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Pay-day loans: earning money from other people’s misfortune?

Pay-day loans: earning money from other people’s misfortune?

Michelle and David Reade took away that loan from Wonga at 4,214per cent – and then destroyed their jobs. Photograph: Richard Saker when it comes to Observer

F ew people survive towards the end of this thirty days on the wage or advantages re re payment in Chatham, in the event that stores from the Medway city’s traditional are almost anything to pass by. You can find eight pay day loan stores, pawnbrokers and cheque cashers nestled amongst the lb stores additionally the hire purchase shop, Brighthouse, in addition they all be seemingly doing quick company. Two organizations, the funds Shop and Albermarle & Bond, have actually exposed two branches within a couple of hundred yards.

The location normally frequented by the “bedlinen lady”, a lady whom takes packages of money folded into sheets to borrowers’ domiciles. “She gathers on a weekly foundation, of course individuals neglect to pay up, her sons come round,” claims Dan McDonald, leader regarding the Medway people information bureau.

Ironically, offered the substantial choice, it is not one of these brilliant that Medway few Michelle and David Reade arrived a cropper with. Continue reading Pay-day loans: earning money from other people’s misfortune?