One year of new Archbishop of Canterbury

[The Larch]

Wonga is probably the main player here in the UK :

https://www.wonga.com/

Ok, just checked it (curiously enough they have a version for Spain but I had never seen them announced over here or their advertisement), 30% interest on a one month loan. Yikes.

[Tamas]

Meh. I detest such practices as well but if there was no demand for this service it would not exist. Plus it is still better than desperate poor people turning to criminals for short term loans.

Remember, all you can do about things which are in demand is to drive them underground. You cannot eliminate them.

[Valmy]

Meh. I detest such practices as well but if there was no demand for this service it would not exist.

So setting up better credit unions to supply the same service would be ok with you then?  What were you bitching about again?

Remember, all you can do about things which are in demand is to drive them underground. You cannot eliminate them.

Well you cannot ignore the role that aggressive marketing has in driving this demand.  They act like it is a great service and a great deal and manipulate people in tough situations by selling them hope.

[Valmy]

Ok, just checked it (curiously enough they have a version for Spain but I had never seen them announced over here or their advertisement), 30% interest on a one month loan. Yikes.

Yep.  And they tend to find young and ignorant populations to con.  They especially like to convene around military bases in the US.

[Ed Anger]

Ok, just checked it (curiously enough they have a version for Spain but I had never seen them announced over here or their advertisement), 30% interest on a one month loan. Yikes.

Yep.  And they tend to find young and ignorant populations to con.  They especially like to convene around military bases in the US.

I think the Feds smacked them around some years ago over that.

Ah, the Military Lending Act of 2007. Capped at 36% APR.

[garbon]

What were you bitching about again?

Indeed.