Are short-term loans too easy to get?

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.

Are short-term loans too easy to get? Here is the latest selection of Your Views: