Loans via text message and app.

In the period in which the smartphone allows you to trade and manage your finances, thinking about the possibility of requesting sms loans could seem like a discounted solution. In fact, this form of financing has developed in northern Europe, and also in Italy there are feasible situations, even if in ways, at least for the moment, still different.

What is it about?

What is it about?

As can be seen from the name, the pure form of SMS loans is that of a loan that can be requested from the lending bank by sending a simple short message via its mobile device. So even when we look at products offered outside of Italy, it must be assumed:

  • an existing relationship with the lender;
  • a pre-assessment of the applicant’s reliability.

Obviously, since these are sms loans that involve modest amounts (generally it can start from 50 0 100 USD and reach 500 USD), the approval process is usually rather fast, but the timing varies according to numerous situations. Still speaking of generic situations found outside our borders, interest rates can also be high.

Attention: the discussion is not comparable with the Italian panorama as the rates are linked to foreign banking regulations, where the calculation of the “usury” thresholds takes place with different criteria than the local laws. Among other things, to date there is no possibility for residents of Italy to access these types of loans granted by foreign companies, precisely because they do not comply with the legislation in force in our country.

What alternatives in Italy?

What alternatives in Italy?

If we consider the products that are currently available in Italy, we can make a distinction between those that can actually be requested by sms and those that instead allow you to use the sending of a message simply to make an appointment. This second type is much more widespread, while the first type is available only at banks that offer products in pre-evaluation.

How do they work?

The operation of loans via sms, whether it is simple appointment requests (in many cases above all the method via Whatsapp ), or real requests for the disbursement of a pre-assessed sum, is still simple: you send the message with a text predetermined by the bank and you make the type of request that you need. In the case of the disbursement of loans by the bank itself, generally the message or request must be made via an app that logically must be downloaded to your smartphone.

Within the domestic financial ‘panorama’ of products with this type of characteristics, in particular we encounter two of them, proposed by companies belonging to the same banking group: Copy Lender and Spin Lender, both belonging to the Spin Lender Group.

Spin Lender with Credit express Easy

Spin Lender with Creditexpress Easy

As just anticipated, in order to use the loan granted (with an amount that must be between 1000 and 5000 USD) you must use the appropriate app. This is a pre-agreed amount, following a pre-assessment process that must be done at a Spin Lender branch (among other things, you must be a current account holder for at least 6 months to be able to access it). Once the sum has been agreed, this can be requested in whole or in part via a message made from a mobile app. This can be done according to your needs (for example for a purchase) as the amount is immediately made available to the applicant.

As just said, it is not necessary to use the agreed sum in full, but it can also be used only partially: for example if you have 2000 USD of loan granted but you need 800 USD, you can only request this sum. The fixed interest rate will be applied only on the amount actually requested (therefore in our example about 800 USD). The excess amount can be used later.

Copy Lender

Copy Lender

With this bank you can take advantage of the Personal Loans request service with instant evaluation via the App. As necessary requirements we find the need to have a Copy Lender current account and to have downloaded the app on your smartphone (compatible for both Android and iOS systems) ). The maximum amount obtainable is up to 15,000 USD and also in this case there must have logically been a phase of preventive evaluation. As positive aspects there are:

  • synchronization of the app with the customer area which allows you to view the repayment plan, so that you can make the ideal choice according to the repayment possibilities;
  • instant request and 100 per cent parperless, which can be made 24 hours a day without restrictions.

There are no preliminary costs, practical management or collection proceeds and the fixed rate as of January 7, 2019 is slightly less than 4%.

The Best Bank alternative

The Best Bank alternative

We conclude with the financing proposal via app of the Italian / French financial. We are not talking about a real SMS loan, but about an application through which you can request a loan without entering the Best Bank site or a branch.

To do this, your identity card and health card are sufficient. This product is absolutely paperless since the recognition is done via webcam by Best Bank operator and the procedure is completed with a digital signature. Best Bank, at the end of the evaluation procedure which can always be followed through the app, allows you to get up to 3000 USD.

How to find the customized loans that best suit your needs.

