Before you borrow any money, it is always important to read the loan terms carefully. This means that you have a good track of what the loan means and what you can expect in different situations. Below we have compiled a few common terms that usually apply to those who want to borrow money in the form of SMS loans. You can find here both the things that are required of you and what applies to the loan. for further clarification

Important to remember is that these are just general things we write here and it can differ with just the lender you choose. It is also impossible for us to record everything printed in these terms. Therefore, you should definitely read the terms of the intended lender before borrowing money. What we write here should be seen as a guide that gives you an overview of what usually applies.


Loan terms to keep in order for SMS loans

Loan terms to keep in order for SMS loans



All borrowed money must be repaid within a predetermined future and this of course also applies to SMS loans. This maturity is usually 30 days for SMS loans. But in recent years, lenders have also come up with other choices for those who want to borrow. This is especially true for larger SMS loans, which are often repaid in 60 or 90 days. If this is the case, there will be two repayments for a 60 day loan and 3 for a 90 day loan. However, some lenders also offer the extension of their loans at an extra cost.

Delay rate and reminder fee

quick loan

If you do not repay the money as intended, you will most likely receive a reminder very soon and this will cost you around USD 50. Furthermore, there is also a risk of late interest if a loan is not repaid. If you cannot pay off the loan as planned, please contact the lender as soon as possible to find a solution together.

Fix the loan early

Fix the loan early

It should normally not be any problem to resolve an SMS loan early without any extra costs. If you wish, contact your lender and ask how to repay the money.

Return Policy

You have the right of withdrawal in accordance with the Distance and Home Sales Act regarding the entered into loan agreement. But regardless, it is still important to read what the lender himself writes about this.


Who can borrow

Lenders always set a number of conditions that they require a borrower to accept in order to accept a loan application. A basic requirement that always applies is that the borrower must be at least 18 years old. It is not possible to borrow before the borrower is of legal age. Then there are many lenders who demand that the customers be older and then it can be about an age of for example 20 years at least. There are also lenders who have different rules depending on the size of the loan applied for.

When it comes to income requirements, this is often governed by the size of loans. A small SMS loan of USD 1,000 often does not require any major income per month. However, if a loan of USD 10,000 is applied for, it is common for a lender to receive around USD 10,000 a month.

Furthermore, a person who lends money should be a Swedish citizen and be a permanent resident here for some time. A mobile number must also be registered on the borrower and this must not be secret. A bank account to which the money is to be deposited must also exist.

When it comes to payment remarks, it varies what the lenders say. Some say the opposite to applications if there are active ones. Others do not say no, but include it as a negative part of the credit rating. In these cases, other positive things such as good income can give a good enough rating for money to be borrowed.


If you look at the costs of SMS loans, you should have realized that it is not the question of any direct cheap loan to apply for. Sometimes there are lenders who lend to new customers free of charge, otherwise you can expect a cost from any hundred euros for a loan of USD 1,000 to a cost of over USD 2,000 for anyone who wants to borrow USD 10,000. If you want to know more precisely what it costs to borrow money from a large number of lenders, you can visit our loan comparison department.