Weekly payday roundup: 7 days ended 6 July 2013:
Well, this will surprise no one: famous spendthrift Kerry Katona is skint once more – and is dropped from her lender as its spokesperson!
The troubled former Atomic Kitten star and perennial celebrity reality television personality has been confirmed to have filed for bankruptcy at Wigan County Court. This makes the second time in half a decade where Katona’s run into major money problems, and it comes as she has been shilling for payday loan broking firm Cash Lady.
Cash Lady made a public statement binning her as their star spokesperson, citing that the business wants to make sure it promotes lending responsibly. They ‘sadly’ declined to use Katona to promote their high interest rate short term loans service – I’ll wager that Katona wasn’t exactly happy to lose that source of revenue herself!
Well at least she’ll still be eligible to take out a loan from the company now that she’s a two-time bankrupt and she’s unemployed. Don’t believe me? Well a recent undercover operation discovered that Cash Lady actually loves to give loans out to people without a job.
One independent investigator posed as an 18 year old unemployed male with a £600 monthly income and applied on the Cash Lady website for payday loans online, initially looking for a £300 loan over a period of 30 days. Much to his surprise, the investigator found that he could get a £500 through Cash Lady, despite the fact that the loan plus interest would leave someone with a £600 monthly income completely destitute!
When confronted with this absolutely horrid tale, Cash Lady began tap-dancing like mad, protesting loud and long that it was nothing but a broking service and wasn’t responsible for what happened once it connected a borrower with a lender willing to provide a customer with funds. This is of course a completely rubbish argument if you ask me, especially if Cash Lady supposedly prides itself on being a ‘responsible’ broker; why in the world would they be referring anyone to a lender that would offer a £500 payday advance to an unemployed 18 year old?
For what it’s worth, Cash Lady is as morally bankrupt as their former spokesperson is financially so. I can only hope that this ‘responsible’ broker ends up going out of business and sparing us their warped sense of lending ethics before they ruin any more lives! As for you, Kerry, ring us up – we could always use a guest blogger.