How does it work?


Social Security Schemes

The owners of the weavers do not provide the facilities of provident fund, gratuity or pension. The weavers are also in a position to avail any of the social security schemes by themselves. So they don’t have any sort of financial back up for the old age.

Lack of Continuity of Work

The work will not be permanent for the weavers. The reasons are lack of regular power supply, supply of raw materials, conflicts at work place, and decrease in the demand for the material in the market. All these will give birth to no continuity of work.

No Rules, Regulations or Standards Fixed for Work

There are no rules or regulation fixed for employees in terms of break time, working hours, holidays, work culture, leave system etc. in weaving industry. Only because of the child labour act, there are not child workers in the factories. Otherwise there are not restrictions on the joining and retirement of an employee.

Uneven Production

There are two reasons why this problem has taken place. First reason is the frequent power cuts and the second reason is poor efficiency of the employees. They don’t take their work seriously.

Employee Retention

It is one of the big problems of weaving industry today. The employees do not stick to an owner or a factory for long time. They go on shifting because of their instable mind for better opportunities and comfort zones. The owner of the factory faces a huge problem due to this attitude of the worker.

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Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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