All You Need To Know About Payday Loans In Finland |
Posted: May 18, 2015 |
Payday loans have increasingly become almost a global phenomenon these days. They are small loans which do not have any security of return and is not dependent on the day of the borrower’s payday. This article highlights some of the main features of payday loans in the Nordic country of Finland. A popular way to get a loan These payday loans are pretty popular in the country and if we go by statistics kun etsit pikalainaa heti tilillesi the phrase “payday loan” itself is searched for more than 70,000 times in google.fi, that too only in one month. That is actually a huge amount if we consider the population of the country which is only about a 5 million. The largeness of this amount will be grasped if we compare the data to that of Sweden which results to only about 28,000 per month. It is very difficult to analyze the reason for this huge difference in data but what is more easily noticed is the communist influenced socialists of this nation do not seem to like it much. In fact what is interesting to note is that recently a new bill has been passed which would soon witness the cessation of payday loans in the country. The reason why the bill has been passed is that these fast cash loans had played a huge role in perpetrating and increasing poverty. This is why it was decided that these loans would be outlawed. However this too was a hoax. Actually the bill had been designed in a way which would hide and limit the terms and also the interest rates of these loans. On the other hand it would actually curb the entire process as it made the system unprofitable and ensured that no country would ever want to be involved in the process thereby deliberately incurring such a huge risk on them. In this manner payday loans could actually be completely killed off. There was no solution around this. This means that from the day this bill would become the law in the country there would be no transaction of small loans in Finland which is nearly impossible and almost absurd. In fact the smallest loans you will be able to get will only be about 2000 finnish euros which comes around to 2500 U.S. dollars approx. we only have to see how much poverty that would create and how much of the same it succeeds in eradicating.
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