Text Loans @ txtloan ltd.

I've applied for a txtloan. i was asked to send a copy of my bank statement showing my wages going in . i did this yesterday and have heard nothing back. i tried ringing but no answer at all!! i had a previous email about unable to verify my bank card and to ring... i've sent loads of messages but no one is getting back to me!

I have used a couple of times and can highly recommend. Never had any hassle, and everything is simple at straight forward. I had a look at others and they often have no reference to fees charged but text loan is very clear on all their charges. They are also clear that if you know that you are going to have issues paying them back to let them know at the earliest opportunity.

At the end of the day it is for you to decide if you want to take out a loan and to make sure you can afford it, and a £10 charge for £100 short loan is fine in my book. Far easier than trying to understand APR

Very good service. Have had a couple of loans with them - first went through smoothly, the second one I had a problem repaying on the due date, but I emailed them explaining the situation and it was sorted. I was charged an additional £25 but that's fair enough. It's my fault I was late in repaying, and according to their own t&c they could have charged me more than that as I was almost 2 weeks late. Mind you - they probably won't lend to me again but again that's my fault.

They seem to be having problems, I have tried to sign up via txt a loan on a few occasions and each time said they would send a verification code, yet I've not received one.

Like many others when I've tried to call I don't get an answer, yet i thought they had a call centre?!

There are lots of other loan companies out there so I'm giving up on this one.

I use text loan every so often and they are fantastically fast. I normally receive it within a couple of hours.

£10 is nothing for a quick answer, I also had my card cloned a couple months ago at some dodgy garage. I was unable to pay as it is linked to your debit card. I phoned up and they held the account an extra week til I got my debit card in the post and didn't charge me. If you communicate with this lender and have valid reason why you are unable to pay they sympathize and do the best they can.

I will need to use this service on Monday to tie me over til pay day. I have used probably 8 times in the last year and the service is fantastic quick. If your full of bullshit and miss a payment and claim you tried calling, send them an email if you cant get through at least this is documented if they don't get back to you and you can say you made the effort.

I once had trouble getting through, therefore sent an email regarding my card and all correspondence was done swiftly on line.

Excellent service for a short term loan.

5*

Have used them lots of times. Fell behind with payments but allowed me to pay them off per an agreed arrangement. Contacted me 3 months later and allowed me to borrow with them. Have since paid them back before each agreed date and have always been helpful and friendly. Would recommend them.

I have to say i think that this is a fantastic service - this has really helped me out when struggling before payday and the money has been in my account almost instantly - thanks txt loan.

Dear Sarah

The £1 you think was taken from you is in fact required by your bank for companies when they attempt to verify your details. Think about it why would a loan company require you to have money when you are trying to get a loan???? Its not rocket science really........your bank books the one pound and when the company ''successfully'' validates your details your bank releases them- again think about it how could a firm possibly take a pound from your account by checking if the card is in fact registered to you????

Dear Sarah,

Just so you know your bank requires you to have £1 not the loan company or any other firm. Certain banks require clients to have at least £1 on their account. This amount is not taken but only booked then released when for example txt loan has tried to validate your details.

hi! I'd like to thank everybody at text a loan. I applied for a loan and got approved. The whole process took 5 minutes and money went straight in. A great service. Thank you. Would recommend to you anytime.
Russ.

Took payment from a card which I had changed with them. Wouldn't sort it and then tried to take payment from the new one and the old one. Don't touch them they won't answer the phone or emails.

I applied for a loan with txt loan and was approved on 20/05. They put the money in my account on 21/05 and said repayment was due 29/05.

Today 29/05 checked my bank account and saw one payment had been taken of £110 so thought everything was fine.

However, at about ten past midnight tonight, received an email from them saying they had been unable to take payment of £110 on the 29th (?) and so were adding a £25 charge and will be taking £135 on afternoon of 30/05. I checked my account out of interest and found that they have taken 2 payments of £110!! So have repaid £220 when in fact i should only have repaid £110 and they have the audacity to say they couldn't obtain repayment!!!

I am absolutely fuming. cant get through on phone so have emailed them. They had better give me a refund of £110 or I am taking them to the Ombudsman. They had better not try and take £135 out tomorrow as well.

