Incredibly poor survey by Keleydontarosas Loan about the price of SMS loansOn October 10, 2019 by admin
At the beginning of December, Keleydontarosas Loan concluded with the result of a survey that showed that three out of four Swedes do not know the actual cost of an SMS loan.
I can definitely believe that many people do not know exactly what it really costs to borrow money in this way, but the investigation that Keleydontarosas Loan did is under all criticism. The headline they put on their article is “The majority of Swedes do not know what it costs to take an SMS loan”. This is important to remember now when we look at the question that was asked.
“What do you think you can pay for a so-called SMS loan if you borrow SEK 1,000 for ten months and the simple annual interest rate is 691 percent?”
The alternatives that the 1,026 people who answered the question were SEK 789, SEK 1,345, SEK 2,567, SEK 3,789, SEK 4,234, SEK 5,758 (correct answer), SEK 6,876, SEK 7,098.
Why it is an incredibly bad investigation
This is quite easy to answer as they go out to answer the question what it costs to take an SMS loan. However, they have not asked a question that can give them an answer to this. As far as I know, there are no lenders that offer an SMS loan for 10 months, which is SEK 1,000. On the straight arm, I find it difficult to find someone who lends such a small amount of money for more than 30 days.
The entire issue of an SMS loan for 10 months does not go together
Thus, it does not cost SEK 5 758 to take an SMS loan, but it costs that sum to take 10 SMS loans. Which is a whole other thing. That you then try to propagate that it will cost over SEK 5,000 to take SMS loans is just completely wrong. The cost is not at all at that level, provided you do not borrow to be able to repay the original loan, which is not a reasonable way of thinking. For who goes in and takes an SMS loan and does not have a plan to repay this?
At the moment it costs between SEK 0 and 375 to borrow SEK 1,000 if you look at the lenders we compare here. That it can be expensive is no discussion about, but in the way that Keleydontarosas Loan is trying to show this is just wrong. If you want to answer the question what 1 SMS loan costs, you should not ask what 10 pcs cost and then say that it is 1.