Text for a loan
The people of Sweden have seen a rise in something they call SMS loans. This text loan can be obtained by sending a text to one of up to 30 companies offering the unsecured loans.
The average amount being borrowed is £245 with administration and interest fees amounting to £45. The problem is the fact that the number of people in debt is increasing as a Swedish dept recovery agency reports that it has been assigned to collect debt from 20,000 borrowers. 20% of these are aged between 18 and 25.
Although one company called Mobillaan Sverige states that the average age of their client is 32 and their bad debt rate was only 2%, advertisements for these SNS loans are targeted at the younger age group who may want to buy clothes or go on a night out.It is made quick and easy but the people borrowing aren’t thinking of the consequences.
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