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Instant small loans via text message

The EU is displaying innovation in many ways, and this one really struck me.  They are standardising credit across the EU, but the mention of this new instant loan via text intrigued me.

Consumer loans market opens to competition

The new legislation covers loans from €200 to €75 000. It does not cover mortgages and charge cards. The lower limit was set to cover quick loans made by mobile phone text messages. This practice, which means money can be transferred to the borrower within 15 minutes, is on the rise and is particularly popular in Sweden and Estonia.

4 thoughts on “Instant small loans via text message”

  2. Pingback: Mobiles bankieren in die EU. « – was einer so denkt –

  3. In India Economic Times, the leading financial newspaper run this story on 23rd Janhttp://economictimes.indiatimes.com/News/News_By_Industry/Banking_Finance_/Armed_with_a_pack_of_cards_fraudsters_take_a_swipe_at_banks/articleshow/2722856.cms

  4. Pingback: Loans Without Boundaries « Alternative marketing thinking

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