Ever ready to lend a helping hand to anybody who is hard up for cash, the well known instant cash loan company, Wonga, has just launched a new initiative to make its loans available to small businesses – or SMEs – as well as its ordinary customers.
Church groups have called for a campaign to ensure that the amendment to the Financial Services Bill tabled by Walthamstow MP, Stella Creasy, gets approved when the bill gets its second reading in the House of Parliament next month.
Brits collectively owe nearly sixty billion pounds and, for once, short term loans companies can hardly be blamed as most of the debt is owed to a variety of sources and just a “smattering” to them.
A surprising revelation from an unexpected source helps to illustrate why so many people are turning to sources of easily available credit like short term loans to get by from one day to the next.
The “perfect storm” is one of Ms Stella Creasy’s phrases that has been bandied out quite a bit of late by the Labour MP for Walthamstow in what has become a personal crusade against what she sees as “toxic” short term loans companies.
There seems to be still considerable debate about whether the recent attempts by the government and the industry associations that represent the short term loans sector will be able to come to an agreement on what is acceptable practice by the industry as a whole.
For a sizable number of British people the easy availability of high interest instant cash loans are becoming a habit that is hard to kick.
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.
Perhaps the title should be explained a little before carrying on with this news piece. Stella Creasy, now a well known MP for the London outer borough of Walthamstow, is not a campaigner on behalf of the short term loans industry but against it.
A way for those who need fast cash but are worried about getting into serious debt by taking out a loan with a short term loans company now have a novel choice which seems to bridge the gap between completely unsecured lending and a personal loan from a traditional lender like a bank.