A short term loans provider has offered to make Valentines Day a day to remember for those with cash flow problems. Cash Lady, an online short term loans and short term loans company, has been promoting its instant cash loans for the amorous but hard up would be lovers in a Valentines Day special offer with loans available for up to three hundred pounds for 31 days.
The interest accrued on the loan is probably the most memorable thing about Valentines Day for anybody who takes up the offer, as it would amount to 75 pounds if the full offer of 300 pounds was taken out for 31 days. This equates to an annual interest rate of just over 1730%. An inability to pay back the lover’s loan in time would make Valentine’s Day even more memorable for the unfortunate, impecunious borrower.
Cash Lady is actually a short term loans broker, meaning it acts as an intermediary between the borrower and a loans company itself. The Valentines Day heartstring puller comes only a day or two after two short term loans companies were criticised for targeting pet lovers by offering them large loans to pay off debts at the vet, while another lender was attempting to promote loans for breast enlargements, sagging faces and tummy tucks.
A consumer credit counselling service spokeswoman said that it never ceased to amaze her the extent to which short term loans lenders were prepared to go to entice people into a pool of debt. Una Farrell said that this particular loan company’s advert appeared to be trying to lure the love lorn into debt. She said that she couldn’t see anything romantic about being up to one’s eyeballs in debt.
“Nobody would want a partner to take out a high interest loan to buy a Valentine’s present” she said.
Stella Casey, the Labour MP who has been mounting a campaign against the short term loans feeding frenzy said that this was another typical example of a short term loans company using emotional blackmail. “Yesterday it was pets, today it’s Valentines Day,” she said.
A spokesman from PDB UK, which owns the Cash Lady, said that they were certainly not targeting the unemployed or those on benefits. He said that Valentine’s Day was just one day in the year, and was a special day. He said that providing an instant cash loan to cover the needs for the day was a good example of how these instant cash loans could be used.