I know this is in Netherlands but now consumers have a new way apply for and receive loans, through texting. The service called Ferratum (warning the page is in Dutch) just launched a loan by texting service. Using this service consumers can take out micro-loans of 100, 200, 300, 400 euros simply by texting the name, birth date, bank account and a permanent address to Ferratum. If they are already registered with the Ferratum they will receive their loan within 15 minutes, if they are new customers they will have to wait 24 hours to receive their loan.
Sounds great right well this convenience comes at cost, the service ads a 25% administrative on top of the loan amount. This means if you borrowed 400 Euros today you would 500 Euros in 15 days.
This is nothing really new speedy loans have been around for a while from paycheck advances to no hassle money deals what I find intriguing is the texting part. If this catches on do you think we will see texting used in other transactions or perhaps for id verification? Could you imagine processing a loan written in txtspk or lolcat (definition number 2)?
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