Payday Loan Lender Endorses MP's Push to Put a Cap on the Cost of Borrowing
HERTFORDSHIRE, ENGLAND, November 11, 2011 /24-7PressRelease/ -- In a statement issued today, industry expert Gary Miller-Cheevers (and CEO of payday loan company speedeloans.com) has backed Labour MP Stella Creasy's call to put a cap on the cost of borrowing.
In a desperate economy, it is reported that Ms. Creasy wants to stop the "legal loan sharks" by putting a cap on interest rates charged on products such as payday loans before Christmas when a boom in applications is expected.
Gary Miller-Cheevers comments: "Payday loans fill a short-term need and used - and charged for - responsibly, can be a cost-effective way to get emergency cash when the need arises. With research* showing that 31% of Britons have no accessible savings, if someone is hit with an unexpected bill (for example, they get a flat tyre and need their car in order to get to work), a payday loan could help them manage until they get next paid.
"However, there are lenders who are not responsible and who charge their customers extraordinary amounts to borrow a smallish amount of cash. Certainly, the idea of some kind of cap in theory always sounds sensible and we endorse that. The problem is what are you looking to cap - the APR or the cost of credit?
"The APR being an expression of annual interest is a wholly inappropriate measure of a loan that can last from three days to a few months in extreme cases. Our average loan request is for a term of 19 days and works out at a daily rate of 1% interest!
"Speedeloans is all in favour of expressing the cost of their loans in GBP's terms, so customers can firstly, easily compare the actual cost, and secondly, quickly work out if it is something they can afford.
"If we relate our loans to various options like borrowing GBP100 from a friend on a Tuesday until the end of the week, and buying him some fish and chips as a 'thank you' for GBP5 on the way home from the pub on Friday after paying him back, this equates to a daily rate of 1.25% or an APR of over 6,000%!
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Yet "a bank payday loan has all the same problems a traditional payday loan has. You're getting sucked into the same debt trap." Bank officials say low-income customers at times desperately need the cash advances. But they emphasize that they do not
FlexCredit and 12-monthloans.co.uk are trading names for PDB UK Ltd. PDB stands for Pay Day Bank, which also has operations in Australia, Canada and the US. Pounds to Pocket is part of Chicago-based Enova Financial Ltd which in turn is part of the Cash
2 editorial "Time to say 'no' to payday loan sharks." The editorial stated, "As we put it in 2009, payday loans are a 'modern-day form of usury.' California needs to follow the lead of the Defense Department and other states and give this lending
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"Look over there -- payday loans,'' says the spokeswoman for San Jose-based Opportunity Fund, a Bay Area-based microlending nonprofit that helps small businesses get off the ground or expand. "And there's a check-cashing place on the corner.
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