12/24/2009

Shame on you pay day loans companies

My son is watching the Childrens TV channel Cartoonito this morning. So of all the companies advertising on Christmas Eve on a children's channel, what is being advertised ? A "Pay Day" loan company offering to loan people money that would be in their account by 2.30 this afternoon, repayable at an interest rate of 2356% APR !

Talk about a shameful way to behave. Knowing that many parents will be finding it very hard this year to afford to buy gifts for their children and saying to those parents "We can give you some money ... at a price".

These companies that rip of vulnerable people (and lets face it, you have to be in a vulnerable mental or financial state to take out one of these loans) should be outlawed. They prey on other people's misery and make them worse.

Can I sust say who ever is behind the company advertising on Cartoonito today, I wish you misery and shame on you.

Update - Even worse, they are saying they will give "25% off" to people who apply today. This is not what you might feel to be 25% off though. For me and you 35% 25% means a quarter. But to this Pay Day loan company it means "25% off the 2356% interest rate" giving people only 2331% APR instead !

7 comments:

Battersea Boy said...

> For me and you 35% means a quarter

Er, no. 35% means just over a third. I suspect you meant to type 25% :-))

Anonymous said...

should be illegal

what a rotten, decaying state we've become

Anonymous said...

could someone please post me an address or website of one of these scumfucker companies?

Dan said...

Christ on a bike you guys, you're all talking like they're forcing people to take up the offer at gun point. It's just that - an offer. If people want to take it up, on their head be the consequences. They aren't being lied to or mislead. Is there some arbitrary interest rate beyond which those offering it are bastards, but below which they aren't?

Talk about a lack of self-responsibility. And, for what it's worth, not everyone is paid on the same day.

Anonymous said...

yeah, and you're obviously a total cunt with no fucking heart or morals.

Norfolk Blogger said...

Dan, your support of loan sharks is admirable.

Next week tune in for Dan's support of Zyclon B manufacturers in German in WW2.

And in the new year special Dan defends Blair for invading Iraq.

Dan said...

Hmmm, I'm not entirely sure how my support for the free will of an adult to enter into a contract with another adult is tantamount to your analogies in any way. In fact, I'd argue how one can simultaneously relegate self-responsibility AND call oneself a liberal. The shrinking of government - and what liberal could honestly not wish to shrink the behemothic state we currently have without having their fingers crossed behind their back - actively necessitates the bolstering of self responsibility.

It's not like I'm saying "people need to take care of themselves - try getting a job instead of being on welfare!!" I just don't think it's right to damn people for offering an entirely voluntarily, and potentially useful and valuable service to people, in the same way I don't blame KFC for making people fat or Starbucks for burning people.

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