Everyone has seen TV ads for money lending companies, like Quick Quid, who give the impression financial troubles will be put right by borrowing pounds at vast rates of interest in this companys case 1,200 per cent said the small print at the bottom of the screen!
I find these companies to be preying on the vulnerable, whatever they might say about the short term nature of the loans, or the changes in their work practices they have been forced to implement under pressure from MPs and watchdogs.
Quick Quid? I think not.
This has all the makings of a debt to last a lifetime, all brokered in a quick phone call. Theres been some good work on this kind of practice but clearly theres more to be done.
Not least in much better recognis…
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