Amadeus Posted August 23, 2006 Share Posted August 23, 2006 Let's see how long it takes for this idea to be picked up in debt-mad Britain: SMS Text Loans Cause Concern Swedish authorities are concerned that young people are jumping on a new sms mobile text money loan service but are getting caught out when it comes to paying the money back. The service which kicked off at the beginning of the year, offers loans of upto 300 US dollars in minutes, simply by sending a text message. Speaking to Swedish Radio, a company called Short Money Seservices, said that their service cuts red tape, but the consumer ombudsman warns that calculated over 1 year, the interest rate is a sky high 792 percent. It’s now emerged that over 1000 people have defaulted on payments over the last 6 months Not too long, I think - Crazy Frog was yesterday - Looney Loan is tomorrow... Link to comment Share on other sites More sharing options...
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