No form of loan is as much debated as the E-Money loans. One reason why the form of loans is constantly questioned in the public forum is its high interest costs – which often leads to people with weak finances being indebted.

But the knowledge of the real cost of E-Money loans among the public still seems to be very limited, at least if the results of a new survey conducted by Länsförsäkringar have been made.

The costs of E-Money loans and the reasons why

The recent survey in which 1,026 respondents were asked about the costs of E-Money loans and the reasons why they choose to take this type of loan. The result is almost astonishing. The survey shows that three out of four Swedes do not know what the actual final cost will be for an E-Money loan.

The ignorance is higher among women than men and there are more elderly than younger who do not know. Three out of ten men against two out of ten women stated the correct cost of the loan.

The level of education and income also affect


The lower the education, the higher the ignorance of the cost of the loan. Similarly, it is with income. Those with lower incomes had a much harder time calculating the cost.

When asked why people believe that people use E-Money loans, the answers were spread over several alternatives, but most votes were given the option “To solve situations where you temporarily lack money”. Almost the most votes were given the choice “It is easy to take a E-Money loan” and just as many felt that what causes E-Money borrowing is “that you are constantly living over your assets”.

About the survey


During week 45, 2012, a sample of 1,026 respondents, representative of Sweden’s population in terms of the variables gender, age and region, aged 15-80 years, were interviewed about E-Money loans.

The interviews were conducted with the help of web interviews by Fast Answers on behalf of Länsförsäkringar. Background questions in the survey are, gender, age, income and education.

The following questions were asked:

  • What do you think you can pay for a so-called E-Money loan if you borrow USD 1,000 for ten months and the simple annual interest rate is 691 percent?
  • Which of the following reasons do you think is the most common when taking a E-Money loan? (enter max 2 options)

    The following options were available to choose from:

  1. It is easy to take out a E-Money loan
  2. In order not to borrow from the bank
  3. To solve situations where there is a temporary shortage of money
  4. To constantly live over their assets
  5. To pay a debt
  6. Do not know