The Swedish financial watchdog Finansinspektione (FI) has reported their investigation of the SMS loan companies in Sweden. SMS loans are non secured, small, typically under 3,000 SEK (450USD), loans which can be applied by simply sending the application through a SMS text message. The loan is transferred into a bank, but can be repaid by cash. There is no proper identity check over the application. It was reported that loan has been granted to different person other than the real applicant. This has raised the concern that the SMS text loan services may be targeted by criminal organisations or terrorist groups and exploited as a means of money laundering.