We’ve updated our Terms of Use to reflect our new entity name and address. You can review the changes here.
We’ve updated our Terms of Use. You can review the changes here.

1​,​000% APR

from New Puppets - Same Old Machine by Active Minds

/

  • Buy the Full Digital Album

  • Record/Vinyl + Digital Album

    7" vinyl version in full colour, fold-out poster sleeve.

    Includes unlimited streaming of New Puppets - Same Old Machine via the free Bandcamp app, plus high-quality download in MP3, FLAC and more.
    ships out within 3 days

      £2.50 GBP

     

about

So-called “payday loan” companies, like Wonga, are little more than legalised loan sharks. Everything about their business practice has been geared towards encouraging people to borrow money, regardless of whether or not they could afford to pay them back. Late in 2014, a report stated that around 40% of Wonga loans should never have been agreed because the recipients had no chance of ever repaying them on time. The result had been hundreds of thousands of the poorest people in society spiraling into debt - with interest rates into the thousands of percent.
And when those people had defaulted, what had Wonga done? It had issued threatening letters from fictitious legal firms. You might expect such behaviour from thuggish unofficial lenders on impoverished council estates - but this was from a supposed “legitimate” company with enticingly friendly adverts on TV.
The Financial Services Authority have finally realised that they need to take action against firms such as this, and have imposed a cap on their charges which means they can no longer charge more than 1,500% APR - yes, you did read that right. A cap at 1,500% - still an astronomically high figure, but many firms say they’re worried that they won’t be able to continue in business under such restrictions - well good riddance.
What’s needed is more credit unions to support hard-up families in times of need - not bully boys offering unaffordable loans to those who have reached desperation point.

lyrics

There are sharks on my TV and they’re preying on the poor with instant loans at outrageous interest rates. If you’ve got money problems then they’ll bring you many more, as the amount you owe quickly accumulates. If you can’t afford the shopping, or are struggling with the rent, then how about a loan at 1,000 per cent? In just a few weeks time what you owe can quickly double - how’s that for a way to get out of money trouble? There are sharks on my TV and they’re preying on the vulnerable and desperate - those who have nowhere else to try. This rip-off business practice is wholly unacceptable - the normal codes of ethics just don’t seem to apply.

credits

from New Puppets - Same Old Machine, released March 31, 2015

license

all rights reserved

tags

about

Active Minds Scarborough, UK

contact / help

Contact Active Minds

Streaming and
Download help

Redeem code

Report this track or account

If you like Active Minds, you may also like:

Bandcamp Daily  your guide to the world of Bandcamp

On Bandcamp Radio

Beans joins the show to discuss his album release, "ZWAARD".

listen now