Regular Rant #2

I am sorry that there is another rant so close to the last one, but I have been sitting here, like always, and the adverts on the TV are really getting me so angry, what adverts am I getting so pissed of at, is the go compare ones with the fat git, no, is it the ones that advertise various bingo sites, noooo, is it the ones that want to buy your car at a seriously undervalued price, yes I know they do I checked, no, it those effing ones that want you to take out loans at pathetic rates.

I loath Wonga, as that witchy woman on Dragons Den says, it makes my teeth itch, I get so angry that the advertisers use kind old people to advertise loans (albeit puppets) it makes children who watch think that grandparents say it is acceptable to borrow money you don't have and then have to pay back the money at, in excess of 4,000% (4,000% is  for another loan company that advertises on TV)

4,000%, how the hell have they gotten away with it, Dick Turpin would have been embarrassed to have done that, as far as I am concerned it is legalised theft, the TV companies who have no morals or ethics are happy to take the money for showing these ad's and don't care that people are getting into debt, debt's, that at this time of the year, are higher than at any other time of the year.

With the combination of the gift adverts throughout December, i noticed (whether factual or not i cant be sure) that there seemed to be more of these so called helpful companies. helpful my arse, if you cant afford it, save up or do without, but for gods sake do not get involved with these thieves, you will end up deeper in debt and then that's when the real trouble begins.

Some people, in fact I bet nearly everyone is not aware that back in 2010 the government had the option of capping these loans, making them viable, if still higher than the banks and building societies, a least not as high as some are now, but NO, they decided not to, why, well they stated that "the payday lenders serve customers not able to be served by mainstream lenders and might discourage lenders and competition" what a load of bull.

The government should step in NOW and stop these fun/fluffy  adverts, not allow them on the television until after 10pm, make then show the APR's in large print, not tiny at the bottom of the page for one second, if I had my way they would be banned altogether.

I know there are a lot of people that would be unable to get a loan from a bank or BS, they have been blacklisted for some reason, but please, if you have no other choice, please please please read the small print, make sure you know exactly what the APR is, and how much you are paying back, find out if you get discounts if you can pay it back early, or if there are charges for doing that.

Not that I am advertising a loan, as wouldn't do that, but when you see these 4,000%+ loans you have to then look at the other end, the cheapest I found was 5.1% APR from the Clydesdale bank. this is an online personal loan, a humongous difference, but at the end of the day, I say if you cant afford it, save up.