SMS loans – SMS loans are the most common name for the type of small and fast loans that have become really popular in recent years. It is a type of loan where you can borrow small amounts, normally up to USD 10,000 and with a repayment period of only 30 – 90 days instead of the normal which is at least one year.
The name SMS loan comes from that you applied entirely via mobile and SMS.
However, this was more in the past when there were no smartphones. Now you usually apply via the lender’s website either via computer, tablet or mobile. However, some lenders still receive applications via SMS. Other names of the same type of loan are also mobile loans, quick loans and micro loans.
Lenders who offer SMS loans often have a lower loan amount limit of USD 500 or USD 1,000, while the upper limit varies from lender to lender. It is usually between USD 5,000 and 10,000, although some lenders have recently begun to increase their maximum amounts up to around USD 20,000. The loan should then be repaid after 30 – 90 days. The longer maturities usually only apply to the slightly larger loan amounts.
Read more about SMS loans and find out the advantages, disadvantages, conditions and other important.
It is no wonder that it has become popular as many think it is a convenient way to fill the cash register with a few thousand notes, in the short-term need. Many people complain about SMS loans – that it is an expensive form of loan, that it risks people’s finances, etc. You should not stick under the chair because it costs relatively much and you should only borrow responsibly, in a real need and if you know that you can afford to repay the loan.