Payday Loans To Be Controlled
I feel that pay-day and short-term loan companies like Wonga are not the best of ideas. They’re not good for customers as their interest rates are just totally out of line and I think that their business model will come a cropper, as I outlined here.
The government has stated that the new Financial Conduct Authority will have the power to impose a limit on interest rates, as outlined in this article.
It sounds fine in practice, but what will happen to existing loans? And who will lend to those, who use the payday loan system?
It will also effectively kill off all these companies, so they’ll be more unemployed.
And how many criminals and thugs will move into the loan-sharking business?
So all in all, with the proposed alcohol price legislation, it’s been a very good day for criminals.
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The Anonymous Widower 
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