What are text loans?
Text loans are short-term, high-interest loans that are similar to payday loans. The difference is that borrowers can take out text loans through their mobile phones simply by texting the lender.
Although we do not offer text loans at Moneyboat, our loan applications are 100% online and can be accessed via both desktop and mobile devices. Once approved, your loan will then be verified by email and text. A text loan alternative from Moneyboat gives you the flexibility to borrow between £250 – £800 with the same high level of service and authorisation offered by a text loan.
Did you know? Moneyboat is a high acceptance direct lender that specialises in helping people who need money in an emergency online. We’ve already helped over 40,000 people in the UK to get the money they needed.
Our straightforward application process will take just a few minutes to complete and you could get a swift loan decision with same day funding on your loan via text.
What are UK text payday loans?
Text payday loans are an attractive option for those seeking emergency credit from a direct lender. The way they work is that a customer, often one who has applied and received approval from the lender in the past, would send a text message to the lender and request a loan this way. Text loans appear easy, however we would always advise that customers compare all relevant UK loan options available to ensure they are making the best and most informed decision. Jumping at a text loan from a direct lender may seem simple, however you’ll want to ensure that the entire package is right for your circumstances. UK text loan lenders may offer mini text loans from £100. Small amounts of £100, £150 or £200 are the most common amounts offered via a text loan, hence the name mini loans or mini text loans being used. No matter the offer at hand, affordability and responsible borrowing is key.
Can I get a text loan with bad credit?
Often, text loans are offered to return customers who prove a solid term of repayments on their previous loans. Applying for a loan, whether by text or online, is a risk on both the side of the lender as well as the customer, so often there will be strong criteria involved. Getting approved for a text loan with bad credit is wholly dependant on the lenders’ discretion. Be wary of lenders offering instant text loans with no credit check, as this is against FCA regulations proving that the lender may not actually be authorised.
At Moneyboat, we do offer loans to customers with low credit scores, however approval will be based upon individual circumstances and affordability.
Although not considered text loans in the most direct sense, as direct lenders authorised and regulated by the FCA, we offer a text loan alternative which is just as straightforward and clear for our customers. Talk to us today to learn more about how a text loan alternative from Moneyboat could be just what you need to take you out of a short term financial pit.