[00:00.30]
[00:00.31] “Someone" is a loan shark
[00:01.93]You give him your benefit card as security and he gives you a loan
[00:06.58]On the day your benefit arrives, he gives you back the card
[00:09.88]And you go to the post office to get your money, repaying him the interest
[00:14.57]It's a modern version of Shylock's business model
[00:18.03]Usury is alive and well and living in Scotland
[00:22.77]These are some pages from the loan book of a Glasgow loan shark
[00:27.03]And it's kind of interesting to see how the business model works
[00:29.61]You lend out maybe ￡10 to someone and you expect to be paid back ￡12.50 at the end of the week
[00:36.29]That's 25% a week
[00:38.88]But if you work that out at an annual rate it comes to 11 million percent
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