Quick Loans by Text Messaging

Dutch consumers have a new way to take out loans: by SMS. Springwise reports.

"Finnish Ferratum just launched its short-loan service in the Netherlands.

Customers can borrow EUR 100 ($136) , 200 ($271) or 300 ($407) for a term of 15 days, by texting Ferratum their name, date of birth, bank account and address. If they've pre-registered, the money is in their bank account within 10 minutes.

First-time customers have to wait 24 hours and speedy loans come at a cost: Ferratum charges a hefty 25% processing fee."

emily | 2:49 PM | SMS and Banking |
The Permanent Link to this page is: http://www.textually.org/textually/archives/2007/08/017018.htm