We have heard about no-fax payday loans where you apply for a short-term loan online. The new trend, however, is to apply for credit via text messages and when you think of it, it makes sense.
If you are able to receive a loan online, why not consider sms loans via your mobile? Just think of it; most of us do internet banking with our mobile phones. You can receive a text messages from your bank to say what your bank balance is, you receive a notification via SMS is your balance is too low to pay a debit order and you bills with your mobile.
It is more likely that people are going to read text messages as to mails and most text messages are read within three minutes of being received. Most of the population own a mobile phone. It might not be a new model, but most can send text messages as to older models cell phones that cannot receive emails.
SMS simply means more accessibility when it comes to applying for sms loans and this could mean positive thing for both the consumer and financial institutions. More consumers, especially in rural areas, will have access to getting a loan and business will grow for lenders.
Another positive thing about sms loans it the fact that you are working paperless. With online banking, the application is online but with no access to the internet, it is not possible to apply. Many credit providers offer clients that option of receiving SMS notifications as well to keep in touch with clients. As a consumer, you might not realise it, but when looking at a text message, you will see that that the tone and format are more professional.
As a credit provider, it is time to get on the new wave what sms loans are concerned. A new market awaits.