There are many lenders to choose from for those who wish to borrow a smaller amount of money in the form of micro credit. However, most people use an application code, which can feel unnecessary. This application code does not in principle fulfill any major purpose but is only used when you have to submit a loan application and then as a form of identification. But since most lenders manage without using an application code, one can wonder how important they really are.
Furthermore, the lenders normally charge a fee of about USD 25 to send out an application code to you and this is a sum that you will not get back even if you would not submit a loan application or if the application is not approved. Thus there is the risk that you pay USD 25 for any numbers or letters that you have no use at all.
Then it should be said that if you get approved for your loan then the lenders who use the application code need not be more expensive overall. The application code accounts for a rather small part of the cost, which can be considered by other costs.
What is the difference without application code?
Actually, it is very small difference to borrow money without application code and with. Normally, the difference is that you do not have to send an SMS to the lender first to get a code back and that you then also do not have to fill in an extra box in the application form. Otherwise, borrowing can be done in the same way.
Who has micro credit without SMS
If you want to find lenders who do not require customers to send in any SMS to get an application code, you can look a little further down this page. There we have listed a number of lenders who do not use this.
However, be sure to check out the costs of these lenders compared to those that require an application code. Because it is quite possible that it will be cheaper overall with lenders using this code. And if you are sure to borrow money, it may be a better option