It can’t have escaped your notice that there are so many so-called ‘Pay Day Loan’ companies around at the moment. I have been lucky throughout my life that I have never had to turn to a company like this and feel terribly sorry for anyone who finds themselves in that position. I can’t help feeling that there must be a better solution than borrowing from a company which charges an APR of 4214% (Wonga), 1940% (Liquid Loans), or 1734% (Quick Quid).
Even more annoying, I object to football clubs allowing sponsorship from these companies and gambling companies. I spent a substantial part of my teaching time trying to help young people understand how to manage their money. They then go to a match to see blatant recommendation of such businesses.
I understand that the draw of sponsorship from such companies must be huge, but sometimes I think we just have to say ‘No’ to make the point that we think it unacceptable.
I am proud to say that one of my twitter friends was approached by such a company yesterday and did say ‘no’ even though it lost him one project. It takes guts to do such a thing but my respect for him (which was high on the scale anyway) was boosted even further by his refusal to take on that job. In my eyes, he is a hero and I’d be much more likely to use his company knowing that he did.