually processed very quickly, as long as you have submitted it during working hours. Otherwise, the lender will not start working on it until the next business day. You often get your money by the day after. Some lenders are also open on weekends.
How to find the best SMS loan
The most important thing when looking for SMS loans or quick loans is that you take the time to get an overview of what is on offer. You have to remember that you are the one with the most cards on hand because it is you who are the customer and the lenders fight to get you to take out their loan. That’s how they make their money.
You have the power to choose and toss between all the lenders that offer SMS loans and take the best offer. Many lenders try to entice you by lowering prices or maybe even by offering free loans to new customers. This is a way to get a good price on your loan.
What you should do is check out which lenders have the lowest interest rates and fees and where you can borrow cheaply. You can do this by examining all the lenders and their websites yourself or by using our comprehensive comparisons, where everything is collected. You can also read about the best quick loans and see if you can find something that suits you there.
To think about when it comes to SMS loans
- Of course, you should not borrow money if you do not know that you can repay the loan and interest plus fees after the term is over. This is not a loan to be used as a temporary solution to financial problems or to pay off other loans etc. Doing so often leads to bigger problems.
- There are many lenders who have SMS loans / quick loans in their assortment. Prices can vary greatly between these, so it is important that you not only choose the first best loan you see, but you look around and compare the prices before deciding.
- Borrowing money in this way is not cheap. It is clearly more expensive to borrow in the form of SMS loans than through an ordinary classic private loan. Of course, it is ok to borrow if you have a temporary money shortage and know that money comes in – but keep in mind that it costs a fortune.
- The term of the SMS loan is very short. The most common is 30 days. For larger micro loans, the maturity is often 60 or 90 days. Some loans or smaller loan amounts have a maturity of just 15 days.
- A credit check will be done so you must have a sufficiently good financial position to borrow money. Sometimes you are allowed to borrow even though you have one or more payment notes, but remember that the most important thing is that you are able to repay the money again.