short term loans an evil wicked nasty buisiness

I don't see what peoples issues are with these payday lenders.

Firstly its better than getting into debt to an actual criminal loan shark.

Secondly, they make the customer aware of the APR before they enter a loan agreement.

People who fail to pay back these payday loans know the score. I think the payday loan companies should be given more power to extract what's owed to them. People who are x-amount of time overdue should be charged and locked in prison until they settle their bill.
 
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I don't see what peoples issues are with these payday lenders.

Firstly its better than getting into debt to an actual criminal loan shark.

Secondly, they make the customer aware of the APR before they enter a loan agreement.

People who fail to pay back these payday loans know the score. I think the payday loan companies should be given more power to extract what's owed to them. People who are x-amount of time overdue should be charged and locked in prison until they settle their bill.

very sound "logic" twit.
 
these companies are leaches there morals corrupt they can still make a decent profit without fleecing the desperate poorest in society

next we will have companies turning up at house fires wanting thousands for a £20 fire extinguisher
 
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are theyse companies any different from the banks who send you a letter telling you 1) your account is empty and 2) the next time you put money in they account we are taking £30 fee for the letter we sent you telling you that you are skint, ok the apr is horrendous but if you need £100 for a week or so and pay back what £110-120 then its hardly a disaster, in this day and age its not everyone who can borrow from friends and family for free, and if they are stuck they wont get any help from their bank and even if the bank would help they wont get the money quickly enough, its fairly obvious what the charges are and people arent forced to take a loan, yes they could charge £5 to borrow £100 for a week instead of a tenner, but you could charge £30 ph for your labour rather than £35, its your choice to charge it and your customers choice to pay it or not, could you cut your charge by any amount to help your customer? if yes then you are doing what they are doing, if you are already at rock botom then fair enough, its big buisness and wont go away
 
yes they are a lot worse
a banks charges pail into insignificance in comparason and have been challenged by the powers that be the banks charges that may possibly be very very bad at perhaps 20 or 30 times the amount are in comparason is a small fraction of an apr off 1737 %
that is if i have borrowed £100 so over the whole year it will average £50 starting at £100 diminishing to zero at year end but because each month the charges are around 25% first month £100 + 25% = 25% a month after 3 months if you make no payments you owe around £200 after the year with no payments you owe several hundred pounds on a borrowed £100 :cry:
 
I have often toyed with the idea of a loan company but with a difference . Its USP would be that once your repayments and interest had reached the equivalent of 200% then liabilities cease and the loan is considered settled.

We hear stories of people borrowing £100 and paying back thousands as default interest racks up.
Surely a loan company can make a good return if it gets back its loan amount plus the equivalent in charges. Even if it took nearly two years to get to the £200 pound payback limit on a £100 loan that's 50% pa
 
Have you any idea what a pay day loan does for your credit rating?

It fecks it, zip, zero. If you use a pay day loan you will have to wait 5 clear years before you can apply for proper normal credit. The banks, the building societies, the main stream car loans. None will touch you.

Why?

Well the logic is that if you can't handle finances, use a pay day loan then simply put you won't be able to sort out a mortgage, hire purchase, lease purchase or any other more normal borrowing method.

Now where in the small print of the pay day loan firms does it mention "borrow from us, we will screw up any credit worthiness you might have".

The best short term loan is via pledge at the pawnbrokers. Private business, secured loan and modest 5-10% per month.
 
Have you any idea what a pay day loan does for your credit rating?

h.
pretty much the same result as only having one credid card and always paying in full monthly + no other loans - cash is king :LOL: :LOL: :mrgreen:
 
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