TxtLoan

Txtloan® is a registered trademark of the TxtLoan Foundation Limited, based in the United Kingdom utilising the trademark under license. Txtloan is pronounced in the popular culture as [text-loan] or in plural [text-loans].

The Txtloan® trademark was originally granted by the UK Patent Office and the mark is now covered in all 27 countries of the EU. The Txtloan® trademark covers the digital design and the word txtloan within Class 36 of World Intellectual Property Organization's classification that includes short-term small consumer loans; loan services; arrangement of loans; financing of loans; provision of loans; loan services provided via mobile text messages, or the Internet.

TxtLoan® provides instant short term loans, it is the UK’s first virtual credit service, and the first company to offer credit through mobile phone text messaging. The service helps people manage their finances and offers an alternative to payday loans, unauthorised bank overdrafts and penalty charges.

How it works: Customers apply online – they need to be living in the UK, receive regular income (£400 minimum), have a UK bank account with an active debit card as well as a mobile phone and an e-mail address. Once approved and registered, they are given a PIN which they can use anytime to text the Company to borrow money. The cash is then transferred within minutes into their bank account.

Txtloan® offers loans of £100 for seven days. There is a one off cost of £1 to register and the charge for the loan is £10 with the total amount being paid back in full seven days later.

Since being launched in March 2009, Txtloan® has already tens of thousands of registered users mostly aged between 20 and 30, with an average income of £25,000.

Txtloan® has been criticized in the main line media, e.g. The BBC, The Guardian, The Daily Telegraph and The Independent for the APR of 994%, although the company states that use of APR in calculating the cost of short term loans is confusing and states it is a responsible lender and not a long term credit provider.

Txtloan® is privately held and funded company incorporated in England and Wales (registered no. 6569316). The Company is authorised and regulated by the Consumer Credit Act 1974 and operates under the Office of Fair Trading license number: 618997. Registered address: 2nd Floor, 145-157 St. John Street, London EC1V 4PY