Firstly, TxtLoan are pleased to announce you that more than 150.000 people have now signed up to TxtLoan-service.

TxtLoan believe this a testament to our fully transparent service. TxtLoan offer simple loans of £100 for 15 days. The service is free to register and the charge for the loan is a flat £17 (or 17% per £100 lent) with the total amount of £117 being paid back in full 15 days later (btw, some of you have still old 7-day information on display).

The confirmatory text message is charged at £1 per time. Responsible users of the service called “VIP’s”, those who have a repaid their loans on time, are able to borrow £200 and in some instances £300.

With the new CCD, their representative APR is 4474% and annual interest rate is 414%. Having said that, the total cost of credit is simply 17%.

Once registered and approved, their clients request a loan with a text message: LOAN 'PIN' 100 15 e.g. LOAN 1234 100 15. If they have higher credit line, say £300 then they text us: LOAN 1234 300 15.

Unlike some other lenders TxtLoan does not engage in ‘rollover lending’, where a customer cannot meet their existing repayment schedule and a new loan is made at high interest rates to repay existing borrowings.

For those customers that fail to repay their £100 loan on time TxtLoan issue a reminder on the 16th day at which point the total repayable rises by £25 from £117 to £143,13 including interest. Txt Loan accrues interest at the rate of 1.13pc per day and on the 27th day a second £25 reminder charge is incurred, bringing the total repayable to £179,47. Thereafter TxtLoan continue to charge interest up to the 46th day, where the loan reaches a value of £200. At this point the debt is handed over to a collection agency.

TxtLoan offers a simple and efficient alternative to paying those annoying and costly charges which generate billions of pounds of profit for banks and credit card companies every year. TxtLoan estimate that their customers have already saved £6 million in overdraft fees and expected savings for 2011 will be totalling close to £25 million.

Should you have any feedback or general improvement ideas, please do not hesitate to get in contact.


Join TxtLoan now.