The Crime of Wonga

The leopard cannot change its spots and pay day lenders follow a long tradition of usurious lenders who use two kinds of tactics to manipulate people. The first tactic is to pretend to be a jolly, friendly organisation that exists more to help people than to make a profit. Modern communications helps; Continue reading

How to Make the Poor Poorer: Payday loans

I have for a number of years on these pages deplored the activities of the payday loan companies. I have always held that payday loans should be illegal, if the interest rate charged exceeds a certain amount. I would propose no more than 100% per annum, as an APR as the maximum rate of interest, which would prevent payday loan companies from charging 3000% or 4000% per annum. Continue reading