TxtLoan Voucher Codes & Discount Codes

TxtLoan (www.TxtLoan.co.uk) First lending service of its kind in the UK Send a text and receive £100 in minutes Repay 15 days later TxtLoan® is an innovative service providing instant short-term loans that help people manage their finances more effectively. It is the UK’s first mobile credit service and a sophisticated alternative to expensive unauthorised bank overdrafts and penalty charges. Licensed and supervised by the Office of Fair Trading, the Company was established in March 2009 and is the first company of its kind in the UK: a lender providing instant short term credit, available 24 hours a day, seven days a week through mobile phone text messaging. Since its launch, TxtLoan has experienced huge customer demand as people sign up to its simple and easy to use service. To date the Company has established a customer base in excess of 150,000 people and it receives hundreds of new registration enquiries every day. Customers apply for the service online and the Company uses external sources and its own specialist credit scoring analysis to assess their suitability. Applicants typically earn £15,000 a year and must be resident in the UK with an active UK bank account, a mobile phone and an e-mail address. Once approved and registered they are given a bespoke PIN which they can use at anytime to text TxtLoan to borrow money. The Company rejects more than half of new applicants. Using TxtLoan’s unique platform and bank connectivity hub, the cash is transferred within minutes into their bank account – no lengthy approvals, no waiting on the end of a phone or three day cheque clearance: the money is there straight away, usually within minutes. TxtLoan is committed to a fully transparent service for its customers. It offers simple loans of £100 for 15 days. It’s free to register and the charge for the loan is a flat £17 with the total amount being paid back in full 15 days later. 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. TxtLoan offers a simple service where the total cost of credit is clear at the outset, unlike bank overdrafts or credit cards which, if not managed carefully, can lead to spiraling debt. The Company takes the view that the APR calculation is fundamentally misleading. Annualising the interest cost of a short-term confuses consumers and misrepresents the product’s true cost. It’s similar to suggesting that the typical annual cost of a rental car might be close to £15,000, rather than a daily rate of £40. The total charge for credit is a more beneficial measure for the consumer. Thanks to the Company’s stringent customer selection process it enjoys extremely low delinquency rates with over 90pc its customers using the service as intended, repaying their loans on time. Over 96 pc of customers use their loans for non-recreational purposes in order to help them manage their finances more effectively. Typical uses include paying for unforeseen expenses or emergencies, the weekly food shop or avoiding bank charges that may be incurred by going overdrawn without permission from their bank. Unlike 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. If one of TxtLoan’s customers is unable to repay the loan on time they can expect sympathetic treatment from the Company’s customer services team where, under extenuating circumstances, the Company may ‘stop the clock’ on repayments in order for the customer to ensure the orderly conduct of their account. For those customers that fail to repay their £100 loan on time the Company issues a reminder on the 16th day at which point the total repayable rises by £25 from £117 to £143 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. Thereafter the Company continues 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. The Company estimates that its customers have already saved £6million in overdraft fees and expected savings for 2011 will be totalling close to £25 million. An example would be someone having to pay an essential utilities or car repair bill three days before pay-day knowing that the transaction will automatically take them over their agreed bank borrowing level which will incur penalty charges plus interest (typically £25 per transaction plus interest). By using a hassle-free instant TxtLoan, the customer avoids breaching the overdraft, saves money in bank charges and will have repaid the loan just 15 days later. TxtLoan’s proprietary software platform has multiple interfaces and is continually being developed as the Company’s customer base increases. It uses a unique modular structure, combined with built-in cash management and treasury risk management features, alongside its credit score methodologies. TxtLoan is a registered UK company with offices in the City of London. It is privately owned and is licensed by the Office of Fair Trading to conduct its business in the UK. (More Info)