The fast loan via SMS is an innovative idea and above all it is a very simple type of loan to request. The capital is disbursed by text message from the bank that proposes it, in this way it is possible to avoid the related documentation documentation for the verification of the economic status of the subject receiving the loan. Obviously this type of loan allows you to have a low loan, in fact the maximum allowed is the figure of 500 €, also because the repayment plan is short and usually only 30 days. The fast loan via sms is a solution that can be useful in case you really have money urgency or in the case where unexpected expenses occur which were not foreseen and which must be faced in some way. The idea was born in Northern European countries and is gradually spreading to the rest of the continent; more and more credit institutions are proposing this type of financing and have already set out very specific conditions and requirements, in order to manage the risk of capital insolvency with simple and rapid timing.
The Fast Loan via SMS: What figure can be requested?
The fast loan via SMS, also known as SmsLoans , provides limited financing, as it is possible to request a minimum amount of € 50 and a maximum of € 500. The loan must be repaid within 30 days of the disbursement of the capital with terms and conditions established by the bank itself that proposed the loan. Therefore it is possible to request a modest sum to remedy the expenses which are suddenly added and there is no possibility to face the new situation only with one’s own strength.
What are the necessary requirements to request and obtain a fast loan via SMS?
To apply for a fast loan via SMS you need to have some requirements, in fact not everyone can have access to this type of loan. The requirements that must be available are essentially two, namely having a bank or postal current account and having registered and accessed on the website of the credit institution.
As said it is essential to have an open current account, this is in fact the main requirement to be able to request a fast loan via SMS. Being a current account holder is a guarantee for the bank as regards the real possibility of repayment of the credit by the beneficiary. The capital required is paid directly into your current account, while the loan repayment plan is chosen directly by the customer, but cannot exceed 30 days, as if you were not able to repay the loan within this time, yes would incur some penalties that will lead to having to pay additional fees.
How to apply for a loan via SMS and how long does it take for the provision of capital?
Requesting a fast loan via SMS is very simple, in fact it is sufficient to send the request via a simple message after registering on the site of the credit institution that proposes this particular financing method. This second requirement is very important to be in touch with your bank without wasting time. Usually the financing is obtained within 15-20 minutes from the sending of the request SMS. The times for the acceptance for the acceptance of the loan are not however very long, almost always do not exceed 30 minutes and the answer comes through a confirmation sms directly on your mobile phone.
The timing for the confirmation of the acceptance of the loan by the bank, varies from institution to institution, but usually does not exceed one hour or at most a couple of hours.
Fast loan repayment via SMS: interest rates
The interest rates provided for this type of loan are quite high even if they are not so different from those proposed for fast online loans.
The interest rates for this type of fast loan often depend on the days used to repay the disbursed capital. That is, if you repay the sum in 30 days, the rate could even be 30%, but if you exceed the one-month limit, the interest rate can increase a lot, as you will have to pay penalties and additional commissions. However, despite being an existing type of loan, many are wary, since interest rates are considered very high and above all because, being a type of financing that is not very popular in Italy, most banking institutions do not have clear and defined policies for being able to provide the loan quickly via SMS without problems.
Fast sms loans: payday loans
Payday loans or payday loans are a type of loan that is widespread especially in England and Northern Europe. These loans can also be considered as a sort of advance on the salary, as it is possible to request them a few weeks before the next salary is credited and they are usually reimbursed as soon as the salary or salary is paid by the employer. These are loans that are used to meet unexpected expenses just a few days after receiving your pay. Usually these loans have a relatively short duration of one or at most two weeks.
What are payday loans for?
Payday loans are usually used to face urgent expenses such as the payment of a rent or an expiring bill or to face an unexpected expense such as a car breakdown or a visit to the eye specialist. In practice it is a type of loan that is used to deal with any economic emergency a few days after receiving the salary.
Payday loans: how they work
Payday loans are short-term loans (maximum two weeks) with the repayment expected on the next payday, or when the salary is received. This type of loan is issued by financial institutions. The person requesting them can follow the same procedure as the SMS loans or go directly to his financial company, request a small sum and sign a post-dated check on the date on which the salary is collected. The allowance includes the amount requested and the interest calculated on the sum. It is also possible to request the loan directly online by filling out a special form provided by the financial company on its website. In this case the loan will be disbursed directly into your current account and when you receive your salary, the repayment of the debt will be made through an electronic withdrawal from the current account.
Payday loans: Interest rates
As with fast text messaging, the interest rates for this type of loan are very high. For some loans you can even get a 500% rate. In Italy this type of loan is not yet present, as no financial institution is willing to take on such a great risk of insolvency since in our country even those who have a stable job often find it difficult to receive salary by the date set in the contract same as work. Furthermore, many people in our country do not have a permanent employment contract and therefore do not have the security of the monthly pay packet. Often they are precarious workers struggling with project or temporary contracts that do not give any kind of guarantee.
Payday loans: Advantages and disadvantages
The advantages of payday loans are being able to get the salary payday without having pending expenses by taking advantage of a relatively small amount with the possibility of repaying it as soon as the pay is received. In short, it is a great way to be able to cope with some necessary expenses and arrive later this month without too many worries. The disadvantages are all represented by the high interest rates that could complicate not just their plans, as stated in fact for this type of loan, the interest rate can even reach 500% or even exceed it. This leads to a possible difficulty in repaying the disbursed capital, in fact it is often barely possible to repay the interest while it is extremely difficult to be able to repay the requested credit.
Are payday loans loans illegal?
Payday loans are having great success in England and America, but lately there is a tightening on this type of loans due to the high interest rates required by the financial companies that grant them. In fact, these interest rates have meant that payaday loans were declared illegal at least in those countries that provide for an anti-usury interest rate. One of these countries is precisely Italy, which is why in our country this type of loan does not exist, also because in order to be able to provide it banks and financial institutions should study an ad hoc methodology to ensure that they stay within a legal interest rate. .
Realizing this is very difficult given that it is still a case of loans without a strong guarantee, the only guarantee is in fact represented by the salary that is received each month. For now, therefore, payday loans are illegal only in our country and in all those that foresee interest rates against usury, while in England, America and all British countries they continue to be considered legal precisely because they do not apply the anti-usury law so in these countries it is possible to grant loans demanding these very high interest rates.