I completely agree with comment number 1. They took a £1 charge then declined me without an explanation. I rang them and emailed them and all they said was we couldn't verify your details. em.. hello.. you rang my phone spoke to me and then took money from my account but you still don't know its me!!

We are sorry to hear that your application was turned down. In order to protect borrowers and to ensure we are lending to those who can afford our service we adopt the following approach to lending:

1.) We do not lend to those who have had CCJ's or have been made bankrupt in the 18 months prior to the loan request
2.) Only those who can demonstrate employment or regular income (e.g. self employed) above £400 a month are eligible
3.) We have policies in place to avoid the "debt spiral" - borrowers cannot use a new loan to repay an existing debt that they have with us, often referred to as "Rolling of Loans"
4.) We do not encourage borrowing to meet non essential requirements
5.) The service is currently only available to UK residents who are 18+

Government authorities and Citizen's Advice Bureau have set certain guidelines for responsible lending and we promote our responsible lending guidelines on our website. If you think your application was mistreated, please write to us at: https://txtloan.co.uk/contact/ quoting 'instantcashsolutions'.

TxtLoan CR

Something does not seem right here. I do not know how it is possible that you complain that Txtloan have taken money from you for applying and haven't paid it back because you were rejected. I used this company recently and the client center girls told that registration fee has not been gathered for months now.

Waste of Time!!

Turned me down without any explanation and wouldn't even refund my £1 - Rubbish!!

Maybe other providers are cheaper, APR is designed to help you compare different loan providers. Lets say that another provider charges 2000% APR, and text loans charges £10, which do you use? which is cheapest?

Who cares about your APR mumbo jambo, it's costs me £10 and it works. You must be their jealous or nervous competitor or something. Get real buddy!

I've also been using them for months and never had any problems. Few times been late with payment but when notified txtloan in advance they froze all charges until my bank had sorted my new card. They refused to give another loan until I paid back the old one but I can understand why they do that.

Txt Loans is a great company. I've been a customer over 8 months and never had a problem with them. They give a good service.

They are making up their APR again, it was (incorrectly) advertised as 994% (see this video at time 0:04 http://www.youtube.com/watch?v=xTLVogT8qLo ), now they are advertising it as 894% on their website (it used to be advertised as 994%).

The charges have not changed so I guess they make up the APR numbers as they go along? Maybe next week the APR will be 794%?

When is text loans going to put up the real APR of 14000% ? When are they going to show how they reached the 894% or 994% figure?

Given that they can't do their sums, better go else where where they can get their sums right.

Took £1.00 the declined.

Plus just like many other payday loan compaines they seem to be operating from the same address.

145-157 St. John Street London.

Just imagine HBOS and Nationwide sharing the same address.

I have borrowed off this lender and they are exceptional. Their customer service team are polite and I have no problems what so ever with them. I recently became a new father and my pay was not put into my account as usual. I was due to pay my loan back. 3 days prior to the day I did and they understood my circumstances and did not add any further costs. I am now a VIP customer and am still using there services....... thanks txt loan..
Mr Robinson

I got a text loan, and subsequently lost my card which I of course cancelled with my bank. I immediately told TXT Loan and advised I probably would not have a new card before the loan was due to be repaid. Their reply: "Thanks, please advise when your new card is activated, but we will continue to add charges for each day we are unable to collect the payment". Now there is no way this is fair practice and I am quite sure that if it came down to a legal battle these charges would be written off as unfair. Anyway, I have since gone bankrupt and the whole loan has been written off.

Dear rollerpin7,

I am sorry to learn that you have experienced difficulties using our service. It is often the case that people use our service because of unexpected utility bills, so it is unfortunate that you faced one of these on top of an existing TXTLoan repayment.

In regard to your subsequent complaint about our service, we cannot find any record of an outstanding balance being requested twice - nor do we believe that this is possible. Nevertheless, we are more than happy to discuss this situation with you in detail. If you e-mail us at info@txtloan.co.uk with your relevant account details and paste the url of this discussion in the main body of text, we will investigate your complaint and get back in touch with you as soon as possible.

