Here at Fine Finance you will find lots of sms loans, almost all of our 35 lenders offer sms loans, so we think it may be appropriate to look more closely at what a sms loan really is. The reason why we present most sms loans is that they are paid off most quickly by all loans, and our niche is fast loans.
Amount and installment time
Once upon a time, the largest sms loan was only a few thousand USD, but today there are significantly larger sms loans than that. There are lenders who offer sms loans of up to $ 12,000-15,000 even though the repayment period is only three months. However, such large loans with such a short repayment period should beware if you do not have really good margins. The smallest loans from a sms lender usually amount to $ 500 or 1000.
Ordinary SMS loans usually have a repayment period of 14 days up to 3 months, but there are those that offer loan periods of, for example, 6 or 12 months.
Today, there are also a number of lenders offering loans that are a kind of intermediary for sms loans and ordinary private loans. These loans can have a maximum loan amount of, for example, $ 20,000, 30000, 50000 or 60000, but then you pay off the loan for at least 1 year up to 5 or 6 years.
The loan is paid out so quickly
- If you have a bank account at the same bank as the lender, you will usually receive your money within 15 – 60 minutes after your application has been granted because your loan will then end up in your bank account at the moment the money is paid out . So it goes as fast as when you yourself for money between your bank accounts within the same bank. The sms companies that pay out money directly do so even if you apply for a sms loan in the evening or for sms on the weekend.
- If you do not use the same bank or if the sms lender does not offer direct transfers, you will get the money fairly quickly anyway. Normally, you get the money the same day if you apply for a weekday before 10am. 13:00, 13:30 or 14:00 (depending on institute), only the lender will be able to process your application before these times.
- If you apply on the weekend or after 13:00 – 14:00 you will receive your money the next banking day unless the lender pays sms directly.
Most sms loans are paid out so quickly and this is obviously why most people put similarities between sms loans and fast loans.
There are very few banks or other financial institutions that grant private loans if you have one or more payment notes, but it is far from impossible to get a sms loan even if you have a payment note. There are lots of lenders who accept payment reminders, at least if you don’t have too many. You can read more about what the requirements are for those who have notes under our list of sms with payment note.
Most lenders also have low income requirements and do not require you to have a permanent employment. If you have a project job, a temporary job, a temporary job or work extra in addition to your studies, there are usually no problems at all. Read more about the most common requirements for a sms loan in this article.
Who is behind the small loan companies?
Those that we and most others call sms lenders are far from always independent companies but usually a larger company is behind it. Often, the lenders we list are more of a brand than a company and there are companies that own several such brands. If you want to know who is behind the small loan companies, read our article about the owners behind the sms loans.
When the sms loans were introduced in Sweden, ordinary private individuals could also offer sms loans, but the rules are much tougher today to force rogue lenders away from the market, which is of course good. In 2016, the rules may be even tougher for debt reduction due to sms loans.