Although the terms sms loans and fast loans are easily intertwined, there are some things that still characterize what we at least previously called sms loans.
With the old way of looking at it is that a sms loan is in the form of a small loan, usually up to a few thousand dollars, which can be obtained quickly, often as early as the afternoon or the next weekday / banking day.
Applying for a sms loan should be easy
Applying for a sms loan should be easy and nowadays the method of applying for the loan by sending a sms has more or less disappeared and has been replaced by the application being made directly on the loan company’s website. There you fill in a simple form, verify your identity with BankID, e-leg or Instator and then you get a direct message whether or not your sms loan has been granted.
If the loan is granted, the money is paid out immediately and very directly, which means that if you have the same bank as the loan company, you can even get the money within a quarter or at least the same day. Common banks for which direct payment works well are Nordea, Handelsbanken and Swedbank. If you have another bank, you can normally expect the money to come into the account the next weekday.
An old traditional sms loan often has a maturity of usually 30 days
Depending on the loan amount. New legislation will gradually force the sms companies to have 61 days as the shortest possible repayment period.
The new law comes as a result of more or less forcing the companies that want to survive to change their conditions. It can be both for the better and for the worse for the consumers, but whatever you can always solve your sms loan earlier than you initially agreed on, so it is not really to any disadvantage for you as a borrower.
You also see sms loans with extra long repayment time breaking ground in an increasingly tough competition.
Popular form of loan if you need to get money
Sms loans are always a good and popular form of loan if you need to get money in the account quickly, for example, it can be situations where you get an unexpected expense that can not wait until you get a salary, or if you need to make a purchase as the salary this month, is not enough this time.
The advantage of smaller sms loans and the like compared to other loans is that you can get the money on the same day, which is usually when you need the money as best.