Neither a borrower nor a lender be, but I'll steal a Bagel for my tea. Yes that's right, Stella Creasy who's vying for a seat in the next general election later this week admitted to stealing bagels from Sainsburys, the same one that says loan companies are robbing the British public of their hard earned cash. I do feel Sainsburys would say the same regarding those unpaid bagel bites consumed by you for the cost of nothing.
Everything has a price, even bagels and in todays market the cost of loans also has a price. We set our interest rates to the individuals circumstances and affordability. Obviously, a person with bad credit is less likely to hold down continual regular payments to the end of their loan term hence the high vulnerability and risk of their borrowing requirements. A person with an outstanding credit record is far more likely to withstand the regularity of their payments and is therefore less of a risk to lend to which allows them the privilege of a lesser interest rate.
This goes to show that capping loan interest as put forward by Stella Creasy just will not work in todays financial world, after all it is the individual that agrees to be bound by the amount of interest along with the terms and conditions of each individual loan applied for. We as a lending provider have to safeguard our assets and I do believe our main assets here at Quick Loans is hard cash for financial funding. Its all too apparent that the borrower is molly coddled by every legal eagle in the country but the lender has to stand alone and "hope" that they see their money is returned as agreed.
Our terms and conditions of every loan that we issue outline any interest which is to be paid back along with the origional amount of the loan granted. We hide nothing and do not charge any up front fees, we are here to offer a service to our customers who have the overall decision in the end to either go ahead with the loan or decline our terms. I do believe Stella Creasy, its your hands that need capping, not our loans.