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SMS text loans are variations on traditional payday loans. They cover short terms with there typically being one set repayment date such as 7 days. Some companies just add an SMS facility within an existing service. These products have always been very popular with consumers. TxtLoan (who later rebranded as MyJar) was the original service provider who went on to become the market leader. With the vast success that they received, this naturally attracted a string of similar competitors into this sector. BongaLoans, Ferratum, MobileQuid and Quid24 are a few such examples. A full list will be composed once we have covered a wider range of providers. Before then, you can view every mentioned lender today on This Page Here.

So what are the benefits of using SMS text loan lenders? One such benefit of this concept lies in its efficiency whereby requesting new funds can be done with a simple message, rather than having to make a full application when returning. A simple message alerts the lender of this need for cash wherever they may happen to be located. This is a benefit should you be unavailable to access the internet, for instance when you are on a night out or even when you are on holiday. It is important to be using instant text loan lenders and MyJar has been the innovator in this field.

When you repay back cash they will auto-approve more funds that just have to be requested once logged in (or via message). This is an excellent feature, but there has always been confusion surrounding the system employed by many of their competitors. A range of them are for instance only open from Monday to Friday and it is between this time that systems need to be updated. It is understandable that new applications will not be verified during closing times, but for existing customers just how long is the waiting game? MyJar as noted auto-approves and regardless of this they are open 7/7 days for new applicants.

With this in mind, if you are looking for the best text loan companies then this would be the obvious choice at this time. Be aware that most of the competing companies across the industry tend to have restricted cash sums and terms and so there isn’t much flexibility provided. There are also standard SMS charges for any requests made that would typically cost £1 each time. Overall there are some clear benefits, but there are many alternative short term loan providers that are open over the weekends. Further to this, some do have mobile built sites if you are looking to apply for cash on the move.