Will Martin Lewis Now Become A Short Term Lender?

This one’s an old joke for us - it dates back to when Martin responded to our decision to leave the short-term lending market last year. At the time, we laid some of the blame at his feet and those like him.

So here we are again: will Martin now lend to subprime customers at the rates he recommends others should?

Martin has reportedly sold some of his shares in a price comparison site. Let’s not even start on those sites—they’re a tax on the poor and have arguably done more financial harm than the payday lending industry ever did. No matter which provider you use for gas and electric, you’re paying what we call the “comparison tax.” Experts suggest it’s around £40 a year on each bill, thanks to the commissions these platforms pocket when someone switches providers.

These days, we approach this with humour. I’ve long since stopped shaking my head at celebrity finance warriors who tell others to lend at cheap rates while keeping their own money safely tucked away. Martin is just one example - there are plenty of others.

Last time, Martin mentioned that he lends through platforms like Zopa and via Credit Unions. As we pointed out back then, Zopa is a prime lender with very low risk, and Credit Unions are backed by the Financial Services Compensation Scheme. In other words, his cash is as safe as it gets.

That’s not lending to the subprime market—it’s like a go-kart driver claiming to compete in Formula One. If someone doesn’t want to take the risks involved in lending at the sharper edge of finance, that’s absolutely fair, and I won’t criticise them for steering clear. But let’s not pretend they’re doing it when they’re not.

Honestly, I’d love to see Martin lend to someone who laughs down the phone when he asks for his money back. I’d beg him to record the call and upload it to YouTube for all of us to enjoy. He wouldn’t have to wait long—it’d happen daily.

The point is, if Martin truly believes in his recommended rates, he should start lending himself and put payday lenders out of business by undercutting us all. If he’s still in business a year later, lending at the rates he advocates, I’d be the first to apologise. But I call these rates the "Unicorn rates"—they’re only available from the mythical "Bank of Hypocrisy," which convenes monthly to decide what rates others should lend at.

To be clear, I don’t have an issue with what Martin—or people like him—do with their businesses or their own money. That’s their choice, and I respect it. What I do take issue with is the way he portrays himself as a financial angel while painting people like us as devils. The reality is far more nuanced.

Not holding my breath—but still smiling.

Graeme Wingate

Soon-to-be Retiring Owner of QuickLoans.co.uk