Archive for February, 2010
Trapped by SMS loan debt
Just send a text message, wait 15 minutes and you have $500 on your bank account; the simplicity of obtaining SMS loans in Sweden is increasingly luring youths into debt.
Since 2006, the number of un-repaid sms loans has soared: in 2007, Kronofogden was tasked with collecting debts from 20 000 loans, 36 % of [...]
Instant sms loans prone to fraud
Consumer Agency and Ombudsman of Finland: says the system of granting instant loans via mobile phone and a sms message or the Internet is highly prone to fraud.
A test done by the newspaper Keskisuomalainen reports that, 7 out of 8 sms loan companies granted instant sms loans even though the money did not end up [...]