An SMS loan can be applied in slightly different ways despite the name. One of these ways that is probably the most convenient is to get it right here online somewhere. In the article here we will cover a bit about how it works to apply for a loan online but also look at some other things to consider. This with the name of this loan type is a bit of a story itself. The name shows quite clearly that it would be the question of a loan applied for by phone and SMS. If you look at it all, it is also the case for SMS loans, but the name is used instead to describe all smaller loans.
Here on the site we would prefer to call them micro loans and that an SMS loan is a type of micro loan where the application goes through the phone. But the media has chosen to use the word SMS loan to describe loans of this model and it has thus gained hold among people in general, although it is a bit wrong.
How to apply for an SMS loan online?
The first thing you should do is to get an overview of what it costs to take out a loan. You do this most smoothly on sites like this one that have listed many different lending institutions. For example, if you look at our part of the site where we have compared prices on SMS loans, you will quickly get a good look at this.
There are also other pages that you can use for this information but there you will also find the same lenders as on this site. Looking at the lenders’ own pages is also a way just that it can be a bit difficult to get a good overview of the costs.
Indeed, it is usually only the price that separates the various companies. After all, the loan amount you are looking for is with many and the loan period is almost always 30 – 90 days. The prices are very important to compare as it is not uncommon for a distinction of several hundred kronor between the cheap and expensive lenders. It can sometimes be double the price which is totally unnecessary to pay for the exact same product.
Once you have decided which loan
Institution to use for your SMS loan, you go to their website. You will soon find an application form that you must fill out in order to be able to be approved.
In the form you will be able to fill in basic information about yourself such as social security number, name and mobile number. Then you will also be able to fill in how much you want to borrow, where the money is to be deposited and other information concerning the loan itself.
Get an application approved
One thing that is good to arrange is that some loan institutions use an application code. This is a code that you receive by sending an SMS to the lender. For this you often have to pay USD 25 or similar something that you will not get back if the loan was not approved.
Overall, however, it doesn’t have to be more expensive just because there is an application code, but it is good to know that they cost money so they should not be unnecessarily procured. A positive development in recent years is that there are now clearly fewer lenders using this type of code. Instead, a borrower can identify himself in other ways.
If you have filled in your information correctly, just send in the application. What happens then is that the lending institution makes a decision (often very quickly) that says whether the application is approved or not.
If the answer is positive, the money is often paid very quickly. If you want to read a little more about the rules that apply to the speed of payment, the tip is to visit the article SMS loans today.