With our TV screens being filled with adverts about payday and short term loans, we asked you on facebook what you thought about the issue.
Here is what you said: Louise Bullas: Apparently seeing cigarettes on a shelf is temptation to smoke. Quick fix money I assume is the same Kirsty Ayre: It's meant to appeal to working class people who need cash fast - the punchline being the extortionate interest meaning you pay back a fortune, get into more debt, and then have to borrow again!
Derek Mackenzie: I hate them and get really Angry when i see then 24/7. ok yeah times are tough the now but those loans are not the answer and will only the make debts worse. my advice is go to your local CAB office for help instead.
Bernadette Pollock: the APR on the one I saw this morning hosted by Kerry Katona was 2670% pure shocking!
Maggie Barclay: Nothing but a total rip off Brian Stevens: Parasites!
Daniel Lennie: We live in one of the most deprived areas in the UK that is why these legalised money lenders are rife in West Dunbartonshire, the feed of the poor desperate to just survive, you wont see them springing up in better off areas as the trade is not there, they are parasites Alex Davies: Ban the adverts [and] shut the shops down Cathy Miller: One way ticket to debt.
David Neil: But surely if there weren't legal ways to borrow the money then loan sharks would move in?
Natalie Muir: Don't know why people would use them there apr is sky high. I would rather starve or do with out. ive never took a pay day loan its not worth it Freddie McMillan: I've been brought up with 'if you want it, save for it.' I got credit once for something I needed and it drove me batty having that debt. Too many people teach their kids to get credit if they want something. These 'loans' help promote that. People don't seem to know how to manage money any more Ray Edmiston: In the 60's every factory & shipyard had their 'payday' loan 'specialists, who used dubious means if you didn't pay, these guys were crims, but it seems, all you need is a 'money lenders' licence now, and you can charge whatever interest you want. Perhaps there should be a max interest rate set, say at no more than 39% APR for all credit transactions, including those 'dubious' furniture shops. See how many would stay open then!
Jinty Hyslop: There are far better ways of dealing with debt than these short term loan companies. In my opinion they give you a shovel and tell you to dig your way out of what is usually a very deep hole.
Colin MacNab: Should be outlawed Alan Sorrell: I could write screeds and screeds on pay day loan companies and the negative effects on a depressed economy. But I think robbing scum is a good synopsis.
Kerry Burke: It's the new log book 1's that get me more!!!! Shocking should not be allowed!
Kirsty Deanie: There shocking and are advertised to get young, vulnerable or families on benefits as no one that has a good job n money would find the need to use them #ripoffmerchants