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Also Finns struggling with SMS loans

16.07.2008, 12:28

In addition to Estonian, our neighbors Finns are struggling with the SMS loans.

Bloomberg writes that SMS-loans account for 20 percent of problem debts in Finland. Accoridng to the Finnish statistics bureau, Finns have taken about 270,000 SMS loans in the first quarter.

The Finnish Justice Minister set up a group in October to probe text lending.

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In the first half of the year, Finland's courts issued 15,500 orders for text borrowers to repay loans, 63 pct more than a year earlier. 40 percent involved borrowers under 25.

Finland has more than 40 SMS loan providers, and the industry is spreading.

Sandra Taimre
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ADD YOUR COMMENT
come on guys! estonians get sms loans to buy new versaces or fill the tank and fixing their 300.000 km driven old Bmw 750i. finns just few euros to buy some booze otherwise the krapula knock the door on the following morning!
~mr Me [17.07.2008, 12:44]
I guess this is a good excuse for Estonia to go on with it.
If they do something bad elswhere, we can do it here as well.
I guess that is the reason, why this article is published.
And also the reactions are in this way.
~Maarten van Gent [17.07.2008, 08:37]
Why are we not disencouraging people not to get loans - especially the under 25s! 'Tis ridiculous!
~BD [16.07.2008, 17:50]
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