Loans via text message are on the increase. Photo: Jonas Ekströmer / TT
Loans via text message are on the increase. Photo: Jonas Ekströmer / TT

Swedes amass text message loan debts

More and more Swedes run the risk of a visit from the national debt collector due to unpaid quick loans obtained through text messages.

The number of people unable to repay their so-called SMS loans is on the rise, Swedish Radio News reports.

Figures from the Swedish Enforcement Authority for the first six months of 2014 showed that 20 percent more Swedes had been served with an injunction to pay due to unpaid quick loans compared to the same period last year. If the last six months of this year show the same trend, then Sweden looks set to hit a new debt record in 2014.

"Our prognosis is of almost 60,000 unpaid quick loans. That would be the highest number since the start in 2006," Tina Häggmark at the Enforcement Authority told Swedish Radio News.

The number of people under 25 years of age with debts handled by the Enforcement Authority has decreased by half over the past few years, after reaching close to 40 percent. On the other hand, more and more people over 36 are now unable to pay back their loans.

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
Du hittar dina sparade avsnitt i menyn under "Min lista".