I get it. Whenever someone is in need of money and needs to borrow it, due to not having enough savings, it is completely normal for those people to turn towards getting loans. After all, borrowing from friends and family members usually turns out to be a bad idea, not only because those people often don’t have the money you need, but also because you may not be able to return it all at once, thus putting a strain on your relationship.
Turning to personal loans, thus, is the normal course of action. Yet, not all personal loans are the same, meaning you’ll want to carefully consider which one could be right for you. And, since you’re here, you’re clearly interested in SMS loans, and those provided without a credit check. You don’t know, however, if something like this is actually a possibility, and if banks are ready to extend you the loan without actually performing any credit checks whatsoever.
Well, that’s what we’re here to find out. Below we will address the question of SMS loans and their nature, as well as the possibility of getting one without a credit check. And, of course, we will take you through the process of getting a personal loan with the help of your phone, which is the easy way. You do want to have it easy, don’t you? But, you also need to learn how to do it right.
What Is an SMS Loan?
SMS loans, in their most basic sense, are not exactly a possibility in Norway, as you can see at billigsteforbrukslån.com/sms-lån/ and as you will learn whatever source of information you find, as long as it is a trusted one. The rules of borrowing money this way have been tightened, leading to SMS loans becoming pretty much illegal. Why is it, though, that you’re still seeing that term all over the place? Why would anyone advertise something that is illegal?
Well, while the original concept is no longer legal, the term is still being used for marketing purposes. Most usually, it is used for advertising small and microloans, because the actual process of doing so is quite simple – almost as simple as sending a text message, and you can do it through your phone. So, the actual concept is no longer in existence, but the term remains, which is why you shouldn’t be surprised when you come across it.
If you need some even more precise explanations as to what the term refers to today, here it is. Heard of unsecured loans already? Those that you can take out without having to provide collateral? If yes, then those are precisely they types that you can nowadays get from a lender that advertises the SMS borrowing options. Although lenient, requirements for the unsecured option still exist, so you need to be careful and check whether you’re eligible before making any concrete moves towards borrowing money this way.
Can You Get One Without a Credit Check?
The most important principle that the SMS loan stood on was this. Banks were giving out money to people without actually performing credit checks. This opened up a lot of opportunities to a lot of individuals that had poor credit scores. And, even though they offered extremely high interest rates on such options, people definitely showed interest, which ultimately lead to a lot of non-performing loans. That is basically why this particular option is not possible anymore.
What does that mean for the credit checks, though? In simple words, it means that no lender will give you a loan without performing a credit check first. Although, this doesn’t automatically mean that a poor score will disqualify you from getting a loan. Sure, there is a minimum score that you can’t go below, but some lenders are willing to work with people that don’t really have such a good score, and they protect themselves by offering higher interest rates, so as to deter non-serious borrowers, among other things.
How to Get a Loan Through Your Phone?
So, you can’t get a loan without a credit check, and you can’t get an SMS loan, at least not in the most basic sense of the term, and this is what you should know about such opportunities in the first place. How come it is, then, still possible to use your phone to borrow money from a lender? Well, that’s because unsecured loans exist, and small and micro ones, as well as because lenders have recognized the need for simplifying this process for their borrowers, and they are doing their very best to do so. Part of the simplification lies in the fact that you can now borrow money through your phone, not having to physically visit the lenders.
A few more things to know here before we take you through the process of borrowing this way. First off, the interest rates are bound to be a bit higher on these unsecured options than on the secured ones, and that should be perfectly logical to everyone. On the other hand, though, the waiting period is much shorter when you borrow this way, and depending on the type you choose, you could have your loan approved in as little as a day, and receive your money in a couple of days tops.
How can you do all of this, though? What are the steps that you have to take? You know that getting an SMS loan without credit check is not a possibility, but you also know what the alternative is. The only thing to learn now is how to actually get that alternative, that is, how to score an unsecured loan and borrow money quickly and easily, not having to worry about risking your assets by providing them as collateral. Quite important steps you’ll have to take towards this, and let’s learn which.
- Check If You’re Eligible
Checking if you’re eligible for the unsecured option is the first thing to do. And, naturally, this has to do with your credit score and your overall financial situation. Getting familiar with the requirements that the lenders have and then checking if you meet them should be your first step. If you do, you can proceed towards taking the next steps.
If, however, you find that your credit score is lacking, what should you do? Give up? Call it a day and assume you’ll never actually be able to borrow money through an unsecured loan? Well, now. What you should do is work on improving your credit score as much as you can, by paying off some of your debts, paying your bills on time, as well as by checking if the credit report may contain some errors that could be driving the score down, and then fixing those errors.
- Find Lenders That Offer This Option
Done everything you can to improve your score? Well, then, you’re ready for the next steps. Aiming at getting an unsecured loan, and probably one that you’ll get approved for quickly, that is, without having to wait for a long time, you should find lenders that offer such options, because not all of them do. Finding them, however, shouldn’t be easy, as most will advertise their offers online, and you’ll come across them by doing just a few simple Internet searches.
- Compare Their Offers
It’s not the finding part that can be tricky, though, but the choosing part. While you’ll easily find the lenders that offer you this particular option, you could have a hard time selecting the best one for you. So as to do that, of course, you’ll have to carefully compare their offers, taking into account all the significant factors, before actually deciding which one of those professionals to work with.
Which factors should you consider, though, when trying to make the choice? Interest rates, processing fees, late fees, and basically any other kinds of fees that the lenders could be charging. The offered maximum and minimum amounts are also important for helping you decide, and so are the possible repayment periods.
- Make a Choice
Considered everything already? Well, then, make your choice. Contact the lender you want to work with and check out the application process you’ll need to go through. Since you’ll be applying through your phone, you know right away that the application process won’t exactly be complicated. A good thing.
- Apply and Wait
Having figured out how to go through with the application, you should fill out the necessary forms and provide the lender with the necessary documents. From thereon, you’ll simply have to wait. Wait for the lender to approve you and to prepare the agreement for you to sign. After you apply, though, you can relax, knowing that the hard work is done and that it is only a matter of days or hours until you receive your money and use it anyway you want.