My brother and sister squirrels in Sweeden with mobile phones are getting new types of SMS or text messages that are landing them in debt.
Apparently these loans by cell phone take about 15 minutes for approval and the deposit of €300 in your bank account.
Surprise, surprise, loads of those loans are in collections. It’s estimated that the debt collectors in Sweden are hunting down about 36% of the people that took out these SMS loans via their mobile phones.
The target group for these loans are potential borrowers between 18 to 25 and if the loan isn’t repaid in 30 days, it continues to rollover and grow interest like a squirrel tail when I spot a fox. Boing!
Let’s not get ahed of ourselves here. This isn’t anything but your run of the mill cash advance loan or payday loan technique, but through your phone.
No matter how much you bitch and complain about these types of loans, there can be no doubt at the speed that someone will push the # key on their phone to have €300 deposited into their bank account in 15 minutes so they can go enjoy the weekend.
From a consumer point of view, this sucks. From a lender point of view, it’s brilliant.
For more information, visit physorg.
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Posted under Debt Articles, Debt Warnings
This post was written by Get Out of Debt on March 14, 2008
