Are these payday lenders a good thing or not? I suppose they are better than private loansharks who will happily threaten or beat people up for defaulting on a loan but I do question the ethics of some of them. It seem as as long as you can prove you are on benefits then you get the money. People on benefits are struggling to pay for everything as it is, quite how they can pay back a loan totally beats me.
One money advice charity has seen the amount borrowers seeking help rise by 4000% in 6 years. I suppose it is good that people are seeking help but maybe if it wasn’t so easy to get a loan from these High Street shops in the first place it wouldn’t be so much of a problem.
I appreciate that there is a need for these lenders but surely they need to be far more careful who they lend to and to be far more open and honest about their charges which are much higher than the High Street banks.