It is also possible to borrow money just using your mobile. It’s as fast and easy as borrowing online, and the only difference is that the amounts you can borrow are somewhat smaller than if you borrow online. But it’s a perfect loan for you who is on the go and suddenly needs the money.
It is therefore quite the same as a quick loan, but it is all through your mobile, and as a general rule you can borrow up to USD 5,000 with mobile loans. There are even companies where you can borrow the money for free, so you do not have to pay interest or fees on the loan.
How to take out a loan on your mobile phone
You apply for the loan by SMS, giving your name, address, telephone number and e-mail address. You will receive your approval within minutes with a code and you use it on the company website, which you can also access on your mobile phone. You use the code to accept and take out the loan and then the money comes. You can also borrow using your mobile phone on many websites and there you will not have to use SMS, but only the website.
Since a loan using your mobile phone is the same as a quick loan, it works the same way. No one is asking what the money is going to be, so that part is entirely up to you. It can be party and colors, new clothes, travel or something else entirely. That kind of thing will never happen if you applied for a bank loan, even if it was just a small loan like the ones here.
It’s an easy, fast and efficient way to borrow small amounts, and it’s absolutely perfect if you’re on the go and can’t get to a computer. With SMS loans you do not have to use NemID – you have to do this with other types of loans online.
The dangers of SMS loans
SMS loans are loans just like any other loan you take out. So of course they have to be paid back. With SMS loans, the loan must also be repaid faster than other types of online loans, and the term of this type of loan is typically 14 to 30 days. But if you know that money will go into your account soon, then it’s no problem, because then you can pay back as you please.
Interest rates are usually also slightly higher than you can find them elsewhere. But since you cannot borrow the very large amounts on your mobile phone, what you have to pay in interest will not be a very large amount. Otherwise, you can find one of the companies that offers a completely free loan with no interest at all.
There is only one real danger
That is if you do not repay the loan on time. Then the interest rate becomes a completely different one and you end up with a loan that is really expensive. Therefore, it is a loan you need to take if you know you are getting money before the deadline and can pay. If you can, there is no obstacle to taking out a loan with your mobile phone.