You thought credit cards were a problem in the U.S. The Swedes have a problem that’s even worse. That’s because they can send a text message via their mobile phones and instantly receive a loan, which is automatically deposited into their account. It seems the simplicity of the technology is causing some Swedes to get into some serious debt problems, according to a report by AFP.

These are 30-day loans, which–if not paid back–result in high interest rates and late charges for customers. The average loan amount is around US$500. In response to the concern caused by these quick loans, Swedish officials banned interest payments that are higher than the initial loan.

Quick money can tend to cause problems. That’s the same reason credit cards get people into trouble. 30-day loans can be worse, since they usually come with extremely high interest rates and fees that put those charged by credit card companies to shame. The combination of a quick loan and high interest rates and fees is not a good thing.

Read more from the AFP article.

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