SMS messages are an interesting tool, the fact that we use them as a means of communication is now commonplace. There is nothing easier than sending a text message as a birthday card or making sure your parents are on a great holiday abroad. Over time, this tool has evolved to pay for public transport tickets, buy online gaming credit, or contribute to a charity. Can I get some money using a message?
How do SMS loans work?
There are two basic ways. If you are not currently connected to the Internet or have run out of date, there is a company where you only need to send an SMS and immediately afterwards you can draw money. Of course, you must already be registered with the provider and have an approved credit line. The second option is that you handle the loan over the Internet and using the SMS code you only confirm the loan or use it as an online signature. Whichever service you choose, these are generally short-term loans and are available to the general public.
How much will I pay for an SMS loan?
Of course, we can’t write the exact amount here, because the price of the overpayment depends on several factors. What are they like? Provider type, maturity and amount of loaned amount. It is also important whether you are applying for the first time or whether you are a regular customer who may be entitled to a discount or bonus. It is no secret that this type of loans are among the most expensive. The APR usually reaches hundreds to thousands of percent, but it doesn’t tell you much, because you only take this help for a few days, not a year.
Benefits of SMS loans
- you only need a mobile phone to process it
- speed and availability
- minimal administrative steps
- solving the financial crisis
Disadvantages of SMS loans
- exorbitant cartoons
- money only for a few days
- danger of debt trap
What should I finance with an SMS loan?
It is up to you, but it could be an unexpected expense that you are not sufficiently prepared for. The reason for the loan should definitely not be to buy new electronics or things that you could easily save for a few months.