I was in town the other day rerturning a faulty camera I had purchased from a large electrical retailler.
As I was waiting for the shop steward to deal with my query, there was a loan application beside the till. I noted the interest rate was 29.9% - I nearly fainted. I also noted the occupation of the applicatant - a machine operator.
I know I am going to be accused of being nosey here - an accusation I do not deny!! But i couldn't help but feeling for this person, they are probably in a lower paid job and when they make a purchase they pay a higher rate of interest than a regular loan...There is alot of noise about lending to people with poor credit ratings and the trouble a young person can get into when they take out these loans.. But very little is said about smaller loans like the above, where the applicant is paying way over the odds for a device.
My "Monday"/Tuesday rant over...
As I was waiting for the shop steward to deal with my query, there was a loan application beside the till. I noted the interest rate was 29.9% - I nearly fainted. I also noted the occupation of the applicatant - a machine operator.
I know I am going to be accused of being nosey here - an accusation I do not deny!! But i couldn't help but feeling for this person, they are probably in a lower paid job and when they make a purchase they pay a higher rate of interest than a regular loan...There is alot of noise about lending to people with poor credit ratings and the trouble a young person can get into when they take out these loans.. But very little is said about smaller loans like the above, where the applicant is paying way over the odds for a device.
My "Monday"/Tuesday rant over...
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