Many regards,

TXTLoan Customer Relations

I got a loan from these ppl last month. A few days b4 my payment was due I received an unexpected leccy bill which i had to pay 4 obvious reasons.
I emailed txt loan 2 explain my situation and told them I would pay the full amount plus any extra costs I would incur the following week. This amounted to £180.
When I instructed them the following week to take the money from my account, they took it out of my account then said my payment was deferred!! I have now had a call from their debt collectors demanding the £180 which i have already paid!! It is not fair, I have given them the money and it wasn't even a month before they passed me on to a debt collector.
These people just want to steal your money. I have emailed them twice explaining I have paid but have heard nothing back! Hmmmmm....

If you are having difficulty understanding how and why the Office of Fair Trading approved TXTLoan's APR of 994%, rather than make up calculations as to how you think APR should be calculated - regardless of whether or not it makes sense - you should go directly to the source for information (that means the OFT). Here's a link to the statutory calculation of APR:

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft14... (page 9)

As for the whole issue of APR in respect to TXTLoan, I think the argument entirely misses the point. TXTLoan does not intend to provide long-term loans - the APR calculation is probably there for legal reasons more than anything as TXTLoan wants the short-term loan repaid in 7 days. 994% or 14,000% would both lead to massive figures over a year, but I don't think this is quite how TXTLoan operates.

Hi....
After reading all the previous statements regarding this company (TEXT FOR A LOAN), I have had nothing but good experience with them. Avoid paying £1 charge by requesting loan online. Money in account in minutes !!!

LJ

I am very pleased with the level of service txt loan have given me. I haven't had any problems with them and they have certainly kept this customer satisfied...

thanks txt loan.

Your customer complained that "I tried to contact txtloan to let them know, there was no luck" - why don't you try to address their complaint instead of rambling on about you being a responsible lender etc...

I've used this company a number of times over the past 4 months. I don't know if the APR is 900% or 9000%. That's not the point. I sometimes need 100 pounds extra for a few days and its the 10 pounds they charge that I worry about. Its quick and easy.

If other loan providers charge 30% a month and the APR is 2000% how can you charge 40% a month and have an APR of 994%? Your APR has to be more than 2000%.

I was not sure is the sign up fee should be included or not as it is only required for the first loan (I think) so if you have many loans that £1 is diluted across loans of loans therefore reducing the APR to 14000%.

All financial companies make a disproportionate profit on penalties for late payments because people don't compare the penalty fees between companies. (for example those paying overdraft penalty fees pay for my free banking, that's like taxing the poor to pay for the rich, enough to make any right wing capitalist blush - btw i have never paid an overdraft charge)

It is important though that all the information on fees, APRs penalties etc.... is accurate therefore I have submitted a complaint to the company in question.

It is a shame you had the sum slightly wrong as you allowed these cowboys to come out with their nonesense that APR is not relevant. Whether it is relevant or not what they quote is wrong.

It is shocking that the BBC and the Guardian have been unable to pick them up on their 14,000%+APR. Actually I believe it is much, much higher than 14,000% because you ought to include the £1 registration and up front £1 charge every time you borrow which effectively means you are paying £12 for £98 borrowed.

I did do the sums to see what happens if you cannot repay immediately. After penalties etc. they want £200 when you get to 24 days - believe it or not that is 3 and 3/4 million% APR! Some people might described that as your te***les in a vice but it hardly seems legit.

Very good, you have spotted a mistake in my calculations, let me correct my self:

the calculations should be 1.1^52 - 1 = 141.04 141.04 * 100 = 14,104 %APR

and therefore if there is no interest:

1^52 -1 = 0 0*100=0% APR

So my original calculation was out by 100%, you only charge 14104% APR (not 14204% APR). I apologise.

I accept that your pricing structure is clear but the APR is still incorrect and therefore is misleading and creates unfair competition when consumers compare your loans to other companies who charge 2000%APR for a 1 month loan (their calculations are correct).

So please tell me how you reached the 997% APR figure?

As part of being a responsible lender, we not only verify that each and every customer is receiving a regular income but also we keep things simple by ONLY lending £100 for 7 days at a cost of £10. No more. No less. TxtLoan Team.

