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@Drewnogal saidThis is the kind of loan young people can take without knowing what it is, and without knowing the interest they are expected to pay, or what happens when they can't pay. No credit report, no limits, they simply take a new loan to pay for the previous ones. It's a fatal trap and when they end up with The Enforcement Authority, their chances of signing a lease, getting a job may be stopped for a long time. They apply for the loans on their cellphones and they will have the money in just a moment.
Is that the ‘Hi Mum’ one where they say ‘they’ve now got a new phone number’ then go on to tell you they need you to send them the cash to pay for it?
These kinds of loans also appeal to adults who can't handle money, of course.
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@Torunn saidI don’t know how these exploiters can live with themselves?
This is the kind of loan young people can take without knowing what it is, and without knowing the interest they are expected to pay, or what happens when they can't pay. No credit report, no limits, they simply take a new loan to pay for the previous ones. It's a fatal trap and when they end up with The Enforcement Authority, their chances of signing a lease, getting a job m ...[text shortened]... ney in just a moment.
These kinds of loans also appeal to adults who can't handle money, of course.
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@Drewnogal saidYes Drew, one wonders, it's a cynical world where we all have to take care, and especially our young ones. Getting a lease for an apartment in e.g. Gothenburg takes many years - from 3 up to 15 or more, depending on the area - and being listed with the the Enforcement Authority ruins their chances. My granddaughter has been in a similar situation for the past two years - now, having been granted debt restructuring, she may soon have her first lease for a place in a multi-cultural area a bit outside the city center. After a year or two, she can apply for an apartment in another area, if she wants to - what she needs is a first-hand contract.
I don’t know how these exploiters can live with themselves?
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@Drewnogal saidHi Mum is a pure scam. Not a loan. There are all sorts of dodgy loans but Hi Mum isn't a loan.
Is that the ‘Hi Mum’ one where they say ‘they’ve now got a new phone number’ then go on to tell you they need you to send them the cash to pay for it?