In the past, the maximum amount was often that you could borrow each time through an SMS loan somewhere between USD 3000 – 5000.
However, this has now changed and there are lenders offering SMS loans up to USD 10000. This is a development that will be exciting to follow as these large loans can very much have a great impact on prices overall.
Easy to find an SMS loan of USD 10000?
It can be quite tricky to find someone who lends out such a lot in the form of SMS loans. Then there are also a number of other things that can make it more difficult. For example, it is far from certain that you can take out an SMS loan of USD 10000 the first time you borrow from a loan institution.
A number of different loans may well be required before approving loans of this size. It may be that you have been a customer before at any lending institution or find someone who offers SMS loans of USD 10000 the first time you borrow. If any of this is the case, it may be a good idea to investigate their terms for a possible loan application.
Terms for SMS loan of USD 10000
If you find someone who wants to lend, you can expect terms that are roughly as follows.
Loan Time – This is often 90 days on an SMS loan of this size, unlike the small ones that will be repaid after just 30 days.
Cost – You can expect it to cost a little over USD 2000 to take an SMS loan of USD 10000.
Alternative to SMS loan of USD 10000?
There are other options for those who want to borrow this amount. The usual and probably best option is to apply for a private loan instead. Many banks have USD 10000 as the lowest amount for their private loans. It is usually cheaper to borrow the money through a private loan and you can also get longer repayment time which can be nice. However, you may not get the money just as quickly.
Since we think it is basically better to take a private loan than an SMS loan, you will find links to a number of loan institutions offering private loans of USD 10000 at the bottom of this page.