I enjoy reading Dr John Cameron’s letters for their common sense and use of facts, and his latest, regarding payday loans
(3 November), is no exception.
The use of payday loans is becoming pure exploitation of people who are usually struggling on low incomes. What happens when they cannot pay them back on time (or at all, for that matter)?
Another loan, perhaps? But they might not have another payday coming if they are suddenly made redundant, a common occurrence these days.
Pawn shops are one thing, but the public generally know what they offer and they have been around as a lender of last resort since time immemorial.
The government should look long and hard at payday loan companies and consider legislation, long overdue, to more severely regulate them.