News Menu

Personal Finance News

What our customers say...

“None keep up the good work.”


The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.

Loans by text now on offer

Published: 26/11/2009

A company offering loan approvals via text has opened in the UK, claiming to deliver money to accounts in minutes.

The service can be set up online in a one-off transaction and customers can text the company at any time to receive a 'simple' loan of £100.

However, the company operates at a 994 per cent APR level, meaning that it will cost £10 (plus a £1 handling fee) to use the service.

This means that customers who use the service must pay £110 back, although this will go up to £135 if the loan is not payed back within seven days.

The fees continue to rise sharply should repayment be late, with reminders and "administration fees" of £20 to £25 every two days.

Should the loan not be repaid after just 23 days, the total repayable amount will be £200.

Average loan amounts of around ten to 12 per cent APR would mean that such loans taken out under other providers would only result in approximately £105 to £106 needing to be repaid after 12 months.

© Copyright

Bupa Health Insurance

Bupa Health Insurance

Now with 2 months free cover, offer extended until 31 March

Learn More

Copyright ©2012 Sterling Business Consultants

Last Updated: 11-02-2012