Mobile loan sharks start to bite Nordic youth

Iria · Aug 18, 2006, 06:33 PM

Source: Yahoo! News
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HELSINKI (Reuters) - Need cash to pay your next bill? Send us a text message, we'll send you the money in just a few minutes.

Such slogans are spreading in Finland and other Nordic countries, with barely a mention of the annual lending rates of up to 1,000 percent involved.

Lending cash to young people through SMS messages at rates banks can only dream of is becoming increasingly popular in Nordic countries, according to a survey conducted by Finland's financial watchdog.

**temeteus82** · Aug 18, 2006, 06:51 PM

As a Finn I say that these SMS loans should bee banned for good!!

Aug 18, 2006, 06:33 PM	#1
Iria DriverHeaven Extreme Member Join Date: Apr 2004 Posts: 7,275 Rep Power: 87	Mobile loan sharks start to bite Nordic youth Source: Yahoo! News ________ HELSINKI (Reuters) - Need cash to pay your next bill? Send us a text message, we'll send you the money in just a few minutes. Such slogans are spreading in Finland and other Nordic countries, with barely a mention of the annual lending rates of up to 1,000 percent involved. Lending cash to young people through SMS messages at rates banks can only dream of is becoming increasingly popular in Nordic countries, according to a survey conducted by Finland's financial watchdog.