Terrible to make loans to people who didn't want to go through the bank due diligence process to get money and otherwise wouldn't be able to get funds...
Based on the stories they gave, he made loans to people living in million dollar houses, not the uneducated blue collar guy scraping to get by. It seems that they are not distinguishing between financially sophisticated and unsophisticated borrowers in an attempt to paint him as an evil usurer. So he tried to dance around some of the socialist regulations of Norway? Now, I will deserve judgment until more facts come to light, but solely on the conjecture of a "scam" masquerading as a story printed at Vice, I don't really see a problem.
It's done every single day in the business world. It's called hard money lending. It's not a great solution to a cash flow problem, but at least the option exists.