Online loans at 3000%, but Kent Savers still can’t open

With the news today that 100,000 of Britain’s poorest families are saddled with post-Christmas ‘loan shark’ debt of around £82,000,000, it’s all the more galling to see that, the online quick loan company have launched an iPhone app that can approve a cash loan ‘in seconds’ – at an interest rate of around 3000%.

I’ve previously covered Wonga on this blog, and I guess it’s no surprise to see this new product launched immediately after Christmas, when many are feeling the financial pinch after spending cash they simply don’t have on presents and festivities.

Personally, I’m also deeply disappointed that we still haven’t had permission from the Financial Services Authority to open Kent Savers, a county-wide credit union which would provide such a lifeline to Kent residents trapped in the spiral of debt.

Funny old world, isn’t it…

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