Payday lenders lure struggling families with revenue and exercise tips

[ad_1]

EXCLUSIVE: Lender’s ‘fun money’ gadgets target struggling families, Sunday Mirror may reveal

Video upload

Video unavailable

How to get financial assistance in an emergency

Payday lenders use bizarre ploys to lure families into debt – urging them to borrow for manicures, junk food, and a chance to meet a kitten.

But “playday loans” have been criticized by debt charities, who say they can cause “very real hardship.”

Other ways to look finance-friendly include tips for the kids’ packed lunches and the gym.

Cashfloat, with an annual interest rate of 997 percent, describes its debt plans as “fun money.”

Insisting that it shouldn’t be used to cover emergencies, he urges, “Instead, it’s money spent purely on the mood that strikes you and on non-essential things.”







Families in trouble are exploited by their love of kittens









Manicures are one of the lures





Lending Stream is running an online competition for an animal charity to bring a kitten to your workplace. Its short-term loans bear interest at 1,333% per annum.

And Loan Pig provides advice on apprenticeships, college and packed lunches, while lending at an annual rate of 1,261%.

Sara Williams, who runs the advice site Debt Camel, said, “These super high cost lenders are trying to market themselves as a useful and fun source of financial advice.

“They disguise their operations as a good cause. “

Sue Anderson, StepChange, added: “These kinds of credit products are really hard. For those who are financially vulnerable, this can prove to be a trap. “

Lending Stream, Loan Pig and Cashfloat did not respond to requests for comment.

[ad_2]

Comments are closed.