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Are short-term loans too easy to get?

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People desperate for money are being offered loans by text message, with the cash arriving in minutes - but repayable at interest rates topping 60 per cent.

Ferratum is offering up to $600 via cellphone, which it says will help people wanting to make on-the-spot buys without having to wait.

However, borrowers face being chased by debt-collection agencies, additional fees, bad credit ratings and even the loss of any vehicle the loan is secured against.

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