Some councillors active on the Islington Borough Council are not all that happy about short term loans companies and their activities in the area and have been trying quite hard to get them banned by enacting a by law.
The holiday period is a double edged sword. Although it’s a great time to unwind and spend quality time with friends and family, it can be a worrying time if one is short of cash as nothing is normally open where one can get a loan if needed.
Here in Britain we are regularly told that we are in “cowboy” territory as far as short term loans providers are concerned and the original cowboy country – the United States of America – is a model of strict regulation and declining payday activity.
Advertising by the instant cash loan company, Wonga, is not so popular with soccer fans when the advertising takes place at their local club grounds, according to a report carried in the Guardian newspaper.
According to a report in the Daily Mail’s Financial page, the feeling is that Britain’s financial regulators have failed to get a handle on the instant cash loan explosion, which appears to be getting even more brazen every day.
The payday grumbles continue. Lately, it has been a parliamentary committee that has debated the rights and wrongs of short term loans companies.
Who said that the economy is in the doldrums? For some short term loans companies, it is the golden age as far as business fortunes is concerned.
MiniCredit, a short term loans company has been forced to apologise to some of its clients after having threatening emails sent to them exposed in the media.
To read the headline articles in several of the nation’s papers today you would be forgiven for wondering which one, if any at all, was the real hero in standing up to the short term loans villains.
Keen to shed its Dickensian image, the payday advance industry is swiftly becoming a mainstream source of short term loans as rough economic waters turn it into a growth industry, experts say.