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SMSmoney is part of Placet Group OÜ, which has operated in Estonia since 2005. The group owns other quick loan platforms like smsraha.ee, laen,ee and autokiirlaen.ee. Placet Group operates in Lithuania and Poland as well, offering services such as quick loans, credit accounts and more. 

Smsmoney logo

Which services does SMSmoney offer?

SMSmoney offers private clients the chance to apply for a credit account, quick loans, consumer loans and to even join different loans through refinancing.

In the case of a credit account, you’ll be given a loan limit, within which you can apply for credit. You can use the maximum amount of the loan amount or if you don’t need that much, then you can use part of it. Within the loan limits, the amount is recurrent, meaning that you can use the money after repaying the loan again. By opening a credit account, you can also get a credit card. 

SMSmoney is one of the few loan providers that still offers quick loans under that name. Their consumer loan differs from their quick loan by offering a smaller maximum loan amount and a shorter repayment period. 

What are SMSmoney’s loan conditions?

A credit account, which is the modern equivalent of a quick loan, has a maximum limit of 5000€. The smallest amount available is 300€. You can use your chosen credit limit in full or through smaller amounts, according to your needs. You can open a credit account for free and you’ll only pay interest on the amount used. After repaying the loan, then credit account will remain active and you can use it again if needed. 

SMSmoney’s consumer loan’s maximum limit is 7500€ and in the case of a quick loan, that amount is 1000€. The consumer loan’s interest rate is 17,9% a year. You’ll get the exact loan conditions after submitting the application. SMSmoney is flexible regarding the repayment period. You can decide yourself, if you want to take a loan for 30 days or 36 months. 

Who is eligible for taking out a loan from SMSmoney?

In order to apply for SMSmoney’s consumer loan, you’ll need to be at least 18 years old and have a stable income. In addition, you’ll also have to undergo and identity check. 

How to apply for a loan?

Applying for a loan is extremely easy – you can apply for all SMSmoney’s loans on their webpage. For that you’ll need an account, but you can create one quite easily. After creating an account, you’ll be able to apply for a loan and see the details about loan contracts in the self-service area.

Can you repay a loan prematurely?

Yes, you can repay the borrowed amount either through instalments or in full before it’s due. Although you save on interest by paying back a loan prematurely, you’ll still need to pay 1% on the prematurely paid amount if the period between the premature repayment and end of the contract is longer than one year and 0,5% if the period between the repayment and the end of the contract is under a year.

SMSmoney is one of the few loan providers, who still issues traditional SMS loans and quick loans. Nevertheless, even they point out that their consumer loan has a much smaller interest rate than the quick loan does. As part of their new services, they now have a credit account from which you can get a credit card, which allows you to pay for unexpected costs with a slightly lower interest than with a quick loan.