Using your logic: 1.1^52= 142.04 * 100 = 14,204 %APR, if I borrow £100 for 1 week for nothing the formula is
1.0^52=1 * 100 = 100 %APR

yes you can borrow £100 for a week pay back £100 and according to the APR formula it has cost you 100%, which is why APR as a calculation for short term loans is nothing more than confusing.

Stay well away I lost my card and had to cancel it. Everytime I tried to contact txtloan to let them know, there was no luck. They are just money grabbers who pray on vulnerable people. The best thing to do is struggle till pay day or you will be living off loans all your life!!!!!

We would like to thank our customers for writing on this site.

As you know, we are transparent with our fees which cannot be said about most companies operating in the short-term lending space.

We believe that TxtLoan offers good value for money and hope that those of you who are happy with our service will continue telling others about us.

Thank you.

TxtLoan Team

Please do not bore to death the good readers of this website.

Over 90% of our clients pay back the loan in 7-days so the whole APR discussion is to an extent irrelevant. We charge £10 for £100 borrowed for a week. That is the only product we have so no point of comparing apples and pears. If you wish to continue APR discussion, please write to us: info@txtloan.co.uk

We are able to keep our fees very competitive due to the high level of automation and sophisticated interfaces.

If 994% is correct please show how you got to that number (it is also possible that the OFT is wrong). I am not saying that 994% of 14000% is high or low, I'm just saying that I believe that your mathematics is incorrect.

Given the administrative overheads, £10 does not sound unreasonable for an instant loan like yours, but if we are going to have APR displayed then please make sure that it is calculated correctly (and if people question your APR then show your calculations - as I did).

PS If you APR was 994% you should be charging £4.50 for a one week loan of £100 - calculation as follows (994/100)^(1/52)=1.045 i.e. 4.5% per week.

Not sure how OFT approved it, but if 1 month loan show an APR of around 2000% for 30% for a month, your APR should be much more (since you charge 40%). Though I buy your argument about the cab fare. Only question, if other lenders can afford to lend at 20% a month profitably, why do you have to charge more? More greed??

Our 994 %APR is correct and it has been reviewed by the Office of Fair Trading.

Our service is straightforward and fees transparent. %APR is not a good measure for short-term loans like ours. Next time you use a cab, why not calculate how much it would cost on annual level. This would be more interesting reading.

I am pretty sure that the 994% APR is incorrect, at a basic level the loan is 10% interest per week, and the calculation is as follows:

1.10^52=143.99 which equates to 14399% APR (yes 14 thousand percent).

If you borrow £1 and pay back 10% after a week (£1.10) and then borrow £1.10 after 2 weeks you would have to pay back £1.21, week 3 £1.33, week 4 £1.46, week 10 £2.59, week 20 £6.72,? week 30 £17.45 and week 52 £142 (one hundred and 42 pounds) for having borrowed £1 in week 1

I have used this service on numerous occasions recently. Initially my Bank card was due to expire hence why my initial application was refused. On updating my details a few months later out of interest rather than requiring funds - one phone call later all was well for me to start borrowing. I find the service easy and quick to use as everything is online and if i perhaps am unable to repay in time, I have replied to e-mails advising when I can make the payment and how much it will be. I always receive an e-mail within the hour letting me know how much will be due on that date. The beauty of these loans are no matter what time or day, you can simply go online and request the funds. Much easier than any other sites I have used.

I've used these for a while now and never had any problems. I bank with Barclays and get the money within 10 minutes everytime - as long as you make sure you pay it back on time this is a brilliant service

A great service, £100 loan in less than 10 minutes. I pay more back if i borrow from my brother. You can get around the £1 fee by applying for loans on line.

I applied 2 days ago for a txt loan, they have not rung me or attempted contact, they did try to contact my employer out of work hours an obviously they could not get through, I expalined the best time to ring my work yet again , still they phoned when the work closed, they then requested I copy my card front and back and fax it to them and send in 6 months bank statements, I decided not to and asked that they cancel stating I had been accepted elsewhere even though I hadnt applied anywhere else, just wanted them off my back, and they sent me back an e-mail saying I had been declined, however since I gave them my details I have had at least 30 e-mails 15 calls to my landline and the same to my mobile offering me loans of all sorts, numbers that are the same and ring several times aday even when I ask them not to, txt for a loan have got to have passed on my details, how dare they,

I am recently going through problems with txtloan,they took 110 pounds from my account plus a 25 pound overdue fee which they were not entitaled to as the money they requested from me got frozen through no fault of my own,i sent them all the relevant proof that they requested that the money was avaliable,they inccured a bank charge on my account and kept the 25 pounds they had agreed to give back due to their error,i have now informed them that i will be taking matters further,stay away from this company!

