When gambling and betting shops opened in the Bradford city centre, the Telegraph and Argus were quick to speak out against them. Now it seems, however, that the loan industry is growing in the area which could negatively impact the city.A short-term loan company which charges high interest rates is hoping to open a jewellery store in the heart of the city’s shopping district.
While the loans offered by this company are short-term, the high interest rates on the loans make it very difficult for many to pay them back.
As a result, the debate over short-term loan practices and regulations will begin next month in an effort to prevent these loan sharks from taking up prime retail positions in the city centre of Bradford.
The goal here is to try and rather fill these shops with other retail stores which the Bradford Council has worked very hard to do so. Until then, the ethical argument of permitting loan sharks to take over major shopping areas is definitely being met with a lot of resistance.
The Westfield site is currently under construction and the aim is to ensure that the shops surrounding this area will offer retailers a variety of stores. It seems that short-term loan shops are definitely not what the community is looking for in Bradford.