Breaks on for SMS Loans

Previously it has been possible to get money straight into your bank account within 10 to 15 minutes.

Spokesperson for the bank, Anna Sundblad, said they did not want to contribute to a process that risked putting young people in debt at the beginning of their lives.

The Swedish Enforcement Authority reported that complaints over un-paid SMS loans had increased last autumn. They say the new plans will take away some of the apprehension that has surrounded sms-loans.

Before Christmas, Justice Minister Beatrice Ask spoke of the possibility of a law that meant a credit check was required before an SMS loan was paid.

Under the new rules customers will have to wait anything from a few hours to the next day to receive their money. - By © Copyright Sveriges Radio 2008