A FURIOUS mom who lives in an area in Somerset took to Facebook to express her frustration after receiving her FIFTH payday loan brochure in ONE week.
She fumed, “It really pisses me off! These companies are preying on families who live in consulting estates.”
Kez Dancy, who blogs about savings at Mom Coupon believes that now Christmas is near, payday loan companies are improving their game and targeting the vulnerable.
She said: “When Christmas comes around they assume we’re all skinny and desperate just so they can cheat you with the huge APR.”
The last payday loan company to drop a flyer on their doorstep was LoansatHome, which states on its website that the maximum APR applied to its products is 732.70%.
Kez explained: There was a time when I was skinny enough to fall in love with these, because as parents we all want to give our kids the best for Christmas.
“It makes me so angry that people like this are making money because of parents’ desperation.”
Kez told The Sun Online: “Parents are under more and more pressure every year to buy their children the latest toys and gadgets.
“These aren’t cheap at all and for some families it can be a real struggle.
“There are some fantastic charities that offer help, but unfortunately there are also companies that see parental desperation as a way to make money.
“These home lenders are targeting people who live in municipal estates or low income areas knowing that they are likely to be worried about how they can afford to pay for everything around Christmas time.
“I have known families in my region who have taken out these loans and still pay them back 203 plays later.
“These home lenders work on a commission, so they can be pushy enough to get you to take out a loan.”
Charlo told Sun Online: “If people are having trouble with their finances, they can contact their local Citizen Council for help.”
We have contacted Loansathome for comment.