Reply to: Reject role due to ClientCo's unethical products

[redgiant]

I don't see the issue either.

Banks are not more ethical than Payday lenders they just have more regulation.

I just don't find the product ethical and there is much less regulation in comparison to your typical high street loan. In Australia for example these types of loans have a maximum of 48% APR and in Canada if the interest rate is above 60% per annum it is concidered a criminal act.

Anyway if there was more visible advice out there such products wouldn't exist as there are far better ways to get money. If you're in this situation you're probably in a vulnerable state financially and need more than just money to set you right.

[SueEllen]

I fail to see much difference, other than the customer lends the IB via the High Street Bank to potentially lose your money and investor's money leaving the customer and investor potentially having to sell their house, posessions, etc. in order to make ends meet. The other difference is that the punter enters into a wreckless agreement with a loan shark, but with an IB, they don't have much choice.

I won't have a problem working with either, as long as the rate was decent.

I don't see the issue either.

Banks are not more ethical than Payday lenders they just have more regulation.

[craig1]

For most contractors ethics is somewhere to the south of thuthex.

South of Thuffok surely...

[pmeswani]

My current clientco is a city IB and I've worked for an online betting exchange in the past as well but IMO I don't think gambling is unethical and I don't have problems working for such clients.

However lending money at outragous APR %s for short periods and whos business model relies on around 40% of its customers not paying ontime is just plain wrong. When you're gambling you can loose your stake and that's it, however with their huge APRs they charge the debtor can end up paying back huge sums of money far in excess of their orginal loan value in a short space of time. It's not just gambling it's reckless lending that is by in large unregulated.

I fail to see much difference, other than the customer lends the IB via the High Street Bank to potentially lose your money and investor's money leaving the customer and investor potentially having to sell their house, posessions, etc. in order to make ends meet. The other difference is that the punter enters into a wreckless agreement with a loan shark, but with an IB, they don't have much choice.

I won't have a problem working with either, as long as the rate was decent.

[NotAllThere]

For most contractors ethics is somewhere to the south of thuthex.

[blacjac]

according to this website it is 1200%

Loan repayments calculator | This is Money

That website requires you to enter a loan amount and an APR, then tells you how much your payments will be.
The one I linked to requires you to enter how much you borrow, how much you pay back and over what term, then tells you the APR.

So why are you comparing the 2?

[scooby]

I turned down work with a tobacco manufacturer. But was quite happy to work for a manufacturer of attack helicopters. Mainly because my family would disown me for the former, but not the latter. But generally, I'll take anyone's money. If they're ethically dodgy, then the more money I take off them, the better, surely?

I took a role with a similar company. I didnt see the impact or products, so didnt care. Although it was very strange seeing outright adverts for the brand in the offices. Malaysia was weird, as they have smoking rooms and such to, Germany smoke in the offices.

I like the money, so took the role.

[contractoralan]

according to this website it is 1200%

Loan repayments calculator | This is Money

Borrowing £1 for 1 month, paying back £2 is an APR of 409500%

[craig1]

I routinely reject contracts based on my ethical principles. It hasn't affected my billing rate or resulted in me being on the bench.

The good thing about being a contractor is that I get to pick who I want to work with and for.

[blacjac]

Nothing if you write the same % APR into the contract for late-payment penalties.

We all have moral limits. Who'd want to design & build a website for, say, Gary Glitter?

have you actually stopped to consider the figures?


Borrowing £1 for 1 month, paying back £2 is an APR of 409500% (Loan APR Calculator. Calculate APR from loan amount, repayments and term)


Its not that they charge extortioante amounts of interest, its that the government forces them to display an annual percentage rate for a 1 month loan!

[psychocandy]

I'd love a contract in the online porn industry, just think of the minge benefits....

Yeh, I'd "snatch" up a contract like that!

[redgiant]

No, but I wished I had. WONGA ?

Its name rhymes with a certain fictional chocolatier

[redgiant]

I take it you wouldn't work for an Investment Bank, a Hedge Fund or AWE. After all, what they do can be deemed as unethical.

My current clientco is a city IB and I've worked for an online betting exchange in the past as well but IMO I don't think gambling is unethical and I don't have problems working for such clients.

However lending money at outragous APR %s for short periods and whos business model relies on around 40% of its customers not paying ontime is just plain wrong. When you're gambling you can loose your stake and that's it, however with their huge APRs they charge the debtor can end up paying back huge sums of money far in excess of their orginal loan value in a short space of time. It's not just gambling it's reckless lending that is by in large unregulated.

[pmeswani]

Was speaking to an agent the other day. The role looked good but rejected for two reasons. Firstly it was a permie role but also rejected it as it was for one of those pay day loan companies that I can't stand ... online loan sharks

Has anyone else rejected a contract because of the company's product before out of interest?

I take it you wouldn't work for an Investment Bank, a Hedge Fund or AWE. After all, what they do can be deemed as unethical.

[Scrag Meister]

Was speaking to an agent the other day. The role looked good but rejected for two reasons. Firstly it was a permie role but also rejected it as it was for one of those pay day loan companies that I can't stand ... online loan sharks

Has anyone else rejected a contract because of the company's product before out of interest?

I've never had this predicament.

Your conscience is clear and someone else gets the money. Your call.