Text Loans

Can you apply for a loan by text message?

A lender or credit broker could send you a text message if you’ve interacted with their site, have filled in an enquiry or application form, or have opted-in to receive communication from them. The text could include an invitation to submit a full application for a loan.

However, it’s important to be aware that a text loan could also be a sign of a scam. Our guide explains what a text loan is, as well as exploring some alternatives, and sharing tips on how to spot a potential scam.

What is a text loan?

As the name suggests, a text loan is a type of borrowing where you begin your application by sending a text message to an authorised lender. Text loans are not widely available anymore, and you might struggle to find a lender that provides this service.

Certain lenders may offer a text loan service to customers who have previously borrowed with them. This could make it convenient for existing customers to submit their details and reapply.

Sometimes, a direct lender or credit broker that you have enquired with before may invite you to complete an unfinished application by sending you a text message that includes a link to their website, so you can pick up where you left off.

Little Loans doesn’t offer a text loan application service, but by using our smartphone-optimised website, we can help you search for a quick loan that could be paid into your bank account the same day your application is approved.*

IMPORTANT

Unfortunately, text loans could be used as a tactic by scammers in an attempt to interact with you. It’s always worth checking the phone number, and any other contact details, to make sure it is a genuine communication. Never click on any links from unknown companies, phone numbers, or email addresses. You should be very wary of any ‘company’ or individual who contacts you out of the blue to offer you a loan.

You can find out more about loan scams, and how to spot and avoid them, in our guide. If you think you have been a victim of a scam, please contact Action Fraud so that they can offer you support and advice.

Can I get a text loan with Little Loans?

Little Loans is a credit broker, not a lender. None of the lenders we work with offer text loans, although if you’ve interacted with our site, provided your mobile number, and opted-in to receive marketing from us, we might reach out to you by text from time to time. This will usually include a link back to our online form.

With Little Loans, you can search for a short-term, personal loan between £100 and £10,000, with repayment terms from 3 to 60 months, depending on the amount of money you apply to borrow.

Just so you know, Little Loans, and all the lenders on our panel, is authorised and regulated by the Financial Conduct Authority (FCA).

What is a mobile loan?

A mobile loan enables you to search and apply for a loan using your mobile phone.

The Little Loans website has been designed to give smartphone users a seamless experience to ensure that you can search for a short-term loan wherever you are.

Our service is free to use, and quotes are no obligation.

Can I get a loan on my phone?

Getting a loan on your phone can be just as straightforward as applying using a laptop or desktop computer. By using our mobile-optimised website, you can access all the features that will help you search for loan to suit your financial situation, whenever, wherever.

Our free eligibility calculator could give you an indication of whether you are likely to be considered by one of our lenders.

Can I get a text loan with bad credit?

Some companies may offer a text loan service that caters for those with bad credit.

You might be interested to know that while Little Loans does not offer a text loan service, we do work with a panel of lenders who specialise in loans for people with bad credit. This means that you could search for a suitable loan on our mobile-friendly website, even if you have poor credit history.

Are text loans 24/7?

Depending on the lender, and their specific policies and procedures, a text loan could be available 24/7.

The online form on the Little Loans website is also available to use 24 hours a day, 7 days a week, which means you can search for a short-term loan at a time and place that’s convenient for you. Our form should take less than 5 minutes to fill out.

While you can search for a loan with Little Loans at any time, it’s worth noting that if you’re matched with a lender and choose to make a full application, your request might not be processed until the next working day.

Before you apply

It’s important to remember that a short-term loan should not be considered a long-term financial solution.

If we find ourselves in an emergency financial situation, we may be tempted to apply for a text loan in the hope that we can get hold of the funds we need in a hurry.

There are three very important things to think about in this situation.

1. Is a loan really the best option for you? A loan is a serious financial commitment. If you have bad credit history, you could be offered a higher interest rate, which will increase the cost of borrowing. Making a late repayment or missing one altogether will harm your credit score, and you may be charged a late fee.

2. Are there any other options that you could consider instead of a loan? Do you have any savings that you could use? Could a friend or family member help you out? Is your need for money urgent or could it wait a couple of months? If it can wait, you may wish to avoid paying interest and save up the money instead.

3. If you do decide that a loan is a suitable option for you, you should be aware that there is no way to hurry a loan application. Whether you apply by text, online, or physically in branch, all responsible lenders are required to carry out a thorough creditworthiness assessment, and this cannot be rushed.
You should make sure that the credit broker or lender you apply with is authorised and regulated by the FCA. You can check the FCA register here.

I need advice on my debts. Who can I speak to?

You can contact any of the following organisations for free, confidential money and debt advice: StepChange, MoneyHelper, Citizens Advice, and National Debtline.

*Once your application is approved, your funds could be sent the same day. The time that it takes for the money to be received in your account will depend on your bank’s policies and procedures. Please be aware that every lender has their own payout timeframe.