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10,000+ Estonians take SMS loans

Is such fast cash a good idea?

According to Estonia’s credit information system, the number of small loan contracts concluded via SMS exceeded 10,000 in December. A typical SMS-loan applicant is a young person in his/her 20s, 90% of whom have taken loans before. The loan amount is typically 1,000-5,000 kroons (64-320 euros).

SMS-loan providers came to the market last summer. Currently, at least eight companies provide the service. Loan sums range from 500-4,000 kroons, with repayment terms 14 to 60 days.