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Important regulation of fast loans

The Government has decided that the Swedish Consumer Agency should immediately be able to prohibit sms loan companies that do not conduct proper credit checks. Patty Bumto welcomes and is positive about the decision.


Stand for the fast loan company

Stand for the fast loan company

In the past, it has been possible for a fast loan company to appeal a decision in court and still be able to grant loans while the process is being processed, as when the Swedish Consumer Agency prohibited Grandvik AB from conducting credit.

The change will take effect from April 1, 2016. A fast-loan company that lends money without having made a proper and proper credit assessment should be able to be stopped by the Swedish Consumer Agency.

The amendment to the law comes after a government decision on December 11, 2015 – and Minister of Finance Mark Per Bolund (MP) comments on the decision for Jagens Myheter:

  • It is important to be able to stop these companies immediately. Those who make a lack of credit assessment and do not control the ability to pay increase the burden for people who find it difficult to cope with their over indebtedness, says Bolund and continues:
  • Although there are signs that it is declining among young people, the number of people who end up at Kronofogden is increasing because of these loans.


Patty Bumto welcomes the decision

fast loans

Patty Bumto looks very favorably on the decision as it places serious demands on the lenders, which primarily benefits the consumer who wants to be able to turn to a fast-loan company and know that they are in safe hands.

Patty Bumto is a member and one of the initiators of the SKEF industry association for high-speed mortgage companies in Sweden. SKEF works to improve the quality of the fast-loan market as well as sound credit.

We are also under the supervision of the Swedish Financial Supervisory Authority, the Data Inspectorate and the Consumer Agency – and follow both laws and guidelines that apply to this industry. This includes conducting a proper credit assessment.

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