Are you facing a financial problem and seeking financial support through loans? If the answer is yes, what do you focus? Well, the answer should definitely be a bank or other financial institution offering loans. These types of loans will take at least a week to approve your application. However, a quick solution is the use of SMS loans. The concept of SMS loan comes from Finland and have spread to the other Nordic countries.
SMS loans could be considered as “small loans” or “micro loans” but with fast processing time. In general, the amount of the loan is small, but the loans can be availed just by completing the electronic application form and the loan amount is transferred directly to your bank account. Loan amount is then paid back to the next payday. You can request more funds, once your account has been created. You can also send a request directly through your mobile phone using SMS text.
Unlike traditional mortgages, there is no need to show your credit score for SMS loans. However, you must have a regular income, so you can repay the loan on time. You also require a valid bank account to transfer the loan amount. Thanks to these advantages, SMS loans are becoming popular in Scandinavia.
How the SMS loan work?
Well, if you need loan you can request the same by sending an SMS about the amount and the retrieval period. Lender responds quickly with the available options by sending SMS to you. In addition, they also send the website address. You must log in to the site and fill out the application form correctly. You get paid upon the approval of the request. You can rate SMS loans as a short-term unsecured loan, without putting something as collateral.
Scandinavians have used this service (called sms lån) and often immediately repay the funds in time. Therefore SMS loans have a sizable popularity in Scandinavia and many people are taking advantages of the the fast service of SMS loans.
SMS loan facts:
- Small credit, typically between 50 – 500 Euro
- Can be applied for via your mobile phone with a text message
- You most often get the money on your bank account within 15 minutes
- The interest rate is usually VERY HIGH.
In the news:
Helsinki Times: SMS quick loans still marketed illegally in Finland