Money & Film: Bank of Dave 2

“We’re going to need a bigger boat” is a line from the 1975 film Jaws as Captain Martin Brody recovers from the shock of seeing the destructive great white shark glide past Quint’s small trawler boat (The Orca) leased to hunt and destroy the predator currently consuming the inhabitants of Amity Island.

The Loan shark is similarly as consumptive, ruining the lives of those who attempt to borrow a few hundred pounds to meet the latest small calamity for which they have no other reserves. The exorbitant interest charged and the intimidation by ‘collectors’, all result in a toxic, suffocating environment that many unsuspecting borrowers become quickly entrapped.

The Netflix platform is currently screening Bank of Dave 2 – The Loan Ranger. The film is largely a work of fiction; it’s an exaggeration, but it doesn’t detract from the central message that payday loan companies are ruining lives. However, it is far from a documentary or even a dramatisation of what happens. It is a decent, charming little film of David and Goliath and of course panders to our British support of the underdog.

Dave Fishwick (on whom the story is based) is a credit to his community and frankly I thoroughly agree with his desire to destroy companies that deliberately destroy lives. You may never have used a Pay Day loan company, many of which originate in the US, and many are or have been key sponsors of football teams, normalising the ‘service’  that they provide. He took on many of these companies, who did indeed attempt all sorts of dirty tricks to thwart his attempts to stop their practices.

There is a documentary The Loan Ranger (released on 15^th January 2025) which considers the real story that inspired the film and the misery that Dave Fishwick seeks to end. Payday loan companies will of course argue that they are providing a service to people that need it, one which traditional banks do not or will not. These are invariably short-term loans for a couple of weeks until the next payday. The interest charges are high (one has an APR of 1721%). These lenders, like all others, fall within the regulatory remit of the FCA.

The problem is that there will always be a market for people who struggle with finances and unless there is a change in circumstances, and perhaps behaviour, the likelihood of climbing out of the money trap is small at best. Whilst our clients don’t have these sorts of challenges, few people are actually terribly good at budgeting. Those with ample incomes rarely look in detail at how much they are spending, save for a few significant purchases. Having a well-managed cash system and control of your finances is crucial to your long-term financial wellbeing. To find out more about how to do this successfully, please get in contact with us.

You can see Bank of Dave 2 starring Roy Kinnear on Netflix. Here is the trailer.