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.

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