In the contemporary era, the number the individuals who have not taken a loan is quite scarce. Almost ninety percent of the population has, at one point or another, borrowed an amount from someone. The way they had taken the financial assistance may have certainly differed, since there are plenty of lenders in the market.
Apart from that financial source, the purpose for which the amount is borrowed also varies. Loans can be broadly distinguished in two main categories – personal and business loans. As the names suggest the former is acquired for personal needs and the latter for corporate purposes. Out of these two, personal loans are taken up the majority of times.
Focusing on personal finance, a person often takes up this kind of a loan when there is a discrepancy between his budget and his need, the latter mostly being on the higher side. Paying for school education, buying a car or a home, paying for medical bills that are usually exorbitant are a few examples of the need for an external funding help. Identifying this need is the first step towards getting a loan.
What to do after the need has been established?
Once the person knows the purpose for which he needs the money, the actual work begins. Imagine you are procuring a loan to pay for your daughter’s wedding. The aim is sorted, but you still have a gigantic task ahead.
- It starts with knowing the exact value that you need to borrow. Always try to get an amount that surpasses the one that you need. For instance, if you need 10000 pounds, the amount to borrow needs to be at least 12000 pounds.
- Then comes the duration; your monthly income would decide the borrowed term. The number of instalments you will be comfortable to pay each month. However, do keep in mind that the higher the loan period, the more you are going to pay the lender because the interest will keep on adding every year.
- After deciding all of these, your work is almost done. Now all you are left with is to provide the lender all the documentation that he needs. You will be all set to get your money.
Even though these are just three steps, they take up a huge proportion of your time and efforts. Sometimes a loan may not get sanctioned even after a month of application. Banks, especially take weeks and weeks to verify all the documents and ensure that you fit their eligibility criteria to a T.
What if you need financial aid in a hurry?
There are often in a person’s life when the need for money transcends everything else. A person cannot wait for the bank or other financial institutions to finish all their legal proceedings. A time like this can occur when you fall short of cash the day you have to pay your tuition fee or when you meet an accident; your car is a wreck and your need money for repairs. In such times, a person needs to avoid the hassle that loans often accompany.
What if to save you the banking industry invents a loan that can be procured through a text? Wouldn’t it be convenient for the borrower? It seems too surreal to be accurate; however, it is an option available for the borrower.
These are also the mini text loans, which are fastest in the approval. All you need to get the desired amount is a mobile phone that can send out a text and you will be done.
What makes mini text loans distinguished from the conventional loan?
Mini text loans are different because they are hassle-free. The strict obligations do not bind them as others are. Text loans can be the answer to your urgency as
- These loans don’t need much of your time, apart from a few minutes.
- They are supremely quick to get.
- The procedure is so simple that a fifth-grader could apply for it if he were eligible.
- There are no documents required to be submitted from your end, which is the best part when you are in an emergency.
Let us assume a scenario, imagine your sister is getting married, a day before the ceremony, she mentions that the centrepieces are too simple and need to be upgraded to the fancy ones. The cost of anything fancy is quite hefty. Your budget is running low so can’t just go and buy them. Now, only mini text loans can save you from your sister’s wrath.
All you will need to do is a request for a loan through a text and wait. Once the lender has approved the same, the money will be wired into your account within the next couple of minutes, and you can buy the best centrepieces in all of England. It is that easy.
Reiterating my point, I would want to highlight the fact that acquiring a quick financial assistance can be a daunting task for all of us, but if we are well aware of the financing options, it can become a breeze.