- TxtLoan has been providing a short term loans service since 2008.
- The procedure for getting a short term loan with TxtLoan is all online (and is secure). Pre-registration takes less than 1 minute because only your name, e-mail and mobile number are needed to sign up. Your application will be processed within minutes upon receipt.
- TxtLoan does not have any registration or hidden fees.
- The finance charges are not the cheapest amongst payday lenders - you pay back £17 for every £100 borrowed for a fixed period of 15 days - so that would be £34 for a 30 day period.
- TxtLoan only offers a same day loan transfer service, costing £5.50, but this charge is included in the £17 finance charge so is effectively free!
- Txtloan offer payday loans for a fixed period of 15 days. Clients cannot take out another loan until the previous one has been repaid.
- Advantages: Once registered customers can take loans out 24/7 within minutes via SMS or TEXT message - very fast and convenient.
- This service is offered to those who receive wages on a weekly basis as well as monthly and they also accept the lowest minimum salary (£400) requirement reviewed here. Part-time employees are also accepted.
- They provide a fax free text loan service.
Representative APR 4474%
Representative Example: If you Borrow £100 for 15 days then the:
- Total Charge for Credit is £17
- Total Amount Repayable is £117
- Interest Rate is 414% per annum (Fixed)
- Representative APR is 4474%