Instant UK Text Loans Lenders Compared

At times, finances can be too scarce to handle with all the financial obligations that we have. Trying to get the money becomes that much more difficult in the absence of formal or gainful employment. This doesn’t mean that raising the finances even when you’re unemployed is impossible. You could start by finding out how to apply for and obtain short term text loans in the UK. The prevailing economic situations are forcing more people to lose jobs. The ability to raise cash in this manner, through fast text loans, is crucial to ensure continuity in terms of meeting all financial obligations and paying your bills on time.

What are instant Text Loans?

Text Loans are short-term loans designed to tide people over until payday or to pay back within a month without having to pay a fine.Text loans are the fastest way of receiving a loan, the cash will be transferred into your bank account usually within 15 minutes of you sending a text message to the text loan lender. This is pretty quick compared with other lending sources. They are basically Pay Day Loans by Text message where the money is paid directly into your bank account after sending a text message via your mobile phone.

Normally you have until payday to pay back your text loan plus interest, although some payday text loan lenders let you choose the repayment period. On the repayment date, the lender takes the full amount you owe plus interest directly from your bank account. This happens even if you need the money to pay essential bills like mortgage or rent, heating, and food. Be aware that a text loan can make your situation worse if you can’t afford to pay it back on time. It may also affect your ability to get credit in the future.

Costs of Text Loans

UK Text Loan Lenders

“Text loan lenders cannot charge more than 0.8% interest a day.”

Text loan lenders cannot charge more than 0.8% interest a day or a maximum of £24 if you borrow £100 over 30 days. If you repay your text loan late, you’ll usually also be charged a default fee and daily interest on top. Under rules introduced by the Financial Conduct Authority (FCA) in January 2015, if late payment or default fees are applied, these must not be more than £15. And there are limits on how much these extra fees and interest charges can add up to. Overall, you will never be asked to pay back more than twice the amount you borrowed.

If you cannot repay your text loan and decide to roll it over, a text loan lender can only let you roll over your loan twice and the lender must give you an information sheet with details about free to use debt advice services, before rolling over your text loan. Use this payday text loan interest calculator to see how much a text loan will cost you.

UK Text Loans Now Lenders Compared

We have combined a list of the most well-known text loan providers. It is very important to do good research before committing to a lender. Some important qualities of a good text loan lender are:

  • The lender should be a legitimate provider with appropriate licenses and accreditation.
  • Check the lenders registration. The lender should have a good reputation.
  • Transparency – there should be no hidden fees apart from the cost of the loan.
  • Time – this involves the time taken for processing of applications. This is to avoid wasting time during emergencies.
  • Customer service – the lender should have a support service that should also be efficient, friendly, and ready to answer all your questions

MyJar Text LoansMyJar Text Loans

Maximum Loan Amount

Loans can be from £100 –£500 for loans applied online, and up to £1000 for a text loan once they get to know your payment and lending history after a couple of months.

Text Loan Fees & Features 

  • Choose any period up to 3 months
  • Interest of 0.8% per day
  • Repay early in full or in part and only pay for the days you borrow
  • No penalty for early repayment
  • If you are late in paying an additional charge of £15 may be added

Text Loan with Bad Credit

Text Loans with a low credit score are available due to short term commitment.

Requirements for a Text Loan

  • You need to have a regular income to use this service.
  • UK Bank Account; they send money directly to a bank account and collect from the same debit card account.

Wageday Express Text LoansWageday Express Text Loans

Maximum Loan Amount

Loans can be from £100 –£400 for loans applied online. Existing customers may be eligible for up to £1000, subject to status and affordability checks.

Text Loan Fees & Features 

  • Choose any period up to 3 months
  • Interest of 0.8% per day
  • If payment has not been received on the agreed repayment date then a missed payment fee of £5 may be added to your account for each missed repayment (subject to maximum charge of £15).

Text Loan with Bad Credit

They recognize that financial slip-ups can happen and we look at each case individually with your overall ability to repay the text loan.

Requirements for a Text Loan

  • You must be aged 18 or over.
  • You must be employed and resident in the UK.
  • You must have your salary paid directly into your bank account.
  • You must have a debit card for this account.
  • You need a valid email address and mobile phone that we can text a code to.
  • You must not be currently signed to or anticipating entering a Debt Management Plan, Individual Voluntary Arrangement or a debtor under any bankruptcy proceedings.

100pounds Text Loans100pounds Text Loans

Maximum Loan Amount

Maximum loan amount is £100 per 10 days and if your credit score improves up to £300.

Text Loan Fees & Features 

  • The loan is provided for 10, 20 or 30 days.
  • Interest of 0.8% per day
  • When you fail to repay your loan on time – penalty in amount of £15 will be added to your debt plus daily interest of 0,8% for every day your loan stays overdue.

Text Loan with Benefits

Anyone who is in receipt of a regular income is eligible for a 100Pounds loan, so if you receive state benefits or a pension, then you’ll still be covered. However, you do still need to be able to show that you can repay your loan on the agreed date, as this is part of our responsible lending criteria.

Requirements for a Text Loan

You’ll need to be a UK resident, with an open bank account, a debit card, a mobile phone number and an active email account. When you register as a new customer, they need to know your personal details, the details of your regular income source, and your bank details – so they can deposit the loan into your bank and take the repayment on the due date. These details will allow us to assess whether the 100Pounds service is the right one for you, and it will speed up the loan repayments collection, making it automated, safe and secure. They will also be able to confirm your identity using your personal details.