I was sceptical about this company at first, but decided to give them a chance anyway as the thought of having £100 at my fingertips should I ever need it was a safety net - you never know what might happen! After intial sign up, I didnt really have any problems, the money was deposited straight away and always has been since I started using them. I dont mind paying just £10 for borrowing £100, I pay my brother more back!! Overall a very good and innovative service.

I was at first declined about 6months ago.Then recently reapplied and was accepted.Post above is correct the 1st loan can take a day or 2 if outside office hours but yesterday I took my 2nd loan with them and took 10mins to appear in my account. I wish they would offer the oppotunity of a 2week loan though!

I applied with this company, they took the 1.00 fee from card and declined me but they offer loans to consumers regardless of credit status. I shall not bother with them again!

At first I thought txt loans were great. Then they took the money for loan out two days before it was due and didn't advise of this, which caused direct debits to be returned ending up with me receiving bank charges! They then denied taking the money from my account, even though I sent them my bank statement which clearly showed they had! ( The bank statement was sent 1st class but somehow took two weeks to be received by them!!) I contacted my bank who were very helpful and agreed the money had been taken from my account and paid to them and gave me the code they needed to take money from my account, but Txt loan still denied taking the money. They then tried to take 200.00 my account, but luckily my bank refused the transaction and Txt loan are still denying any payment has been made.

Text loan is very helpful .i got the money within minutes into my account and it was sooo helpful when we r in-need of money..excellent service..email responses are very fast too.Good customer service..thanks

TxtLoan response 1.) We do not pass any customer data to anyone - this is illegal and would put at risk our whole company since we are governed by Office of Fair Trading. 2.) We have very clear and transparent charges as part of our Loan Agreement, 40 pounds for 1 day is not correct. 3.) Why would we hang up on our customers? Why? All and all, what would we benefit from passing on our clients details to some window company and why would we charge fees which are not part of our agreement. Make your own conclusions of the integrity of original comment by someone who do not exist in our database? TxtLoan Team

This company is a fucking joke dont go with them they run a credit check on you at least 3 times in a month and they pass your details to other lenders. I received at least 6 calls a day from other people selling windows , loans, insurance, etc had to get my number changed at the end. Then they phoned to say i have accrued 40 in charges because the loan was 1 day late repaying back DONT GO WITH THIS COMPANY, THE STAFF DONT WANT TO KNOW ANY OF YOUR PROBLEMS. THEY JUST HANG UP.

Joke of a company. Got accepted, then they tried to take the money out of my account two days earlier than they said they would. I tried to conact them and got ignored. They charged me so much for the two days they tried to take the money out that when they finally took the loan back they withdrew over £200 from my bank account. Stay well clear !!!!!!!

Hi Steve, Just read your response to Loans@txtloan ltd blog online following your recent borrowing. I was wondering if my banking details would be required at any point in tyme and how genuine this company is. Thanks you

Money took over a week to appear in my bank account!! Rubbish customer service!!

They took £1 registration fee from me but I did not get the loan until next morning. When asked, I was explained that they need to verify my employment status and hence was not able 2 give out the money. I have taken another loan from them now and it actually works very quickly, but you have to sign up first and be approved, otherwise don't expect the get anything outside the office hours.

This Txtloan is completely new service in the UK and I have taken couple of times 100 quid loan from them by sending a text message! It is very convenient, all you do it text from your mobile phone and their system transfers somehow the money in your bank account instantly, like 5 seconds later. I do not understand how they are able to do it so quickly but in a way, I don't care as far as I get it. Last time I took a loan at the pub, Friday evening after 10 pm, went to cashpoint 15 minutes later and hey presto. Recommend highly.