Battling to get out of debt myself. I think this is a bad idea as you'll get people who are unable to commit fiscal discipline and grab more than they can handle.

Meantime in UK more and more people are getting into debts even without TXT messages. Think what happens when they introduce those here.

And don't forget that Sweden still has one of the best education systems in the World. Compare that with UK. Oh, did I mention "victim culture" and all PC b**locks?

Please, please keep that away from the US we are in enough trouble. This doesn't sound as if it will ever be a good idea.

So how much does the text message cost? If done in the uk it would probably cost you 10 £1.50 text messages just to set up the loan and they'd then keep sending you your balance and invitations to extend your loan every day at an attitional charge of £1.50 a message

Here in sweden text messages are almost free of charge. most operators give away like 3000 free messages a month.. If they are not free of charge they cost about 0.5-1.5 SEK. 1£ approx 15SEK.

most of the SMS loan services charge you about 20SEK for the application, they dont charge you for any messages they send to your phone. If you are approved then they will pay out the sum you applied for (1-3000sek) and then charge you with another fee for borrowing the money. They call it a fee and not interest rate for some reason. The fee for lending 1000SEK is about 300SEK, add the application fee to that and you have just borrowed money at a 30+% interest rate which must be payed in full within 30 days.

Fortunately most banks here does now apply a cool down period of 1-2days for money transfers from these companies.