The booming pay day loan industry shows a simple failure to guard our many vulnerable citizens from exploitation. Loan providers who charge massive multiples of great interest dominating our high streets is bad sufficient, however now some cash advance businesses are aggressively advertising and marketing via kids and pressing requirements to a brand new low.
In Lambeth’s deprived Coldharbour and Ferndale wards, Speedy money operatives dressed as cuddly kangaroos hand out candies and balloons to kiddies, along side leaflets marketing its loans, which typically charge significantly more than 1,400per cent APR. They presumably wish the youngsters, some hardly of sufficient age to walk, will deliver their leaflets in to the arms of economically hard-pressed parents.
Although exorbitant pay day loans are appropriate, dispersing non-political or spiritual leaflets with no regional authority license is perhaps not, underneath the ecological Protection Act 1990. Having been told through council officers which they wrote to fast Cash telling it to get rid of, I happened to be incensed to begin to see the kangaroo candy man nevertheless approaching kiddies outside its Brixton store.