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More people fail to pay sms-loans

Economy | 2010-02-03
The so called sms-loans are increasing rapidly and more people get problem paying them back. SMS loans are considered much easier to obtain than normal bank loans, but the sums are also smaller.

Basically one just sends an SMS to a credit company and receive the requested sum, usually around  SEK 1000-5000  (around 100-500 euro) on one’s bank account very quickly. The rent is very high and the loan usually needs to be paid back within a month.

More people now take sms-loans to pay other loans. It is not mostly young people anymore; an increase in unpaid sms-loans is also seen among women above the age of 36 writes the daily newspaper Dagens Nyheter.

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