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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Oct 25, 2012

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Three terrorists in the UK allegedly tried to use a short-term loan, or payday loan, in order to fund their terrorist plot.

In September of last year, Ashik Ali, Irfan Khalid, and Irfan Naseer submitted an application for a short-term loan.

The trio was supposedly warned by the short-term loan lender about the high-interest rates that come with this financing. However, they privately believed they wouldn’t have to repay the short-term loan since they were plotting suicide bombing attacks.

Rahin Ahmed, an associate of the terrorists tasked with managing their finances, cautioned the trio about borrowing such a high-interest loan. However, according to the Guardian, Naseer said, “Who gives a s*** what the interest rate is because you’re not gonna go up anyway?”

Ali attempted to borrow a commercial loan by claiming he was starting a business. Fortunately, he was denied. However, the trio raised roughly $19,000 on the streets by posing as charity collectors for a Muslim Aid organization.

In the time leading up to their terrorist plot, the trio planned to buy gifts—such as quad bikes—which they could enjoy in their final weeks of life.

Fortunately they never carried out their attacks due to the efforts of police, who managed to record the plotters’ conversations despite their use of code-words and slang.

It was revealed that two of the terrorists travelled to Pakistan where they learned about bomb-making, weapons, and poisons.

Police investigators also found a note with bomb-making instructions that had partially been destroyed. The trio also purchased a cold pack for treating sports injuries believing that it contained an ingredient essential to the creation of explosives.

Naseer, Khalid, and Ali all deny engaging in a plot to carry out terrorist attacks. Nasser is accused of five counts, Khalid on four counts, and Ali on three counts. Sentencing has not yet been reached since the trial is still continuing.

The trio planned to carry out a several suicide bombings that would have surpassed the July 2005 terrorist attacks in scale and scope. The July 2005 attacks are commonly called 7/7—analogous to 9/11 within the United States—and resulted in the murder of 52 people by Islamist terrorists.

Ali’s wife is also to stand trial for failing to notify the proper authorities of the terrorist plot that her husband and his friends were planning.