Mobile loan sharks start to bite Nordic youth

HELSINKI (Reuters) - Need cash to pay your next bill? Send us a text message, we'll send you the money in just a few minutes.


Such slogans are ing in Finland and other Nordic countries, with barely a mention of the annual lending rates of up to 1,000 percent involved.

Lending cash to young people through SMS messages at rates banks can only dream of is becoming increasingly popular in Nordic countries, according to a survey conducted by Finland's financial watchdog.