Can I become a millionaire with SMS loans?

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This is the question a person asks at Flashback. In my eyes it is a very interesting question to ask and then not in view of what the answer is but more what it leads to further.

The person has a mindset that one should borrow a few million via micro-loans and then go abroad with the money and live well and hope that justice will never catch on.

If you take it and answer it all then it is obvious that this will not work. It is only possible to borrow once from each lender and there are not even many lenders dealing with micro loans to make it possible to get that amount. Then you will not be approved for so many loans etc is quite another thing.

What is really interesting

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This question is, as I said, easy to answer as it simply does not work and if it did, it would be illegal. What I find really interesting is the discussion that follows. Here you can find some very bad suggestions and also proof that people can not do this at all with micro loans.

The first example is the first answer where a person says that you can get a maximum of SEK 15-20,000 in micro loans. And that you then have to repay SEK 40,000 with all interest. Of course, this is completely wrong as interest rates are not at all high. More reasonable is that loans of SEK 15 – 20,000 will cost around SEK 3 – 5,000. Quite far from it to SEK 20,000 in costs.

Then comes some different thoughts about debt settlement and personal bankruptcy where it seems to some people that it is not so dangerous and others that the state will turn all money earned. The truth is, of course, somewhere in the middle. Debt restructuring is not what one should wish for as it will mean a tough life for a number of years to come. But that the state would twist all the money is also completely wrong. The money the Kronofogden draws is going to pay the debts that have not been paid before.

The last example of a lack of knowledge that I will address here is the person who thinks that you can get a false identity and then open a bank account in another country and borrow the money so that they are deposited into this account. One would thus be a secret sage who borrows and cannot be chased by Uncle Blue. Unfortunately, this will also not work, as it will probably be difficult to borrow money with a false identity for the first time if it is not being cheated by a real person. Then comes the big problem that lenders do not put money into account from abroad. Bugger !!! so that doesn’t work either.

 

Summary

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As you will notice if you have been able to read this entire post, there are a number of silly suggestions and there are also misconceptions about this type of loan. And this is where the big problem is in my opinion as the knowledge is simply too small when it comes to loans in general.

If you do not have a proper knowledge of different types of loans, this is okay provided you have never intended to borrow money. If you want to borrow, you have to do everything to find out as much as possible about the intended loan before submitting an application. Information on different types of loans can be found in many different places such as our site. But it is not only we who have information but different authorities and of course lenders can also help you with this.