Often we find ourselves in the need of having to find a certain liquidity of money and we decide to resort to consumer credit ; in these cases it is necessary to carefully evaluate the various proposals on the market, in order to be able to find the most suitable tailored loans to meet specific needs. In this way it will be possible to subscribe to a product that is not too demanding to support and therefore does not weigh too much on monthly family economic commitments.

If you want to access a form of financing long enough to complete a significant project, you can resort to classic personal loans. Let’s talk about products such as supplies of the fifth for example. While when the numbers you need are smaller, you can turn to leaner and faster tools, such as revolving credit cards or small finalized loans that can be managed completely online.

Targeted loans or free loans?

Targeted loans or free loans?

The first important assessment to be considered to find the best tailored loans on the market is to identify the purpose. Do you want to buy a car, renovate your home, pay for your children’s university or buy specific items from a specific shop or store?

If we have clear ideas on this we can resort to targeted loans, which offer lower rates and practically immediate disbursements. On the other hand, it must be said that the amount obtained is exclusively tied to the purchase of that particular good or service and we cannot dispose of the money in any other way.

Pure liquidity loans, on the other hand, guarantee greater freedom of management since the money is deposited directly into the applicant’s current account. In this case, the concession criteria are stricter and the rates higher, but it must also be said that the market is freer, and therefore more competitive, because today all banks and financial companies have products of this type to offer.

Loans not finalized: which one to choose?

Loans not finalized: which one to choose?

Among the non-finalized loans, those most requested because they are considered safer, both for the customer and for the lending institution, are the transfers of the fifth in which the agreed installment is directly withdrawn from the holder’s salary.
What is certain is that this type of financing is granted only to employees or pensioners and is therefore not addressed to everyone.

Indeed, the self-employed person or one who cannot prove their income with the paycheck may find it more difficult to obtain financing. Don’t be discouraged, however, because there are also loans without a paycheck (see also What to do in the event of a loan refused ).

As we said in the previous paragraph, the consumer credit market is very lively and there are a large number of products available: exchanged loans, credit cards in installments and small fast loans specifically designed for the less guaranteed categories of workers.

How to compare a home loan?

 

 

Find out how to effectively compare multiple home loan proposals to make the right choice.

Get multiple home loan offers

Get multiple home loan offers

Difficult to miss comparison services and now it is a reality, financial authorities recommend that borrowers engage in a comparison of mortgage loan offers before signing a credit agreement. The formulation of an offer to purchase or the signing of a promise to sell will often commit the borrower to obtain a home loan in the shortest possible time, implying for the candidate to quickly turn to the first establishment come. So take the time to study the different mortgage loan comparison services and then get a minimum of three financing offers.

You should know that the borrower can himself canvass three different banks to obtain three contract proposals, this requires time and above all to carry out three separate procedures, which can be rather restrictive. The best solution is to entrust this mission to a broker specializing in mortgage, he will be responsible for mounting the credit file and especially to select the best placed credit institutions. By using a broker, the borrower saves precious time in studying mortgage loan offers, which allows him to choose the best proposal, even when the promise to sell contract imposes a short deadline.

Don’t focus on the rate

Don

The biggest mistake borrowers have made so far is to focus on the borrowing rate expressed through the APR. A low rate does not mean that the mortgage offer will be attractive, it is above all the total cost of credit that allows to assess the value of one mortgage offer compared to another. A very attractive APR can hide more restrictive subscription methods: higher application fees, less advantageous guarantee, more expensive borrower insurance. We must therefore assess a mortgage offer taking into account all the elements in the contract, and this is thetotal cost of the loan that will allow you to make your choice.

The domiciliation of accounts is no longer an obligation, except when a bank undertakes to offer preferential conditions. It is therefore a solid argument to make when a borrower has several proposals in hand. It will therefore be necessary to dwell on the terms of the new bank account that will be set up (account fees, payment limits, overdraft, etc.) in order to adjust the needs.

Simulate now

Simulate now

We offer a mortgage loan simulator which allows you to obtain a first feasibility opinion but also several financing proposals from credit institutions. As an experienced brokerage center, We are able to support you in your financing project and find you the best housing loan offer, whether your project involves the construction of a house, a purchase of old house, apartment or even a rental investment.