I have been saddened, shocked, disappointed and disheartened to learn today that the Fabian Society, a think-tank that I have long admired and worked with on many occasions, is allowing Provident Financial to sponsor one of its events on financial inclusion taking place tomorrow in Westminster; not least as Provident is one of the worst offenders of legal loan sharking in this country as highlighted by the End Legal Loan Sharking campaign.?
Now I personally support Provident Financial, think they\’re doing a grand job. Low value short term loans will always be expensive when measured as an APR. It\’s just inevitable because you\’ve got to have fees which cover the cost of offering low value short term loans and the APR system racks those up into an annual interest rate charge.
Which of course means that I think that Compass are being complete numpties with their campaign.
But isn\’t it nice to see such catfighting between such organisations?