Technobabble

Payday Loans Via SMS?

Posted by on Mar 21, 2007 | 3 Comments

Is this the beginning of a trend? NPR reports that loan companies in Finland are accepting loan applications via text message. It seems these Finn lenders have taken the payday loan scheme a big step further into impulse land. “The loans are approved quickly but come with exorbitant interest rates.” The lure of cash in five minutes has proven too strong …

Is ten percent interest after four days too much? Are these fees fair?

Hey, Paulie Walnuts might think they’re too low.

Hold onto your wallets and watch for this new spin on the payday loan to jump the pond before it jumps the shark. And think twice before you sign on the digital dotted line for that quickie cash advance …

[tags]payday loans, cash advance[/tags]

  • http://wp3.lockergnome.com/nexus/subwolf/ subwolf

    Ugh, payday loans are the invention of the devil, they should be outlawed. I have personal experience here.

  • http://www.seegeorgiarealestate.com Atlanta Homes

    If the consumer need the cash that quickly I think it is a great business tactic.

  • http://www.doyenrealty.com/georgiarealestate/atlanta-georgia-ga-homes-for-sale.htm georgia

    It’s certainly going to catch up here in the US especially with home prices falling now and home owners are no longer able to use their homes as a cash machine. The poor definitely getting poorer