An interesting article in the Financial Times today on the subject of payday loans opens with the amazing revelation that the recession is not a great thing and some are finding it hard to make their money last for the month. Hmm, not particularly insightful, an amusing if slightly patronizing review of pawnshops and their clientele.
As with all mainstream media the shock tactics come into play with the APR, which, as an annualized rate, doesn’t lend itself at all to a short-term loan. Quoting Geoff Holland of the British Cheque Cashing Association, with whom 24/7Moneybox are full and active members: ‘Comparing APRs with those of bank loans is misleading,’ he says, likening extremely short-term rates to a situation where someone buys a £2.50 pint of beer for a friend in return for borrowing £25 over a week. We couldn’t agree more.
Indeed the article goes on, in what we think is a very balanced and sensible piece, to quote Tom Howard of the Consumer Credit Counselling Service: ‘For some people it’s the only sort of loans they have access to. It’s better that they use those forms of credit rather than going to loan sharks who are illegal or perhaps more unscrupulous.’ In addition the article notes that the Office of Fair Trading has had little in the way of complaints.
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