Government gives payday lenders a good slap
The government has just this minute announced stricter rules for payday lenders, so that less desperate people’s lives are destroyed by their outrageous fees.
The Office of Fair Trading (which will be replaced next year by the more powerful Financial Conduct Authority) has been investigating payday lenders and quickie loan companies for a year, and recommend that there should be a curb on advertising and more careful scrutiny of their dealings.
Payday loan companies must also be more up front about their astronomical APRs, which mean that if you borrow a hundred quid, you can run up A BILLION SQUILLION POUNDS (ballpark figure) within a matter of weeks. And that means no more hiding their rates away in teeny weeny Terms & Conditions at the bottom of the screen.
Perhaps the best thing about it is that there will be less Cash 4 Kidney ads on the TV, and David Dickinson will have to advertise something more wholesome instead, like bukkake, or people trafficking.