Plenty! There I said it. Although I have worked in this industry for the past two decades, there are a number of things that get my goat on a daily basis. Let’s start with high-street banks, shall we? They are the pits. Firstly, they have all the loan products in the world but just have a credit rating that is a little too low for them and your chances of seeing one are practically zero.
Now I understand that they need to loan responsibly but there are too many people out there suffering and in need of loan products, even small ones that can help them out and have the ability to pay them back, thus improving their credit rating. And that’s good for the country!
So with the banks not willing to help, these people come to microlenders such as our company. Now without them, we won’t make a living, so we are thankful but with the economic conditions like they are, this number is growing.
And do you know what that leads to? I will tell you! More and more micro-lenders. Now we at Corner Loans are not scared of competition. We have the utmost faith that our loan products are some of the best that can be found in the United Kingdom. What we do have a problem with however, is that a number of these microlenders are unscrupulous, looking to milk a population in desperate need for these products. They are stealing from people with their massive rates, hidden penalty clauses and extra costs. And unfortunately, people just don’t know any better, because they are desperate!
So do yourself a favour. If you are taking out a loan product, do your research first. Please ask us any question you need to, even if you end up not taking our product. We want to make micro-lending a more trustworthy industry.