Loans On Your Cell Phone

Apparently the Finns have no patience. The budding instant-loan industry in Finland allows consumers to get loans in about five minutes by sending a text message from their mobile phone. But these loans come with exorbitant interest rates. Think payday loans, but optimized for the impulsive.

According to the NPR article:

[Finland’s Consumer Ombudsman] has found that customers can get money transferred to their own bank accounts using another person’s cell phone and national identification number. Planting-Visa says another big problem is that people simply don’t realize what they’re getting into.


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(Photo: samwilkinson)