What is a sms payday loan and what are its differences from an online payday loan?
An SMS payday loan is a type of microfinance whereby a borrower can issue and receive a payday loan obligation by sending an SMS message to the number of the selected that provides such a service.
It is worth noting that a payday loan issued by sending SMS messages to an number has its own characteristics that differ from the traditional online payday loan:
- The amount of the payday loan obligation is usually from 1 to 15 thousand rubles . Of course, the size of the payday loan may be a little more – up to 20 thousand – it all depends on the chosen . Making the same payday loan on the site, money in debt can be obtained in the amount of up to 100 thousand rubles, which greatly exceeds the size of the SMS payday loan;
- a short period of granting a payday loan commitment, most often from a few days to a month . When you make a payday loan online, you can borrow money for a longer time – up to four months. There is a possibility of a long-term payday loan or payday loan for a year , if you pre-negotiate with the staff of the service individual repayment terms;
- quite high interest rate – 2% per day . This percentage is quite understandable: the bears a big risk by providing a payday loan by SMS. When making a payday loan commitment online, the rate may be less – there is a chance to use the loyalty program for regular customers. But, if you take into account the short term and a small amount of microlending for an SMS payday loan, the interest rate should not hit the borrower’s pocket so much.
SMS payday loans and payday loans online do not have differences: it is possible to receive money around the clock, without the help of a guarantee , the provision of collateral or certificates of employment .
Payday loan by SMS: requirements for the borrower
To apply for an SMS payday loan, a borrower needs to meet certain requirements, namely:
– be an adult citizen of the Federation, as well as have registration in the territory of the Russian Federation ; – have a personal account on the website of the selected and issued online and timely repaid the payday loan there. This is necessary due to the fact that SMS payday loans do not involve the provision of personal information, as well as scrupulous verification of the borrower – after approval of the application, the money can be received after 5-10 minutes, but only to permanent borrowers.
Please note that the number from which you plan to issue an SMS payday loan should be actively used for at least six months and be indicated in your personal account on the website. Otherwise, a payday loan will not be possible.
How to take an sms payday loan?
To make a payday loan by SMS, you must:
- Choose a reliable microfinance organization that can provide an SMS payday loan. One of these are:
- Send an SMS message to the number of the , where you need to specify the amount of the payday loan and the terms of its return through a space. In the event that the requested amount of money in debt and the repayment time correspond to the conditions of the site, the will send an SMS with the methods for obtaining it, for example:
– to a bank account
– to an electronic wallet,
– a payday loan to a card , the number of which must be specified in your personal account in advance;
– payday loan through the Contact system or other payment systems in cash.
When applying for a payday loan by SMS, the can offer an arbitrary amount and duration of the term of microcredit, which the client will need to confirm or reject with the help of the same SMS.
3. The next step the borrower should choose the option of receiving money and send it in reverse SMS.
4. After checking the borrower in case of approval of the application, the will send an SMS with a code for entering into a payday loan agreement. This code must be sent back to the borrower – as a sign of confirmation from his side. After all actions, the client will receive a transfer number and be able to receive the required amount.
Payday loan by SMS: how to repay?
It is possible to return the SMS payday loan in several, quite familiar ways, for example:
If there is no opportunity to repay the payday loan on time, it is best to issue a payday loan extension, which will help protect the borrower from damage to his credit rating and credit history. This can be done in your account by paying only interest for the use of the payday loan.
SMS payday loan: Pros and Cons
The payday loan, issued by SMS, has several advantages over the traditional online method, including:
– no need to access the network, which is very convenient: it is not always possible to catch a fast Internet connection, but the mobile phone is always at hand;
– speed of receipt of money – carefully check the borrower in advance, when making the first payday loan online.
The disadvantages include a rather high interest rate, a short payday loan issuance period, a low limit on the amount of money, and the fact that the mobile number must be registered and active for at least six months. But, in the case when there is no desire, time and Internet connection to fill out an application for a payday loan online, this type of microcredit, along with a home payday loan , will be an excellent and quick way out of an emergency financial need.