Payday loan providers and pawn stores replace the face of Britain’s high roads

Payday loan providers and pawn stores replace the face of Britain’s high roads

Even though many merchants are increasingly being forced to close, payday loan providers including the cash Shop are becoming commonplace.

F or the high roads which best typify Britain’s financial gloom, search no further than the shopping that is main in Chatham in Kent and Walthamstow in eastern London. Both are riddled with stores providing payday advances, pawnbroking solutions additionally the chance of customers to make their jewelry into money in a flash.

The 960 metres of Walthamstow traditional boast, if that may be the right word, 11 stores offering clients other ways to gain access to cash fast – as well as a cost that is high. A croydon-based firm with 15 branches across the capital at number 23 is Oakam. Advertising itself as «your local money store», it includes cheque cashing and short-term loans at APRs of 2,866.3%.

Carry on within the road and also you pass jewellers cash that is offering gold before reaching pawnbroker Albemarle & Bond at number 134. Its shops provide pawnbroking and loans, gold-buying and cheque-cashing. This has 132 branches across the UK providing all of these ongoing solutions, and an additional 41 specialist gold-buying stores. Even though the business, which will be detailed, has been in existence for longer than three decades it’s still expanding for a price of approximately 25 stores per year.

Stella Creasy, Walthamstow’s regional MP, claims: «i believe in the event that you mapped toxic high roads, individuals with a lot of betting shops, 24-hour off-licences and cash advance stores, it might resemble a map associated with aspects of starvation and poverty. (más…)