Loan firm blasted over crisis cash offer
A doorstep loan firm has been accused of an appalling attempt to exploit the coronavirus crisis.
Loans at Home distributed flyers in the West Lothian area on Friday offering £600 cash “straight to your door” at an interest rate of 433 per cent APR.
The ads stated: “With over 80 years experience, we will provide a loan to suit you and your budget,” and went on to detail how a £200 loan would require £330 to be paid back over a 33-week term.
Lothian MSP Neil Findlay said: “This is appalling behaviour by these legalised loansharks who are circling and seeking to exploit people who have been forced into desperate situations because of this unprecedented health crisis. They must be stopped, the Government has to step in to stop this abuse.
“Anyone with financial difficulties should seek advice from their local CAB or council and the many agencies who are their to help.”
There are fears the Covid-19 crisis will plunge thousands of people into financial destitution.
Chancellor Rishi Sunak has promised to pay 80 per cent of the wages of workers if they aren’t made redundant.
But millions of zero-hour contract, self-employed and casual workers are likely not to be included in the scheme, and could find themselves without an income.
Loans at Home could not be contacted for comment yesterday.
The SNP has urged the UK Government to deliver a financial package of support for self-employed and unemployed people in its response to the economic impact of Coronavirus.