Sms Finans Review: A Debt-Inducing Experience

My Cautionary Tale with Sms Finans: A Debt-Inducing Experience

summarizeEditor's Summary

I'm sharing my honest experience with Sms Finans, an online lender that's been around since 2012. While they've figured out how to make it work for themselves, I'm not a fan of their business model, which can lead to financial trouble for borrowers like me. The process is straightforward, but be warned: it's tough to get out once you're in. With high interest rates and a lack of transparency, I wouldn't recommend Sms Finans to anyone. They've got a way of making it seem convenient, but trust me, it's a path to financial ruin.

settingsSpecifications

KararKötü

KrediVeri2/10

HizmetKalite1/10

FaizOranları1/10

KrediYönetimi1/10

KrediTahsisSüreci6/10

Hello everyone. Today I want to share my experience with this online lender, Sms Finans.

I'm not a fan of these microfinance organizations, and I'm not ashamed to admit it. If you can avoid them, do – they're a surefire way to get into financial trouble.

Sms Finans has been around since 2012, and they've clearly figured out how to make it work for themselves, but not so much for the borrowers, of course. Let's get real – they're raking it in, while borrowers like me are stuck with a massive debt.

Here's how it works: they operate online, but the first time you apply, you'll need to visit a Contact or LIDER office in person. After that, you can get the money directly to your bank account or use e-wallets. They review your application quickly, usually within 30 minutes, and notify you via SMS – it's a pretty straightforward process, but be warned: once you're in, it's tough to get out.

For new borrowers, they offer loans up to 15,000 rubles for 30 days. If you're a good payer, they'll increase the amount to 30,000 rubles for up to 9 months – that's a pretty sweet deal, right? But here's the thing: the interest rate is a whopping 600% per year. So, if you borrow 5,000 rubles for 21 days, you'll end up paying 6,725 rubles. That's 75 rubles per day in installments, plus a 150-ruble commission for the transfer – it adds up fast, and before you know it, you're drowning in debt.

Here's what I learned the hard way: they don't offer partial repayment. You can either extend the loan for the desired number of days or pay the full amount. That's how people like me become debtors – it's a slippery slope, and once you're on it, it's hard to get off.

Some info for fellow debtors:

As of now, my overdue payment is 139 days – it's a long time to be in debt, and it's taking a toll on my finances. I stopped paying because I was essentially paying them interest for 6 months, and I'd already given them more than I borrowed – it just didn't feel right.

During these 139 days, I've received only a few calls from their collectors. No pressure tactics or threats to take me to court. They could have, though, since I received the money in cash and signed for it – it's a bit of a gray area, and I'm not sure what's next.

I'm not sure what the future holds, but I'll keep you updated – I'm curious to see how it all plays out. One thing's for sure: I'll never go back to microfinance organizations. Trust me, you won't regret avoiding them – it's a hard lesson to learn, but it's one I wish I'd learned sooner.

live_helpFeatured FAQ

What's the process like when applying for a loan from Sms Finans?

You'll need to visit a Contact or LIDER office in person the first time you apply, but after that, you can get the money directly to your bank account or use e-wallets.

How long does it take to get approved for a loan?

The application process is usually quick, taking around 30 minutes.

What kind of loans do they offer?

They offer loans up to 15,000 rubles for 30 days, and if you're a good payer, they'll increase the amount to 30,000 rubles for up to 9 months.

Can I trust Sms Finans with my financial information?

I wouldn't recommend trusting them with your financial information, to be honest.

What happens if I miss a payment?

You'll be charged a hefty fee, and it'll be tough to get out of the debt cycle.

How do I contact customer support?

Good luck with that – their customer support is basically non-existent.

Can I get a refund if I'm not satisfied with the service?

Sorry, but once you're in, it's tough to get out.

Are there any hidden fees or charges?

Yes, the fine print is full of them – be careful.

How do I know if I'm eligible for a loan?

You'll need to check their website or visit a Contact or LIDER office to find out.

check_circlePros

•Their website is easy to navigate, and the application process is quick, usually taking around 30 minutes.
•You can get the money directly to your bank account or use e-wallets, which is a nice perk.
•They offer loans up to 15,000 rubles for 30 days, and if you're a good payer, they'll increase the amount to 30,000 rubles for up to 9 months.
•The process is relatively fast, and you can get notified via SMS once your application is approved.
•They have a physical presence in the form of Contact or LIDER offices, which can be helpful for some borrowers.
•Their interest rates may seem competitive at first, but they add up quickly – and that's the problem.

cancelCons

•Their interest rates are ridiculously high, and you'll be paying a ton of money in interest alone.
•The lack of transparency in their business model makes it hard to understand what you're getting yourself into.
•Once you're in, it's tough to get out, and you'll be stuck with a massive debt.
•Their business model is designed to make money for themselves, not for the borrowers.
•The fine print is full of hidden fees and charges that can catch you off guard.
•Their customer support is basically non-existent, leaving you to deal with the consequences of their predatory lending practices.