Rant number 163
Today, me and a colleague got talking about pay day loans.
I really haven't got much nice to say about them at all, so its time to get stuck in with the less nice stuff I suppose.
The pay day loan then: lets start with what they are.
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A pay day loan is a small loan of up to around £200, intended to (as the name suggests) carry you through to pay day. This on its own is not a bad concept.
They aren't doing it to be nice though, they're doing it to make money: a lot of money.
The average APR (annual percentage rate) for a payday loan, comes to around 27,000% - or around 80% a bloody day. This means that if you borrow say £100 for 20 days, you could be paying back a couple hundred pounds - just to break even.
To do it, you'd have to be desperate or very naive. Either way they don't give a shit.
For all of their friendly facade, these companies are pure - fucking - evil. They want to trip you up, gift you trapped, then put the boot in. Its what they do.
What frightens me most of all, is that no-one has put a stop to it yet. How can trapping people who don't know better be in any way acceptable in our struggling economy.
There should be other help out there that exists. Banks which give them proper loans, credit societies - anything surely!
I just don't understand why they won't do something about these parasites!
Bastards.
Rant over.
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