These type of loans are refer to as text loans as they are form of borrowing you apply for by sending text from your mobile phone.
 
Who can borrow using text?

The loan provider will usually make a quick check on you to make sure you are working. Just like any loan provider, they need to know that you are able to pay them back. The only difference here is that there is no excessive checks like the tradional finacial institutions. They also need to know that you are over 18 years old, have a valid address in the United Kingdom and have a bank or building society account.
  
What Can I Use Text Loans for?

You can borrow between £100 to £700 by texting for loans from your mobile phone.Most people use this type of loan for urgent family expences or christmas expenses

What are Text Loans Payment Terms?

These type of loans are better short term. Most people borrow it till payday. If you fail to pay you can usually have an agreemenbt with the loan provider to pay it back on your next payyday. The problem with this type of loan is that they cost you more by paying later. Once again, use this type of loan short term
 
What is method of repaying Text Loans?

When you first register with the lender, they take your details including your bank account with your approval to debit your account. They use the approval to approach your bank for payment from your account. They will usually call on your bank account on the agreed day to debit your account with the amount you owe. You can usually call them to postpone the repayment
 

Advantange of Text Loans
1) They are quick to apply for
2) Anyone can apply in confidence
3) There is no need to fill any complicated forms
4) You can apply even when you are a tenant.
5) No need for collateral

Major setback of text loans of course is that they are high apr loans