I have tweeted (to my Tweeples – thanks Mr Pegg: https://twitter.com/simonpegg) on my dislike for the rise of early-day loans, work-day loans, short-term loans before. It is not their existence I abhor (though I am close to it, I don’t think they are worthwhile components of our society) but the fact that they are allowed to advertise on the television and the radio.
Just like cigarettes, they cause a cancer, theirs is a moral and fiscal cancer but it is still a disease that grows and spreads and without management will become terminal. (Sorry, this is a fairly poor allusion and a touch offensive to all those who are suffering from the big C., I do apologise in advance if it causes you offence).
So I don’t want it in my mass media, thank you very much. I personally don’t want them to exist at all, but the legality of the situation allows them to exist. This form of short credit with its accompanying excessive fees is a blight. I understand that for many it is a saviour, but I feel sure that with proper regulation and support from local authorities low-cost community loan schemes can flourish and occupy the same space without the excessive profiteering of these companies.
I have even had one of these creatures follow me on Twitter to try and “educate” me of their true face, they apparently “provide a low cost service to those in need as long as the loans are repaid in the short term.”
Well, really. But since I did not have enough money for this month, and now next month I am down by the amount I borrowed from you + your interest, there is a chance I will be returning to you in the future. This is the sad cycle that many people cannot avoid. So should we allow these people to prey on them or set up systems to protect the vulnerable in our society?
I am blogging about this now as there is an early day motion:
And a push by Compass to end the most severe forms of this behaviour:
Personally I say that you should push at your local councils, MPs etc., to try and support regulation to catch the Great Whites otherwise we are going to end up with a 3D sequel with Michael Caine* in it.
*Note Michael Caine was in Jaws 4 (Jaws on vacation – Cheesy dulness but a nice turn from Mr Caine as the hero of the piece) which was not in 3D, Jaws 3 however was in 3D and it was cheesy badness 🙂