Monday, August 19, 2013
Nanny Bans The Money Lenders
The BBC reported the other day that payday loan adverts have been banned from billboards and bus stops by Plymouth City Council, while Cheshire East Council has banned access to their websites from its computers.
Whilst it is true that payday loan companies offer small loans over short periods at remarkably high interest rates (APR's running into 1000's of percent), it should be remembered that the loans are available to people classified by mainstream "respected" banks as being high risk (eg low income, poor credit history with the likelihood of not being able to pay them back).
By denying such people access to a regulated, albeit high rate of interest, loan market Nanny is in effect pushing them into the hands of the loan sharks who are not regulated and who break legs in order to extract their debts.
People do not merrily skip and dance to these companies because they have nothing better to do, they borrow from them because they have literally run out of cash (by all means feel free to lecture them on the concept of "fiscal prudence" etc) and their only alternative is a loan shark.
Nanny is perfectly at liberty to ban payday loan companies, as and when she has in place a loan system that works for people whom the mainstream banks won't touch with a bargepole.
Visit The Orifice of Government Commerce and buy a collector's item.
Visit The Joy of Lard and indulge your lard fantasies.
Show your contempt for Nanny by buying a T shirt or thong from Nanny's Store.
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Visit Oh So Swedish Swedish arts and handicrafts
Why not really indulge yourself, by doing all the things that Nanny really hates? Click on the relevant link to indulge yourselves; Food, Bonking, Gifts and Flowers, Groceries