Finns struggling with SMS loans

SMS-loans account for 20 percent of problem debts in Finland and according to the Finnish statistics bureau, Finns have taken about 270,000 SMS loans in the first quarter. Baltic Business News reports.

"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. "

Related:

-- Loans by text message send young Swedes spiralling into debt

-- $300 Loans by Simply sending a Text Message

-- SMS loans could be ruining your Christmas season

emily | 1:44 PM | SMS and Banking |
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