Because it’s none of their business
September 8, 2008 | customers, industry, media coverage | Comments (0)That’s why employees of payday loan stores don’t interrogate their customers. This story out of the U.K. is infuriating:
According to a Channel 4 news report, to be aired on Monday night, many of these loans are being sold as longer term loans by staff that do not fully understand annual percentage rates.
Damon Gibbons, of the charity Debt on our Doorstep, said: “Lenders make absolutely no checks on whether or not, the reason why people are taking out a payday loan is because it’s a one-off, or whether or not, they’re in big financial problems and need to roll over month after month after month.”
The Nanny State is alive and well in the U.K. but especially among the media.
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