Would you like your kids to take loans on their pocket money to buy things they can’t afford? Fins bury Park saw the opening of the first ever payday UK loan shop for kids. It provides loans to kids on their pocket money at just 5000% APR. The company wanted to let kids of all age groups and all background to “buy what they can’t afford”. The shop offered logbook loans along with pocket money loans/ payday loans for children. The log book loans were secured by the kid’s toy cars, rent to buy gobstoppers and bouncy castle mortgages.
The shop is basically a satire created by Darren Cullen, a London based artist. He wants to attract attention towards the way in which vulnerable targets are preyed upon by the consumer credit industry via marketing. According to Cullen the main aim of payday UK loan/pocket money loan for kids is to “take our consumer debt culture to its logical conclusion.”
“Almost all payday loan companies have cartoon mascots, animated characters or sing-along jingles in their adverts.” He further says “Their high street shops often have play areas full of toys and some of them hand out balloons and sweets to kids at the counter. It’s a clear fact they target children, as both a means of persuading their parents, but also as a way to groom the next generation of indebted customers.”
As per Cullen, advertising is meant to trap us in the cycle of leading a life that is beyond our means. He says, “Advertising is so powerful, that without us realizing it makes us define who we are through objects. People end up identifying with the products of industry as if they were a part of their personality.”
The most disturbing part for him is when the advertisements are directed towards kids, to which he says “Marketers are putting kids in MRI scanners and showing them adverts to see which areas of the brain light up to certain words, colors or shapes. There is a giant industry of vastly intelligent psychologists and advertisers who are using every advance of modern science to make your child feel like they need and love certain products and brands”
The shop opened for two weeks, according to Cullen “The momentum of child marketing is towards “age compression”, where products previously the domains of older kids are advertised to younger and younger age groups,” he also says. “This strategy not only brutally robs children of their childhood for commercial gain, but it also leads to a decrease in imaginative play, as children feel pressured into acting more grown up. Not to mention the disturbing trend of sexualizing young girls in tween fashion.”
When you as a parent take a payday UK loan to pay the bills and your child’s school fees, it is understandable, but kids taking loans for their toys is bizarre in some respects. It will only make them grow old early in their life and that is something one should avoid. The advertisement companies are already setting wrong examples to kids with their adverts. A child’s childhood needs to be secured and these things like the pocket money loan or the payday UK loans for kids, (no matter what you call it) is damaging.
If you are a parent and are finding it difficult to meet ends meet and if you have already tried out other ways in which you can get some money, if you are not able to pay the bills and school fees of your kids, then you can visit one of the trustworthy online payday loan providers.