THE WOMAN MONEYLENDER

Dominion, Volume 16, Issue 35, 4 November 1922, Page 16

THE WOMAN MONEYLENDER

There are very few turnings amoim the numerous mean and crowded streets in the neighbourhood of the docks in East London that have not their moneylender, often two or three in one street, with money ready to hand (states a writer in the “Alanchgster Guardian”). In nearly every case these women are the wive.s of stevedores, lightermen, carmen, and others who are in receipt of regular wages which leave a margin for loan purposes, while the victims are usually wives of dockers who often get a day’s work and then three days without work. Under these circumstances it is not surprising for the housewife to find the rent short of, say, two shillings. There’s nothing left to, pawn: besides, by going a few doors up the street a neighbour can be found only too willing to lend the necessary amount at fourpence interest and a drink for the privilege. That it is an extremely profitable business for the lender can bp 7 judged by the fact that those who start with a few spare shillings are in quite a short time able to lend pounds, and as an example ’ I know of one wpman who has now a flourishing greengrocery business and still plies her old trade. The real pvil of . the system is that supposing five shillings is borrowed and cannot be paid back at once the interest—tcnpence—must be paid regularly each week, and after paying for perhaps several weeks the five shillings is still owing. If the moneylender become pressing many a worried one borrows the required sum from another moneylender to settle the hanging debt, and then passing to a third, until her position becomes desperate. z