Contrary to popular belief, there is consumer-based lending going on in the UK. While the purse strings at RBS might be a bit tight these days, the likes of Johnny "Boy" Kiely are happy to address your borrowing needs at competitive interest rates in the 2000% range.
Folks in the UK are learning that the market clearing rates offered by loan sharks are a tad bit higher than those offered by establishments whose primary place of business is something other than a dark alley or the back seat of a stolen car. As those institutions are not so willing to trust others with their cash, people are turning to the lending entrepreneurs who typically go by a nickname in quotes in greater numbers.
In a recent report, the U.K. think tank New Local Government Network said it expects the number of people with debts to loan sharks to jump to more than 200,000 in Britain this year, from an estimated 165,000 in 2006. A confluence of indebtedness, poverty and the diminished availability of regulated subprime credit are creating the conditions in which many are borrowing "from nefarious sources," the report says.
It looks like there will be at least one group of people getting record, performance-based paydays in the UK this year.