One thing that sms lenders are criticized for is that they grant sms loans to people who have payment notes. First, it must be clear that not all sms lenders do, but it is not uncommonly unusual. So what do we think of Good Finance about it then? We think it is perfectly right that people can take out a sms loan despite payment remarks, however, we believe that they should have a sufficiently good financial situation at present so that they can really payback on their loan.
Actually, it is the lender’s responsibility to assess it when it takes its credit report, but even you yourself should think about at least twice before taking out a loan if you have a payment note, because it would hardly be fun to pull on a new one, or how?
Why are so many people affected?
Around 500,000 Swedes have payment notes, so if you also have them, you are hardly alone. A note is received as soon as a debt is lodged with the Crown Magistrate and when the guardian makes a foreclosure and fails. There are basically two reasons why people end up with the chancellor:
- That you end up in a private financial crisis, for example, because you have become unemployed or long-term sick.
- That you are careless with your finances, that you simply ignore paying your bills and debts, although you would actually be able to afford to pay if you made some sacrifices, for example, lived a little leaner when needed.
- That you live above your assets, that is, you live on credits and loans in order to have a lifestyle you can’t really afford. Unfortunately, this usually ends badly, and in the end, you have to live smarter than ever, and it is not easy after a period of lavishness and luxury.
If you have received remarks because of what is stated in paragraph 1, you should definitely not be ashamed, because unemployment or long-term sick leave is nothing that can be wrong.
If, on the other hand, you have received comments because of what we wrote in 2 and 3, you may well be ashamed a little at least, and so we hope that you have changed for otherwise, you should hardly borrow again.
Why do we think it’s okay?
So why do we think it’s okay to take a quick loan / sms loan when you have one or more notes? You will get the answer now.
- If you have a payment note because you ended up in a financial predicament due to unemployment or long-term sick leave, it’s not really your fault. Everyone can end up in an economic crisis sometimes and which unfortunately causes one or more debts to end up with the chancellor. But if you have regained your finances again, maybe got a good job with good pay, there is really no reason why you should continue to be punished for your past, a past that you could not control yourself. It is the present that applies, not the past. Therefore, it is only good that there is the opportunity to borrow money if needed, just like for anyone else who does not have payment notes.
- Even if you have previously been careless with their finances or lived over their assets, you may actually have changed. Just that you have had debts with the Crown Governor is a lesson in itself. Obviously, not everyone is changing and these people risk getting into trouble again. Many times the lenders can see if you got your note even though you had a good income when they take out a credit report and then you probably won’t be able to borrow. If they do not see it, it is the most pity for you if you have not changed, but it is not the sms lender’s fault but rather yours.
Why can you borrow money?
Okay, so why do sms lenders lend money to people with payment complaints? Is it to be nice to you? No, that’s hardly it. As we wrote earlier in this blog post, 500,000 Swedes have one or more payment notes, ie half a million Swedes who find it very difficult to get a loan, and it is part of these that the sms lenders who allow payment notes want to catch up.
It is simply a lucrative market. All companies try to find one or more target groups where they know they can sell their product and we think there is nothing wrong with that, the most important thing is that they check that you who have a payment note have a sufficiently good ability to pay. Keep in mind that there are also banks that offer private loans to people who have payment notes, but you rarely hear about it.
Unfortunately, there are some lenders who are a bit flabby when they make their assessments and we obviously do not think that is good. We at Good Finance, therefore, welcome certain new guidelines for sms lenders regarding their ability to pay, but we do not think that this should mean that they should not take a sms loan with payment note. A payment note remains for three years and why shouldn’t you be able to borrow money long after that if you have stepped up your life? Suffice it to have been punished once.