Facts and price comparison for those looking for SMS loans | Payday Loans

Facts and price comparison for those looking for SMS loans | Payday Loans

An SMS loan is basically a slightly smaller loan (usually in amounts between USD 500 and USD 10,000) that you borrow for a significantly shorter time than a more classic private loan. The usual maturities are 15, 30, 60 or 90 days, which can vary slightly depending on what you want and how much you want to borrow.

The term SMS loan has become a collective name

The term SMS loan has become a collective name

From the beginning, the name SMS loan comes from applying for the loan entirely via the mobile phone, by submitting its application via SMS. Over time, however, the term SMS loan has become a collective name for all these small and fast credits. Other names that are also commonly used are micro loans, quick loans and mobile loans. These are basically the same type of loan.

There is no direct difference between SMS loans and micro loans, for example. Most lenders have so you can apply for loans directly on their website through a form. Applying via an SMS is not as common anymore, which may be because, for example, most people have smartphones that they can use to access a lender’s website and borrow it that way. This is often easier than sending your loan application in an SMS.


SMS loans have a bad reputation and are usually said to be more expensive than other forms of loans. It is true that they usually have a noticeably higher cost than, for example, private loans, especially given how short a time you can borrow the money. You should always consider one extra time before choosing to take out an SMS loan just because it is not directly affordable, but there is obviously nothing to say that you cannot borrow this way if you really need to.

The important thing is that you start by thinking about whether you really need to borrow and after that you should preferably look around for the lender who has the lowest price on their loans, as these can vary quite a bit. You need to know that you can afford to repay your loan after, say, 30 or 60 days, otherwise the risk is that you will be in financial trouble.

How to apply for an SMS loan?

SMS loan

In the past, it was mostly about sending an SMS to a certain telephone number where you had entered all your information. Today, it is most common for people to use the application forms on the website. Sometimes you can also register with a lender and then your information is stored in their database for future loans.

The application itself must contain information about how much you want to borrow and how long, of course, but also information about you and your finances, which allows the lender to make a good decision on whether or not to take out a loan. Such as annual income should be sent with. The lender also makes a credit report to get more information about your finances, for example to see if you have payment notes.

Once you have applied, the application is usually processed very quickly, as long as you have submitted it during working hours. Otherwise, the lender will not start working on it until the next business day. You often get your money by the day after. Some lenders are also open on weekends.

How to find the best SMS loan

SMS loan

The most important thing when looking for SMS loans or quick loans is that you take the time to get an overview of what is on offer. You have to remember that you are the one with most cards on hand because it is you who is the customer and the lenders are fighting to get you to take out their loan. That’s how they make their money.


You have the power to choose and toss between all the lenders that offer SMS loans and take the best offer. Many lenders try to entice you by lowering prices or maybe even by offering free loans to new customers. This is a way to get a good price on your loan.

What you should do is check out which lenders have the lowest interest rates and fees and where you can borrow cheaply. You can do this by examining all the lenders and their websites yourself or by using our comprehensive comparisons, where everything is collected. You can also read about the best quick loans and see if you can find something that suits you there.

To think about when it comes to SMS loans

  • Of course, you should not borrow money if you do not know that you can repay the loan and interest plus fees after the term is over. This is not a loan that should be used as a temporary solution to financial problems or to pay off other loans etc. Doing so often leads to bigger problems.
  • There are many lenders who have SMS loans / quick loans in their assortment. Prices can vary greatly between these, so it is important that you not only choose the first best loan you see, but you look around and compare the prices before deciding.
  • Borrowing money in this way is not cheap. It is clearly more expensive to borrow in the form of SMS loans than through an ordinary classic private loan. Of course, it is ok to borrow if you have a temporary money shortage and know that money comes in – but keep in mind that it costs a fortune.
  • The term of the SMS loan is very short. The most common is 30 days. For larger micro loans, the maturity is often 60 or 90 days. Some loans or smaller loan amounts have a maturity of just 15 days.
  • A credit check will be done so you must have a sufficiently good financial position to borrow money. Sometimes you are allowed to borrow even though you have one or more payment notes, but remember that the most important thing is that you are able to repay the money again.