The Bankwatch

Tracking the evolution of financial institutions

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.

Written by Colin Henderson

23/01/2008 at 00:38

Posted in Banking Strategy

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4 Responses

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  1. Hi,
    we have that in France but in revolving credit domain.
    Best regards.

    vacher denis

    23/01/2008 at 05:33

  2. [...] Mobiles bankieren in die EU. Consumer loans market opens to competition (via The Bankwatch). [...]

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

    23/01/2008 at 12:42

  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

    Shalini Amarnani

    24/01/2008 at 02:57

  4. [...] the borrower within 15 minutes, is on the rise and is particularly popular in Sweden and Estonia. Via The Bankwatch. Posted by icontract Filed in [...]

    Loans Without Boundaries « Alternative marketing thinking

    01/02/2008 at 00:02


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