Loan By Text-Is It Safe?


When it comes to our finances, we are always wary. We rightly should be because every investment or decision we take can turn out to be cons or hustles. But at the same time we crave simplicity. We want things to be easy and within our reach and especially where loans are concerned we need it to be quick. If we want to take a loan we need a trustworthy lender and a simple method of getting a loan. At the same time the security of the transaction should not be lacking. It should be water tight. More secure the process is, more trust will be gained. Making the customer feel secure is of utmost importance. Especially if it’s their money on the line.

High  security and ease of transferring money is a tricky business. These two concepts do not go hand in hand. If it’s easy then it can be intercepted and manipulated. If there are high security measures, the process of procuring the loan might be a long and complicated one. So what if there is a method to achieve the balance between ease and security?


Here comes the concept of loans by text message. I know what you are thinking. Say what? How is it in any way secure? True it’s easy and useful when we urgently require money, but what about the security measures? Anybody can send a message requesting for a loan pretending to be me. But have no fear; there are security measures in place. This method is especially useful if you are in a tight spot and are in quick need of a loan. You will receive the loan almost instantly. You will be provided a verification code of some sort and you can send a text message requesting a loan. Your message will be checked to verify whether it was sent by you or an imposter.

Steps to get a loan by text message:

  • First you need to register in the service providing company. You can do this by registering online through their website or by going to their nearest branch office. You will have to provide all your details including your current income, the properties in your possession, all the pending loans etc.
  • Next background checks will be carried out on you. If you are in great financial dilemma and were unable to pay your previous loans then they may mostly mark you as distrustful. Though it may seem simple, loans requested through text messages are treated as borrowing and the return of the loan is expected and the borrower is expected to be committed towards timely repayments.
  • The cut-off age is 18 years. You should be an employee with a steady source of income. You should have a physical address and being a resident of the country is must. You must also have a valid bank account.
  • If all the conditions are met then your registration will be accepted and you will be given a password through which you can ask for loans through text.

Registration is very necessary to avail the services and its simple as it is done just once. You need not go through that process again if your registration is accepted.

How to avoid fraud:

Ok! So you have availed the service and all but you can never be too safe when it comes to money. The verification code and other security measures should be kept a secret. Here are a few tips to avoid being duped.

  • Always keep your device password protected. It is a good practice because anybody can unlock your device and can glean your personal information.
  • Never write down your verification password or code on a paper or any other place or thing which can be accessed or seen by others. Post-it notes, your diary etc. are few examples.
  • If you are in a public place or such make sure no one can see your message. And make sure you don’t open suspicious e-mails or messages in your device. They may contain a malicious code which sends all your details to its creator.
  • If possible request for a confirmation call after a request for a loan is sent. Many banks offer this facility to double check the message authenticity. You can set-up a security question. Or request for an information email which sends you the status of your loan and date of borrowing. At least in this way you can quickly come to know if there is a fraud.
  • Setting up your password in such a way that there is a limited number of retrials is an efficient method for blocking out imposters.
  • If your password is compromised follow the proper channels to change your security code.

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