Aron, I know the way apr works...but these people are so short of cash and cannot pay it back within a week or short time frame so that is where these companies make most profit and the desperate people is their audience
short term loans an evil wicked nasty buisiness
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Aron, I know the way apr works...but these people are so short of cash and cannot pay it back within a week or short time frame so that is where these companies make most profit and the desperate people is their audience
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Then why make an issue of 1000+APR if you know it only actually means a few quid, they are hardly going to charge an APR of 10% as that would literally be pennies.
Really, you have evidence I suppose to show that the majority don't pay it back?
You wouldn't of course just be talking out of your arse!
Yes yes, it's so immoral to sell a service to poor people, yawn....
Yawn to you also ...
.they are the last resort and where is your evidence that they DO pay it back..they play on the people who are in financial trouble mainly low paid people who may take 12 months to pay it back....yes it is good ok if you pay it back within a week or 2
If they are good as you say they are why the office of fair trading a review of the payday loan lending sector?
Citizens advice report a fourfold increase in 2 years with people with payday loan related problems.
The real money is made when borrowers cant afford the payments and the loan is extended because as I said these are the ones who are struggling in the first place..
Here is a link to real life stories of people who have borrowed off one of them companys...funny enough they say its because they cant get credit elsewhere, also read the comments if you want over 300 slating these legal loan sharks
Or should we listen to some rsole like you sitting behind a pc talking out of his arse...YAWNNNNNNNNNNNNNNNN.......boring arse
http://www.guardian.co.uk/business/2012/mar/01/wonga-real-cost-payday-loan
these people cannot get money any other way there money will not stretch they are some off the most desperate they will take lone after loan and when one company refuses they will take out another from another shark company
people get to the situation where there total income each month is taken up in interest charges
people get to the situation where there total income each month is taken up in interest charges
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They were happier then because they were using an addictive drug, ie. money.
Many are now suffering the withdrawl symptoms. Nothing to withdraw - go cold turkey.
This is true as these are people at their wits end going to the last chance saloons..........but there is a rsole who posted earlier saying these legalised sharks are ok........doh!
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Probably no surprise that the adverts for these services are shown during the day, when the single mother council waster target audience are watching from the comfort of their state funded ****ehole.
Only a moron would even consider these upmarket loan sharks.
Only a moron would even consider these upmarket loan sharks.
Have you considered the fact he might be one?
So you are talking out of your bum, and have no evidence.
As you are the one making a claim, the burden of proof falls onto you.
You know most of them have a 1-2 month limit maximun right?
Oh no, you didn't did you, your just letting your bum do the talking again.
"The OFT has today launched an extensive review of the payday lending sector. This is in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty."
You know, I heard some banks recently fiddled the Libor rate, clearly all banks should be shut down!
Considering it's only become a mainstream service very recently, I would except a 100% increase in pay-day loan related problems.
Fun with statistics.
The real money is made when people don't pay back their mortgages and the bank gets the house, oh wait, sorry what are we talking about again?
Thing is AronSearle, people getting into financial trouble affects all of us, not just them or their families. It affects our economy, crime, homelessness, to name but a few.
It's like drugs. Why ban them because a few idiots want to ruin their bodies? well because when they go on the rob, it affects us. When they become homeless and need state care it affects our tax bill.
Payday loans are legal at the moment but I think its quite arguable that they should be banned for the deleterious affect they are clearly having on society.
It's like drugs. Why ban them because a few idiots want to ruin their bodies? well because when they go on the rob, it affects us. When they become homeless and need state care it affects our tax bill.
Payday loans are legal at the moment but I think its quite arguable that they should be banned for the deleterious affect they are clearly having on society.
Banning drugs is a huge mistake that costs us billions and ruins lives, legalisation has been shown to reduce abuse, reduce crime, and can provide legal jobs rather than illegal ones.
Might want to pick a better analogy.
Pretty much applies to everything anyone does that someone doesn't like.
Well that analogy didn't work. Not because it wasnt a good analogy, but because you have a completely different understanding of how drugs affect society than most reasonable people do. Most people understand drug abuse is not a positive thing.
Nope. Should be reserved for things that are established to have a deleterious affect on society. Like drug abuse, loan sharks, fraud, theft, false advertising, violent crime etc.
Where did I say it was?
Legalisation leads to less harm as the drugs are safer, people can be go get help easier, the crims are taken out of distribution, and legalisation has shown to lower use.
But you just stick to your tired ole "You just don't care about people taking drugs" meme
I would rather not have society run by the Amish, as what is a "deleterious effect on society" is so wide to interpretation you could drive a tanker through it.
How about people can provide a service, and adults can choose not to use it.
E
EddieM
very simple to cure... legislation, illegal to lend at x % over bank base rate... simple and done in many countries. why this daft country doesn't follow suit i don't know.
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