The loan terms and conditions that apply when taking an SMS loan are very important to know. Do you know them you can feel a lot more security when you know exactly what will happen.
Below we have compiled a number of different loan terms that usually pop up when you apply for an SMS loan. That is both what is required of you and what terms apply around the loan. Just keep in mind that this is a summary of some of the loan terms that apply to loans and that these may also differ from lender to lender.
Different loan terms to keep track of for SMS loans
Repayment – If you take out a loan, it is obviously important to know how long the loan extends over. For an SMS loan, this is usually 30 days. However, in recent years it has become more common for loan institutions to offer longer maturities. It is usually 60 or 90 days.
Delay rate and reminder fee – You can expect a reminder fee to cost around USD 50. Then there is also the risk that you will go on a late interest rate if you do not pay on time. If you still do not pay the debt, it will most likely proceed to debt collection.
It is always possible to pay an SMS loan in advance if you wish, without any extra costs for you. Just make sure to double check the rules that apply to the lender you decide to take an SMS loan with.
Withdrawal rights – You have the right of withdrawal in accordance with the Distance and Home Sales Act (2005: 59) regarding the signed loan agreement. But for it it would still be important to read what the lender writes about this.
There are often several requirements
For you to get an SMS loan from a loan institution. Minimum requirements are often that you must be 18 years old, be registered in Sweden and have a lower annual income. Then there are lenders who approve borrowers with payment remarks while others say the opposite to such applications. There are also rules that say that a borrower needs to be older than 18 years. Exact rules are most easily found on the websites of the various credit institutions.
Price -What does it cost to take an SMS loan when it is important to know. Usually, a loan costs between USD 250 and 2,500 to obtain depending on the size of the loan.
Just look at this as a small summary of the loan terms that the credit institutions have. It is therefore very important that you look up the exact conditions of the desired lender. You should always read the terms carefully before you borrow any money.