Best SMS and Bad Credit Loan Offers in December

SMS loans without a mortgage let you receive loans quickly and without unpleasant paperwork. All you have to do is choose! Select amount and loan duration and choose the best offer.

£ {{ tooltipAmount() }}
{{ tooltipDays() }}
You have chosen to compare £ 200 when borrowed for 30 days

The idea behind payday loans is that they are for short-term borrowing. This is because they are expensive and the interest rate is much higher. It is also extremely important that you fully understand the interest costs and other charges before you take out the loan.


Exact Offers
Reception Time Good Practice Charter
Sorted by:
lowest repay amount
Amount to repay
Representative APR
{{ issueTime(provider) }} minute minutes hour hours day days Yes No
Repay £
Borrow {{ getLoanAmount(provider.id) }} {{ getLoanTerm(provider.id) }} days
{{ provider.extendRate | number }}%
Closest Offers
Reception Time Good Practice Charter
Sorted by:
lowest repay amount
Amount to repay
Representative APR
{{ issueTime(provider) }} minute minutes hour hours day days Yes No
Repay £
Borrow {{ getLoanAmount(provider.id) }} {{ getLoanTerm(provider.id) }} days
{{ provider.extendRate | number }}%

SMS Bad Credit Loans

Selecting a Loan

When you are looking at the various SMS Loans for Bad Credit that are available, there are two important factors; the money and the quality. There are plenty of companies that tell you they will give you the best loan but many people now prefer to do the research and make that decision themselves.

What is a SMS loan?

An SMS loan for Bad Credit is what it sounds like; a small money loan that is designed specifically for people with a bad credit rating. This means you can get access to borrowing money you need when a traditional outlet such as a bank wouldn’t help. Normally, these loans are for a short period of time around 30 days for example and this is why they have a high APR – the loan never runs for twelve months.

Taking a loan

The single most crucial thing to consider when taking one of these loans is that you know how you are going to pay back the money when it’s due. Taking out a loan and hoping you will be to pay it back is a terrible idea and can lead to serious financial problems.

It is also important to know that the loan company you are getting your money from are customer-friendly. You need a certain amount of information before you take out the loan; this is by regulation, so you want a company that gives you this. Things like how much you will pay extra for borrowing the money, what the penalties are for late payment or what happens if you aren’t able to pay it back.

Lender have to tell you these things and they also need to make clear what we say here – this is a short term loan and isn’t a replacement for a long term loan that you would get from a bank. If you don’t pay them back on time, you can end up in difficulties but if this does happen, there is help at hand. Finally, they should also explain about something called Continuous Payment Authority and how you can stop it.

Paying the loan

The usual length of time that these loans are made over is 30 days and you have until the end of this time to pay it back. You will have to pay what you borrowed plus any interest that the lender informed you about at the beginning. The lender can take the money on the due date using the Continuous Payment Authority or you can contact them just before and pay with a card. If they use the CPA and you don’t have the money ready, you will get charged.

If you aren’t going to have the money ready when the lender is going to take it, stop the CPA. This is done with the bank at least one day before it is due. You also need to contact the lender to sort out what happens next.

Extensions

If you are having trouble, always contact your lender to see what solutions they may be able to offer. Sometimes they can extend the loan period, though charges may apply. Alternatively, they may be able to roll this loan over into another one but be aware this means a new loan and a fresh addition of interest. Most lenders we use won’t allow you to do this more than twice.

Should you be suffering with financial difficulties your lender can also give you advice who to speak to and you should do this as soon as possible.

Bad credit

Because these SMS loans are designed specifically for people with bad credit, the lender expects your credit record to be less than perfect. What they are looking at isn’t a traditional credit scoring system as the banks do but a check to see that you are able to pay the money back. This usually means that you have a wage or other incoming arriving on a regular basis. It may be that these loans don’t have the best interest rates available but the idea is that by using them, you are making the first step on the ladder to restoring your credit rating. However, never take a loan for this reason only.

Conclusion

By using our website, you get to see the range of available loans, the costs involved and the information about the lender. This saves you having to do lots of research to find this information and allows you to make an informed choice about which is right for you. No matter which you select however, always make sure you pay back on time.

A-Z SMS Loans With Bad Credit