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  Alexander. Pay day loans are madness and I certainly do not approve of them, the APR is a lot more than 1000% on most. But, to be fair, they are not meant to be repaid after a years but in less than a week so the actual charge paid is small. Think for a moment, borrow say £100 (most of these are small amounts) and with more 'reasonable APR of 50% (sic) you would, after a week, be repaying about 60p interest and that would not be enough to cover the admin. That is why the APRs are so large, a small fee of £10 on a £100 loan repaid after a week, if extended to a whole year with compound interest it would be £14200 to repay. People should avoid these like the plague even if the fee is small for a week it is disproportionate.
  
  Alexander - I have said before, your way would see the economy shrink creating more unemployment and more poverty. Redistribution policies beyond a particular point becomes self-defeating and right now in the UK we are well beyond that point. Time after time we have seen such policies in action and there is a massive gap between intention and what actually happens, every Labour government we have had has driven the economy into crisis in this way.

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