NO! I ain’t loan shark bait!
Working to becoming a published novelist is very jolly and incredibly fulfilling, but the downside, of course, is the drop in regular income. And earnings being public in Sweden, my ‘plight’ has been noted by loan and credit institutions who, out of the kindness of their stone cold hearts, are bombarding me with UNSOLICITED loan offers by spam mail on a several-times-daily basis.
‘You have already been approved for a loan, just click Here’, said the last one. ‘Here’ was a blue link.
But I didn’t see blue, I saw red. Because my financial situation is fine, because my financial situation is none of their damn business and because these offers of instant money are always loaded with ridiculous interest rates. The last offer, for example, claimed the interest rate was from just 9.9%, but for the purposes of this blog I did the maths: a 5-year loan for SEK 40,000 would cost SEK 858/month which adds up to an interest rate of a whopping +28%!
But my biggest grouse is because I have not approached anyone for a loan and yet here they are actively pushing to sell me debt. They are not just advertising their services; they are making it far too easy to take the bait. Dangling debt like this is no different to sending me a few gambling chips, a couple of cigarettes or a miniature whiskey.
If I were truly down on my uppers and saw these loans as timely windfalls, I might click to my heart’s content and be bogged down in expensive debt before the ink had dried – oh, that’s right, no ink required. The money would be in my account by midnight.
I’m for people making their own choices and mistakes in life, but these institutions are digging pitfalls at their doors and inviting people to step inside.
Good job I’m not a young person just starting out in the world and naive to the financial dangers of adulthood.
Good job I’m not unable to calculate percentage rates, add up and recognise a rip-off when I see one.
Good job I’m not desperate.
Because if I were, I’d be loan shark bait. And people need to wise up.
How about it, Discovery Channel?
Loan shark week.