This is a TXTLoan Review and is based on my own experience of using them. I have also included information about what happened when I didn’t pay my TXTLoan back.
I borrowed £100 from Text Loan and this is my review of how that went.
The TXTLoan Application Process
I signed up to the website and provided the details you would expect to provide such as bank and address details. I provided my mobile phone number which is what I used to make the application.
I made my application by text message and received an e-mail confirming that my loan was approved.
At the time I applied I borrowed £100 and was due to repay £110 7 days later.
Speed of the Loan Payout from TXTLoan
I received the money within 15 minutes into the bank account I provided on the application. It was all very quick.
TXTLoan would then collect payment from my Debit Card 7 Days later. TXTLoan have a policy of not allowing rollovers. This means that you must have the money available to repay them on the date you agree otherwise you will incur charges.
Repayment Difficulties
Well at the time I was an irresponsible reckless borrower and so I did not pay my TXTLoan back. Instead I ignored it.
They contacted me by e-mail to explain that I was overdue and advised that charges would be added onto the account.
This continued for a couple of months until the account ended up with a Debt Collector called Fredrickson International. You can read more about that on this blog by visiting my post about my TXTLoan Debt. I have now repaid this debt in full and have learned a valuable lesson.
Concluding my TXTLoan Review
Despite the fact I ended up paying back more £249 to borrow £100, TXTLoan did provide a service. From that point of view everything was fine.
If I had paid this loan back, which I should have done when it was due then the service they offer is very efficient.
However, if you find that you need to borrow money, I would steer clear of payday loans if you can as they can very quickly escalate into debt problems. Especially if you are already in debt.
