short term loans an evil wicked nasty buisiness

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they portray someone with the weight off the world due to a shortfall in financess as being happy and relieved at the opportunity to throw away 25% off there hard earned income in interest charges for a months loan that will throw them further into the evil short term loan disease
they should be banned or at least show people crying as they become progresivley more destitute by throwing more money away in needless charges
if they take out a loan each month by the year end approching half there income will go to these evil leaches :eek:
 
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But Nicholas Parsons says Wonga are wonderful...and I can't wait to get a free Parker pen off his mate Parkinson.All these people giving us lots of money...we should be very grateful.
 
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Here's irony.

Look at all the content related google advertising now showing on the sponsored links around this page...

All ads for loan sharks..lol slight own goal.. :eek:
 
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25% The Mutual and the Provident are both around 70% apr
 
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I hate these official loan sharks and when you look at the interest paid back ithe APR is over 4000 per cent.....these play on the most needy and desperate people in our society and the practice should be banned.............
 
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I hate these official loan sharks and when you look at the interest paid back ithe APR is over 4000 per cent.....these play on the most needy and desperate people in our society and the practice should be banned.............

I'm not defending them but the APR is considered "irrelevant" because nobody is supposed to take so long to pay it off (though obviously things change and they can take longer than expected), publishing APRs is something they have to do legally.

Personally I hate the Wonga adverts since they make the borrowing appear so simple but don't discuss the paying back and also particularly dislike the reasons that people in the adverts give for needing the short term loan (such as going on holiday!!!), but regular loans also have the same kind of adverts which annoy me too.

I'm generally a don't spend it unless you've got it person, however nobody can deny that the boom we had not that long ago was driven by credit and everyone was much happier then.
 
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I hate these official loan sharks and when you look at the interest paid back ithe APR is over 4000 per cent.....these play on the most needy and desperate people in our society and the practice should be banned.............
and the only difference between these and the evil back street sharks is they have a licence.

One gets taken to Court by the authorities, the other is approved by the same authorities.
 
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I reckon the government are only keeping UK plc afloat because of paydayloans.scam. :LOL: :LOL: :LOL: :LOL:
 
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Even thought they would like to consider APR irrelevant, it is a good indicator of just how much of a rip off they are, even compared to the banks.
 
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They don't lie about their service and it's costs.

Adults don't have to use the service, don't see why a company should be shut down because stupid people want to use it.

Many products are vastly overpriced tacky rubbish, don't see anyone calling for that to be banned, so why should a overpriced tacky rubbish service be any different?
 
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They don't lie about their service and it's costs.

Adults don't have to use the service, don't see why a company should be shut down because stupid people want to use it.

Many products are vastly overpriced tacky rubbish, don't see anyone calling for that to be banned, so why should a overpriced tacky rubbish service be any different?

The only people who use this service are the ones who cannot get any loans/credit/finance from anywhere else and are desperate fro cash for whatever reason so they turn to these badged loan sharks.........as for their service and costs they dont lie about them and only publish them because they have to......but also you on the adverts you dont hear them say " hey sucker,take out a loan with us because its only 4500 per cent" ...........no because they go on about how quick they can get the cash for you and the apr will be stuck in the corner somwhere with no vocal announcement on it
 
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Saw this one this morning whilst having breakfast :eek:


tv.jpg
 
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The only people who use this service are the ones who cannot get any loans/credit/finance from anywhere else and are desperate fro cash for whatever reason so they turn to these badged loan sharks

No one's forcing them to use them.

They are adults.

.........as for their service and costs they dont lie about them and only publish them because they have to......

Irrelevant, you could lay the same charge at any company "they are only honest because they have to be".


but also you on the adverts you dont hear them say " hey sucker,take out a loan with us because its only 4500 per cent" ...........

The loans are typically for small amounts for a short time.

So a quick fag packet calc, 100 pounds @ 4500% APR for a week = £110 pounds.

It's all well and good banging on about ZOZS MY GOD THEY CHARGE 4000%!, but what it actually means is = Borrow 100 pounds and get charged a tenner.



You know your mortgage is probably 5% interest, yet on average a 100k loan will mean you pay back 200k.

But that's fine right, cus it's only 5%.....?
 
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25% The Mutual and the Provident are both around 70% apr

its 25% over a month as in borrow 400 pay back £525 so if you stretch that to a year the average over the year will be £200 with £125 x12=£1600

they actually quote 1700plus so must be compound :eek:
 
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Provident are charging about 370% , not 70%. I got a junk mail letter from them the other day and filed it in the usual place, ready for collection by the binmen on Thursday. ;) ;)
 
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