Bongaloans Text LoansBongaloans Text Loans

Maximum Loan Amount

All you need to do is register and £100-£1,000 can be winging its way to you.

Text Loan Features 

There is very little information readily available so make sure to read the credit agreement thoroughly.

  • The repayment period of 30 days.
  • Late payment charge if the loan is overdue for the 6th day is £15.
  • Representative 1272% APR (variable). Representative example: Amount of credit £300 for 30 days. Total amount repayable £372. Interest £72.

Requirements for a Text Loan

You must be at least 18 years old, be a UK resident, with a bank account, debit card, mobile number and an email account. You must also have enough money to repay the loan on the agreed date. If you do not think you will be able to repay your loan on time then please do not apply. Registration form consists of 3 steps: 1) Personal and contact details; 2) Income details; 3) Bank details.

Uncle Buck Text LoansUncle Buck Text Loans

Maximum Loan Amount

Their payday text loans are available from £75 to £1,000 in steps of £25. Not everyone will be offered £1,000 depending on their affordability and other checks.

Text Loan Fees & Features 

The online application of Uncle Buck seems a little more thorough than some other providers, which eventually can only be good for you. You can apply online and they will get back to you within 15 minutes.

  • No more than 0.8% interest per day on the amount of credit provided for the duration of the loan agreement.
  • No more than £15 in default fees if you do not repay on time, you will not be required to repay in total more than twice the amount you borrow.
  • If you do not repay on time, you will not be required to repay in total more than twice the amount you borrow.

Text Loan with Poor Credit Rating

They recognize that financial mistakes can happen and we take a broader view on your overall ability to repay.

Requirements for a Text Loan

To be eligible for a payday loan by text from Uncle Buck :

  • You must be aged 18 or over
  • You must be employed and resident in the UK
  • You must have your salary paid directly into your bank account
  • You must have a debit card for this account
  • You need a valid email address and mobile phone that we can text a code to
  • You must acknowledge that you are not currently signed to or anticipating entering a Debt Management Plan, Individual Voluntary Arrangement or a debtor under any bankruptcy proceedings

General requirements for a Text Loan

The most imperative thing you will need is a mobile phone that can send and receive text messages. Additionally, you must be over the age of 18, receive a regular salary, you will additionally require a bank account that has a direct debit facility and is also in your name. This is to enable the text loan provider to collect their cash on the agreed reimbursement date. Furthermore, you need to be an UK citizen to eligible for these providers.

Text Loans with Bad Credit

When it comes to payday loans or text loans there might be no credit checks, this is the reason why some individuals refer to them as no credit check loans. The text loan provider will lend you the money regardless of your credit history, often without doing a credit check even when you have bad credit.

Text Loans Lenders on Benefits

Anyone who is in receipt of a regular income is generally eligible for a text payday loan, so if you receive state benefits or a pension, then you’ll still be covered. However, you do still need to be able to show that you can repay your loan on the agreed date, as this is part of our responsible lending criteria.

Problems paying back you Text Loan

If you’re struggling to pay back your text loan, the worst thing you can do is ignore the problem. Don’t panic or struggle in silence, here are the steps you need to take proposed by the UK Government:

1. Contact your Text Loan Lender

By law text loan lenders must:

  • Treat you fairly and with consideration allowing you reasonable time to repay the loan which may include freezing interest and suspending charges
  • Suspend recovery of the debt for a reasonable period if you are developing a repayment plan with a debt advisor or on your own
  • Direct you to sources of free and independent debt advice
  • Consider accepting small token payments temporarily if your repayments mean you haven’t enough money left for essentials like food, rent or mortgage, and utility bills
  • Not bombard you with phone calls, emails and text messages

Remember to keep copies of all emails and letters you sent to the lender and write down details of your phone calls to them. This is evidence of how you’ve tried to contact them if they don’t reply and you need to make a complaint.

2. Cancel the recurring payment

If you can’t afford the loan repayments or paying the loan means you are not able to pay for essentials like rent or mortgage, food and utility bills, you can phone your bank and cancel the recurring payment that allows your lender to take money from your account. Do this at least one day before repayment is due and make sure you tell your lender you’ve done so.

Write down the date and time that you instructed your bank to cancel the recurring payment. If after this date money goes from your account to the lender, complain to your bank. The bank must give you an immediate refund by law. Make sure that you tell the payday lender as soon as possible that you’ve cancelled the recurring payment because of difficulties paying back the money. You will still owe the debt and the lender can go on charging interest and other fees so it’s essential you get free debt advice to help you deal with the loan.

3. Refuse to roll your loan over

Your  lender may suggest that you ‘roll over’ your loan for another month or so. You should not do this since this only means you have to pay more charges and interest. Instead, seek debt advice and agree to a repayment plan that you can afford with the lender. Before rolling over your loan, the payday lender must refer you to free debt advice.

4. Get help from a free debt adviser

If you’re struggling with bills or finding it difficult to deal with a payday lender, contact one of these free and confidential debt advice services:

The adviser will be on your side to help you get your debts under control and can negotiate with the text loan lender on your behalf. Tell your lender as soon as you start working with the debt adviser. Once you’ve done this, your lender must give you both a reasonable amount of time to come up with a repayment plan before using debt collectors. If they keep contacting you while you’re working with the debt adviser, send an email asking them to stop.

Make sure you are well informed before taking up any text loans in the UK, Wales, Scotland or Ireland. It will be an easy short-term cut but can impact you for a very long time if you don’t do your research well.