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SMS loans

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Payday loans can be a useful tool when you require some short-term financial support and are primarily designed to cover unexpected shortfalls in your budget such as covering the cost of unexpected car repairs that will allow you to continue getting to work for the rest of the month.

Bongaloans offers short-term SMS loans for a period of 30 days and users can borrow between £100 and £1000 (credit limits are based on the affordability assessment). The application process is fast and easy and simply involves signing up to their service. Bongaloans has a £1 (+ Standard Network Rate fee for the text message itself) application processing fee, to cover the cost of background and credit checks, which is non-refundable and does not guarantee a loan. They are regulated by the Financial Conduct Authority (FCA) and based in London.

Who Is Eligible?

To apply for a payday loan with Bongaloans you must be at least 18 years old, have a UK bank account, debit card and mobile phone. Additionally, ensure you can afford to repay the requested amount on the agreed date to avoid penalties.

Eligible applicants will also have a regular income and should not be bankrupt or have been referred to a debt collector during the last eighteen months.

Text loans are available to those who have registered with Bongaloans. When you need money, you simply log in at Before submitting a loan request, read the Credit Agreement and contact the Customer Support if you have any questions. If your application is approved, they'll transfer it into your bank account within the office hours (standard working hours). It is then up to you to visit the Bongaloans site and make the repayment from your bank account on the agreed date.

Some applicants may have to provide copies of bank statements, but this is not always required.

Repaying the Loan

Loans are repaid via you debit card and are not collected automatically. On the day you are due to repay the loan you must login on the website and follow the 'repay loan' option.

You can repay your loan early if you wish and Bongaloans do not charge an early settlement fee for this.

Bongaloans representative APR is very competitive when compared to similar payday loan companies. Borrowers would expect to incur interest of £24 on a £100 loan taken over 30 days.

As with all loan providers, Bongaloans will employ the services of a debt collection agency should you fail to repay you loan, which will adversely impact on your credit rating. If you are struggling financially, contact a credit counselling charity or speak to Citizens Advice.