What is an SMS loan?
A sms loan is a:
* Small credit, typically between 50 – 500 €
* Can be applied for via your mobile phone with a text message
* You most often get the money on your bank account within 15 minutes.
* The interest rate is usually very high.
A sms loan is a kind of instant loan or a short-loan service were customers can borrow between 100 and 500 € for a term of 15-30 days, by texting the loan provider their name, date of birth, bank account and address.
Sms loans are quite synonymous with micro loans and fast loans. The concept of sms loans comes from Finland and have spread to the other Nordic countries.