PAYDAY LOANS – GOVERNMENT AVOIDING THE ISSUE!
PAYDAY LOANS – Our government ignore the facts there are thousands of citizens with their head on the pay-day loan chopping board.
The Bank of England have reported that the interest rates will remain stable at 0.5%.
The mystery in this gets more baffling each year; as an example in the seventies the Bank of England thought nothing in telling the voters the interest rates stood at around 5.0%. At that time you could get a loan at around 5.0%.
It would be automatic for those requesting a loan to expect it similar to today’s 0.5% B.O.E. interest rate reported. – During the seventies credit cards also had a much lower interest rate than today’s interest rates. For example; I can report I had a loan in the Netherlands during the seventies and the interest rate there then was; 1.3%
The Scottish Government were taking strides to ban these pay-day loan sharks – what happened to these ideas?
Without naming these robbing loan sharks I can tell you that some of the loan rates are nothing short of criminal – yet our Westminster government are allowing these cowboys into the country to cripple the voters – as an example again, here are just some of the rates offered to those struggling to make ends meet or struggling to buy food or heating oil/ coal or electricity;
1,212% – 1295% – 845% – 1272% – 433.71% – 49.9% – 1269% – 993% – 1223.6% – 1269.7% – 1509%
As you can read one of these has the unbelievable 1509%APR. All these companies should be banned from our Country, including the one at 49.9% – at the bank rate set at 0.5% these loans are nothing short of theft – in reality loan rates and credit card rates should be at their lowest rates ever considering the 0.5% from the Bank of England.
Surely the government are aware that low loan rates and low credit card rates will quickly make the country flourish? Surely these loan sharks will be kicked out of the country, if not our country will never prosper.