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Banks are not easy to deal with, and fair loans are tough to come by.
"By offering fair loans at fair prices, we hope to offer an alternative to both loan sharks, who cynically prey on hard-up families, and doorstep lenders, who are all too willing to lend cash to the desperate at hugely inflated rates of interest.
When the National Housing Federation, which represents England's housing associations, set up My Home Finance as a not-for-profit finance company, with the backing of the Royal Bank of Scotland, 26 housing associations and the Department for Work and Pensions, the idea was that it would offer fair loans at fair prices for those who would otherwise be forced to turn to loan sharks.
"We're here to make sure customers who may have good credit by non-traditional metrics can get good, fair loans".
"By offering fair loans at fair prices, we hope to offer an alternative to both loan sharks, who cynically prey on hard up families, and doorstep lenders, who are all too willing to lend cash to the desperate at hugely inflated rates of interest," said NHF chief executive David Orr.
Today we lend to over 8.4 million borrowers in Bangladesh, giving them fair loans and a fair chance to climb out of poverty.
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"Instead of once a year risking their livelihood and their families' livelihoods, there is now a fair loan product that lets them maximize their business and not wonder if they're going to be around this year or next year or not," Hamed says.
Wonga's website now lists as "representative" an APR of 1,460% in an online FAQ — and further claims: "We've introduced lots of changes at Wonga to make sure we offer better, fairer loans to customers.
When Steve Jobs made great products that consumers loved and became a billionaire; when Warren Buffett makes investment decisions and those who invest in him do well along with him; when credit unions offer low-fee debit cards and fair interest loans; and when venture capitalists take high risks to finance clean-tech business, nobody protests against them.
A simple, fair auto loan can change everything from one family's dinner menu to greenhouse gas emissions, but can a program like this expand?
Theorem 2: The fair pledged loan-to-value ratio makes the present value of the excess earnings equal to the value of a put option.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com