TXT Loan

What you need to know:

Txt Loan is a bit of a novel and convenience service within the payday loans sector. It works purely by SMS/Text – you text “Loan Pin” to a designated then receive your cash to your designated bank account “within minutes”. Please be aware that while the majority of banks accept fast transfers some smaller banks will take that bit longer (in some cases a few days).

Txt Loans will charge you £1 for every SMS/Text message. They also require at least £1 in the bank account that is linked to your debit card (Txt Loan do not withdraw this money from your account, it is merely used to verify your details). The payment term for a txt loan is only 7 days – please keep this in mind prior to applying for a payday loan from txt loan. You will be charged £10 for every £100 borrowed.

Criteria:

The criteria for a loan from Txt Loan are broadly similar to that of other payday lenders. You need to be over the age of eighteen years old, living in the UK and earning a regular income. A UK bank account and debit card are also required – you also need a mobile phone! A credit check will be performed against the information you provide in your loan application.

Customer Service and Complaints:

Txt Loan is very active in a number of consumer forums and the standard of service is exceptionally high. A number of borrowers have expressed concern about the APR however, as has been established elsewhere on this website, APR is not necessarily a good way of measuring the true cost of a payday loan (in fact, owing to the short-term nature of payday loans, it’s useless).

Overall:

Txt Loan offer a very novel and speedy service and should be the lender of choice for people looking for quick and small value payday loans.