Sorry for the wee hiatus lately but my recent post about Froggybank and 'ethical cashback' got me thinking.A fortnight ago I reviewed cashback sites and commented how the biggest commissions on offer generally come from what I'd call 'habit-forming' services. By which I mean anything which can get you 'hooked' - online bookmakers, casinos, 'credit cards and other certain erm, *looks aside* *cough* 'specialist' websites designed for mature audiences (not that I'd know about that sort of thing of course).
Moving swiftly on, my point is in our quest for quick and easy money, do we promote things we might not approve of ourselves or class as 'good' for other people?
For instance, on my travels I've seen a number of bloggers (who I won't name) promoting sites offering 'Payday Loans'. For the uninitiated, these are short-term cash advances which let you borrow, say, £100 immediately - the catch being you pay back £125 on your payday.
Personally, I find the idea of charging someone stuck for cash an extortionate 25% interest per month just wrong, wrong, wrong - even akin to loansharking. Though payday loans might sound like quick, handy short-term fix in these credit-crunching times, they could easily lead people into a spiral of debt. They are a bad choice, full stop. Anyone struggling to live on their wages should seek debt advice urgently - there are lots of lower interest options available.
As I mentioned some bloggers have no qualms or compunctions about carrying ads for Payday loans, even actively recommending them to readers.
'How do these people sleep at night?', I asked a friend. He replied: 'Probably in very luxurious beds'.
While I've focussed here on one source of potential revenue the argument extends also to the other 'habit-forming' services like I mention above. And while I've been writing this, I've noticed this blog is promoting secured loans with my Matched.co.uk advert - something I'd only recommend myself as a last resort option but definitely a wiser choice than a payday loan.
The question is can we make our million quick, easily and with a clear conscience? Should we leave our own personal morals and ethical standards at the door when others don't seem to mind? Can't we just let people make their own decisions?
I'm not sure I know the answers yet but, dear readers, I'd like to know your thoughts and advice please.
6 comments:
I don't see blogging about Payday Loans as anything inherently bad, but you need to be honest and tell the readers about the dangers of it, even it is a sponsored article
You are welcome mo money, good luck !
Hey who writes this blog? How can I contact you.
Thanks for dropping by Pascal. Use the Contact Me form to get in touch.
It may be expensive that payday loans has a fee. But it's also because they don't do credit checks and a risk they are taking on someone to pay them back. The person going there knows what they are getting into. That's their choice.
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