I SHARE Les Clarke’s view that the payday loan companies’ interest rates should not be permitted or, if we have to suffer them, there must be strict controls on their interest rates.
I have always been concerned for those who need short-term loans from time to time.
However, I refused to place any of my meagre savings with a local credit union because I felt 26.8 per cent was a wholly unreasonable amount to demand of those in desperate need, particularly in this era when interest rates are generally lower than they have been for decades.
The sooner the legal loan sharks are shut down the better. However, we need to be able to help those who are struggling with a low and justifiable rate of interest, which 26.8 per cent is not.