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Weekend read: Wonga is the symptom, not the problem

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Hold up! Before you read on, please read this...

This post was published more than 5 years ago

I keep old posts on the site because I often enjoy reading old content on other people's sites. Not everything that is old is bad. It can be interesting to see how views have changed over time: for example, how my strident teenage views have mellowed and matured.

But given the age of this post, please bear in mind:

  • My views might very well have changed in the 5 years since I wrote this post. I have written some very silly things over the years, many of which I find pretty embarrassing today.
  • This post might use language in ways which I would now consider highly inappropriate or offensive.
  • Factual information might be outdated.
  • Links might be broken; embedded material might not appear properly.

Okay. Consider yourself duly warned. Read on...

This weekend, I recommend spending some time reading this article, which Tim Harford originally wrote for the Financial Times. Almost all of Tim’s FT articles are brilliant, but this one particularly stuck in my mind for the clarity of its argument on a complex subject.

I was particularly struck by this passage:

A payday loan can do real good, as a cash injection that helps avoid far more serious financial consequences, such as the loss of a job because the car broke down or penalty charges for failing to pay a bill on time. A randomised trial conducted in South Africa showed that this was not just a theoretical possibility. The experiment randomly approved or rejected applications for loans at an annual percentage rate of 200 per cent. Those who received one ended up better off than those rejected.

This is an aspect of this particular debate that’s all-too-often overlooked.

This 2,085th post was filed under: Weekend Reads, , , .

More posts worth reading

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Spam attack (published 21st May 2006)

Photo-a-day 129: Tees Barrage (published 8th May 2012)

Photo-a-day 263: Olympic Park (published 19th September 2012)

MSN Search (published 4th January 2005)


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