It may seem like not a big deal to you but this so called "SMS lån" has become very popular in Sweden. In case you're not well versed in the Swedish language, "SMS lån" simply means SMS loan.

You send an SMS and you get the money. It sounds fun, right? But don't judge before reading the whole post. Let us tell you more about SMS loan, the reason behind its popularity, its advantages and disadvantages.

What is SMS Loan / SMS lån?

SMS loan is simply the easiest and most effortless way to get the money. All you need to do to get a loan from any financial institution support, is to send them an SMS. You will need to send them all the necessary details and they will grant you the payment within a jiffy. It has become very popular in Sweden as people don't have to do any paperwork and this way they also don't have to keep much in the mortgage.

Advantages of SMS Loan

This system of granting easy money is highly beneficial to both the banks and the capital seekers. If you are a legitimate business person who is looking for quick capital to start a business or for any other business-related activity, this is the best way to get the money. You don't have to worry about filling in any documents, giving off your property as the mortgage and other issues as long as you have a practical strategy to pay back that amount on time.

Disadvantages of SMS Loan

These SMS Loans, also called sms lån, may seem like a blessing to you, but they can be a curse as well if not handled properly. Recent estimates have suggested that since SMS Loans came into existence in Sweden, around 50,000 SMS loan takers have gone bankrupt because they couldn't pay back the money. Its easiness is an advantage as well as a disadvantage at the same time. It makes you feel like you are not responsible for the repayment of this loan until it makes you bankrupt. People who do not have practical strategies to repay the money should avoid taking this type of loan.

Tips To Take SMS Loan Safely

  • Do proper research of the loan options available in your country before taking a tonne of money from a company.

  • Make a proper strategy to repay the loan without any delays so that it will not become a burden.

  • Take note of the mortgage and other related norms before going for it.

  • Read all the details regarding the loan you are about to take thoroughly.

  • Lastly don't spend the money you get from the loan in futile activities, rather spend it in fruitful, future-proof activities.

So, we've made it clear that the popularity of "SMS Lån" in Sweden is either because of its advantage or because of its potential disadvantages. However, it is totally dependent upon the capital seekers perspective, that whether an individual is willing to spend that money on the productive purposes or not.