Also Finns struggling with SMS loans
16.07.2008, 12:28In 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.
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.