When it comes to payday loans, the procedure behind getting one is quite simple and already familiar to many people. However, many people as well might not have known that there are certain variations to the payday loan. In fact, there are several different types of loan that are pretty much the same as payday loan, but they are usually called differently for they have slightly different offers to make and these differences have to do with the way of applying but also with the purpose of taking a loan. Thus, let us have a look at some of the offered variations.

 

The Truth About QUICK LOANS IN UK

For instance, there are many banks that offer a possibility of taking a short-term loan (a payday loan) via mobile phone text messaging. Actually, there are also certain companies called TxtLoan companies that specify in this way of applying. If your paychecks or any other funds are electronically sent to their accounts, you can easily apply for a loan by simply texting them.

The terms concerning loans taken via text messaging are very similar to the usual payday loans, but they can be even more favorable since the total amount of the interest rate and fees is usually no more than ten percent of the sum that you want to take. Of course, just like with the regular payday loan, the borrowed money will immediately be available for you to withdraw and the total amount of the loan along with the interest rate and the fees will be deducted from your account when you receive the next regular deposit into your bank account.

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