THE LOAN SHARKS

THE LOAN SHARKS - TIME TO CALL A HALT. 

How much longer is the Government going to allow these Loan Sharks to operate ?
These days you see their TV advertisements plying on many poor people.

On TV tonight one such Company was advertising Loans.
In small print they were quoting 1325% AER. There our many more Loan Sharks charging similar amounts of interest.
That is.....One thousand, three hundred and twenty five per cent each year ! Incredible.

I earn 1% from my Bank for deposits. I am lucky. Many Banks offer 0.5%.
The Sharks are charging over 1,000 per cent AER.
The problem is that many poor people, perhaps with low education do not understand was they are letting themselves in for. They are desperate for money. They see the Loan Sharks are an easy way out of their shortage of money to pay their bills.
A terrible problem of catch22.

Surely our banking system should be more lenient towards the poor.

I hate these Loan Sharks. Time to limit interest rates charged. For example, 3% AED maximum repayable in 3 months from date of Loan.

TIME TO CALL A HALT.