Debt Personal Loan

Sms-Lån: Everything About SMS Loans and Regular Consumer Loans

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Technology has made our lives so much easier. We can keep all of our important records online where they’re safe from damage. I can call my friend who lives across the country and talk to her instantly instead of exchanging letters back and forth that may take days to reach her. I can even look at the weather right on my phone without looking outside or reading the newspaper. 

More importantly, technology has changed the way we deal with money and the banking industry in general. Gone are the days when you would have to travel to your nearest bank in order to deposit your money. You don’t even have to go to get cash in your wallet anymore because you have a debit or credit card that you can use to purchase everything you need. I’ve maybe gone to the bank once in my life and that was to open an account with them. 

Not too long ago, you could even apply for a personal loan through your phone. SMS loans were an easy and useful way to apply and obtain a loan quickly and with minimal effort. SMS loans allowed you to send a quick text message to your bank and start the loan application process through their messaging system. 

How did SMS loans work?

All you had to do was send a simple text message over to your bank. Then your lender would review your application and determine whether or not you could be approved for the loan. The problem with SMS loans was that the amount you could be approved for was a relatively small amount. 


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Many banks stopped using SMS loans because they were so easy to get. While the money was relatively small that a person was borrowing, you could take out multiple loans at once. This made it a high risk for banks since there was no guarantee that this borrower could pay them back. To mitigate this, there was a shorter window that the borrower had to pay it back the loan. 

SMS loans were also marketed as quicker than regular consumer loans but the reality was that they took just as long if not longer than regular loans. This was because the credit checks take a certain amount of time regardless of how you requested the loan. And you still had to sign paperwork confirming the new account through email, which added to the time as well. This was one of the main reasons SMS loans became obsolete. 

Now all you have to do is log onto your laptop and look for something like this: apply here https://www.forbrukslån.no/sms-lån, in order to apply for a loan. It’s far more easier than the SMS loans and you’ll still receive your application answer within minutes of placing your application. 

Fees and interest rates

SMS loans had fixed fees. There were application fees and administration fees. Like regular loans, they also had penalties for late payments. Late payment fees looked to deter people from spending money they didn’t have. 

SMS loans had very low-interest rates if they even existed at all. While this seemed like a positive, the fees that accompanied these loans offset the interest rates. These low-interest rates yet high fees were made to attract people to take out the loan, but also ensure that they could pay them back in the future. It was made so that the bank never lost a considerable amount of money. 

Questionable advertisement

SMS loans were often advertised in ways that made borrowers angry or feel lied to. Remember those interest rates I mentioned being so low but the fees that came with the account offset that rate? Well SMS loans were often advertised as being interest-free or low interest. The fees were only mentioned in the fine print and customers often felt that they had been misled by the marketing. 

They also advertised that you could find out your results within a few hours of putting in your application but that’s not the case. Banks still had to file paperwork, check your credit history, and do some research before they accepted your application. They didn’t get to skip guidelines or ignore protocols because the loans were being applied for through a phone. 

And that was another thing that often-made customers feel misled. Many customers thought that they would be no credit check done if they possessed a loan through SMS. That dear friend is completely false. Maybe in the past, they wouldn’t have needed to see a credit score to give you a loan, but it’s impossible now. Norwegian law mandates that credit checks are required of institutions before their loan application is approved. 

So, SMS loans aren’t a thing anymore. Does that mean that I have to go to the bank to apply for my loan?

Don’t worry. Just because SMS loans have decreased in popularity since they were first introduced does not mean that you have to go into a physical bank in order to get the loan you require. We’re living in a golden age of technology and that means our banking is still very much assessable online. 

If you’re interested in applying for a loan, you can simply go online and apply directly through a website. There are a lot of different types of personal loans and reasons why you may need one. I always recommend applying for a loan at several different banks and institutions. That way you can be sure that you’re getting one with the best possible interest rates and deals for your needs. 

Maybe the first bank you applied to will give you a 4% interest rate and half of what you originally wanted. The next few banks you applied at might offer you 3% interest and a larger loan for your needs. Every institution is different so it’s best to keep looking. 

If you decide to apply through a broker, then make sure that the broker is reputable. You give a lot of information out when you apply for a loan. Make sure that you’re handing it over to someone who plans on protecting that information. Scammers will always try to take advantage of you so make it difficult for them by asking questions and doing your research first. 

Once you find a broker who’s reputable, they’ll take your information to the banks for you and find you deals. That way you don’t have to sift through different banks and applications yourself. You can have a professional help you with the process or you can do it yourself. It’s really up to you and your comfort level.


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FangWallet was created to make financial knowledge easy-to-read and accessible to the masses. Personal finance. Understood.

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