I don’t know about you, but my formative years were spent growing up the last time we had a Tory government of any renown. At that time, Paul Weller was, with the help of the likes of Simply Red and Billy Bragg to name a couple, devout on bringing down that government through top-notch music and targeted lyricism, with titles like: Walls come tumbling down, A Town Call Malice, Funeral Pyre and Money’s Too Tight To Mention from the flame-haired Manc and his gang.
Even Gwen Guthrie got in on the act, spelling it out loud and clear: “there ain’t nothing going on but the rent – you’ve got to have a j-o-b if you wanna be with me.” Mmm, that second line should be a slogan for one of the many online instant cash loan specialists out there, eh?
It seems that, getting on for thirty years since Funeral Pyre got to number four with that haunting video and the refrain “the rich get rich and the strong grow stronger-errr” (oh, Rick Buckler’s drumming – sublime), the cycle of those in power are, once again, looking after the wealthy and leaving the poor to “…cut down on beer or the kid’s new gear? It’s a big decision…” with the announcement that, even though us mere mortals looking for a quick loan could be subject to any manner of credit check, those who earn a set amount or who have assets totalling ‘x’ are to be exempt from such invasions of their privacy.
Those are the proposals put forward by the FSA, anyway, following two years of head-bashing investigating the lending market, aimed at shoring up the UK mortgage market which has been identified as one of the criteria for imbalances in the books during the economic crisis.
So, if I’m reading that correctly, your average working man looking for a quick instant cash loan of say, £400, to stretch until his next pay-cheque arrives, will be subject to existing scrutiny and his affordability into repaying the online payday cash advance. However, if someone who earns *£1M+ per annum or has *£3M+ in assets (*the figures being put forward for approval under the new terms proposed by the FSA), they have the option to “opt out” of a background search into their finances?
Hang on just a second. Which of these two could potentially damage the fragile infrastructure of our economy more? The chap, though working every hour, defaults on a £400 instant cash loan?
Or the multi-millionaire who has all of his share-value wiped out in a stock market crash of epic proportions over night because someone at a soiree has told him to put his shirt on the next big capital investment which fails abysmally? Thus rendering the gent bankrupt, owing, not only the couple of mill he lent against his mortgage, but also any other possible creditors too! You tell me.
Perhaps your typical multi-millionaire may not be searching online for an instant cash loan, but he could be, just to tide him over knowing that one of his funds is about to mature to settle the short term loan in one fell swoop.
The other news from the report is that banks are still taking into consideration bonuses, when it comes to lending criteria, to contribute to your total salary. Many of us mere working men could do ourselves a favour, if we know we have a bonus coming up, as a result of the year-end figures just being released or through a performance-related reward.
Sometimes, interests rates can seem comparatively high, but if you’re skint after Christmas but know you’ve got a bonus on the way, it could cushion the blow of the repayment on the instant cash loan to last you the next couple of weeks until you’re paid, again. At least then you will have, as Paul Weller once confessed, “…got a pocket full of pretty green.” to last you until the next elusive payday.
(Yes, you do have to be old enough to remember one pound notes for that one, thanks for reminding me!)