Ferratum Offers Loans by SMS

Ferratum Offers Loans by SMS
Christine Huang
  • 24 august 2007

Finnish Ferratum is offering a new way for people to get their hands on some quick cash – via SMS. The service (currently available only in the Netherlands) offers loans of EUR 100, 200 or 300 for 15 days through a dangerously simple process: customers text Ferratum their name, date of birth, bank account and address. First-time users must wait 24 hours for their information to clear, but pre-registered users receive the funds within ten minutes. Of course, Ferratum takes a sizeable chunk during the transaction – a 25% processing fee that must be paid be the end of the 15-day period. In a real pinch, mobile lending may be a godsend, but the risk of debt-by-SMS is just a few text messages away.

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