Should we promote Pay Day loan companies?

Should we promote Pay Day loan companies?

Poll ended at Thu Aug 29, 2013 9:39 am

Yes
15
38%
No
25
63%
 
Total votes: 40

richard@imutual
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Should we promote Pay Day loan companies?

Post by richard@imutual » Thu Aug 15, 2013 9:39 am

Further to the comments here, I've thought for a little while whether imutual ought to be associating itself with such companies. However, I think any such decision to exclude an entire category of offer is one that should be made by the members as a whole rather than just me. So let's a have a poll on the matter...

A list of these companies we currently promote can be found at http://www.imutual.co.uk/payday-loans

The ethical concerns have been widely covered in the media, and I worry that promoting them could damage imutual's image.

That said, I suspect that imutual members (a shrewd bunch) who have taken up these offers so far have benefited from a nice cashback bonus without ending up with a product they are unhappy with

So what should we do? Continue to promote them (albeit with appropriate "buyer beware" warnings), or drop them from the site as a point of principle?

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Re: Should we promote Pay Day loan companies?

Post by blythburgh » Thu Aug 15, 2013 9:44 am

I vote drop them but can see the point that savvy members have made cash from them. Not me, just worry about them doing credit checks on me as I do not want that to be compromised.

But I will not complain if the majority vote yes.
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Re: Should we promote Pay Day loan companies?

Post by 1960mackem » Thu Aug 15, 2013 9:52 am

We also promote Banks and other mutuals so to be fair I think it should be left up to the individual's ethics and morality to make their own choice to use or not.
As I often say when people complain about adverts while watching TV - You know where the remote is , switch to something that'll please you personally - don't get rid of them cos it might end up costing you more in the long run.
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Re: Should we promote Pay Day loan companies?

Post by kevinchess1 » Thu Aug 15, 2013 9:56 am

I'm nervous about banning perfectly legal companies because where would it stop?
So we ban payday loan companies on Moral grounds
Well lets ban Bookmakers/casino as well aren't they just as immoral?
What about the more Adult sites we promote like Lovehonney or Ann Summers?
It's a slippery slope
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Re: Should we promote Pay Day loan companies?

Post by blythburgh » Thu Aug 15, 2013 10:12 am

There is also the problem if the payday loan companies go then people will end up borrowing from criminal loansharks, I mean the sort that use violence when they do not get the money.

Maybe we should all be putting some money into credit union accounts so they have more to loan out. And publicise them more so that those who are in danger of turning to a payday loan company.

I would also like it to be easier for local Councils to ban shops being turned into payday loan and gambling places. At the moment it is very hard for them to turn down a change of use application. Not saying ban them from the High Street but let the local Council decide each on its merits.
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Re: Should we promote Pay Day loan companies?

Post by kevinchess1 » Thu Aug 15, 2013 10:16 am

I'd love to belong to a credit union again but there isn't one round here :thumbdown:
I was a member of one where I lived B4 and kept several hundred pounds in it and got no interest at all
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Re: Should we promote Pay Day loan companies?

Post by 1960mackem » Thu Aug 15, 2013 10:57 am

kevinchess1 wrote:I'd love to belong to a credit union again but there isn't one round here :thumbdown:
I was a member of one where I lived B4 and kept several hundred pounds in it and got no interest at all

Have you checked http://www.creditunions.co.uk/ ?
I'm currently a member of our local credit union ( I know the chairman on a very personal level :o )

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Re: Should we promote Pay Day loan companies?

Post by kevinchess1 » Thu Aug 15, 2013 11:00 am

Nearest one is 9 miles and is for People living/working in the area :(
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Re: Should we promote Pay Day loan companies?

Post by 1960mackem » Thu Aug 15, 2013 11:00 am

IF the decision is made to keep these companies on Imutual could we then also promote credit unions more to balance out our morals ?
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Re: Should we promote Pay Day loan companies?

Post by 1960mackem » Thu Aug 15, 2013 11:03 am

kevinchess1 wrote:Nearest one is 9 miles and is for People living/working in the area :(
I'm about 13 miles away from my credit union but meet the criteria of the common bond which is For people who reside in or are employed in the county.

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