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Pay Day Loans...Rip offs or useful added income at a high price?
- Thread starter Neecha
- Start date
The former.
Like any form of borrowing, it's only an issue if you can't pay it back.
Those horrendous APRs are based on a scenario where you borrow money and don't pay it back, interest gets rolled up and rolled up and you very quickly get into the shit.
If you're stuck and need £100 to get you by for a few days before getting paid, then i don't see any problem.
Those horrendous APRs are based on a scenario where you borrow money and don't pay it back, interest gets rolled up and rolled up and you very quickly get into the shit.
If you're stuck and need £100 to get you by for a few days before getting paid, then i don't see any problem.
Ernest
Stupid IDIOT
Should be outlawed and that they aren't says a lot about the Condems
- Thread starter
- #5
used them if I need too...paid back quickly not too bad
Would you take loan advice from someone who's clearly a simpleton, and has been bankrupt?
The Modfather
New member
Complete rip-off
Worthingite
Sexy Pete... :D
If they are used properly there is no issue whatsoever. If they are used and not paid back, thats when the shit hits the fan.
El Sid
Well-known member
Legalised mugging - targeting the poor and vunerable.
Absolutely criminal. People should use overdrafts, family or friends before turning to these sharks. The fact that they advertise how easy it is and that you can repay early shows they are trying to target people who would be better getting money elsewhere. The people borrowing are, often, desperate. Preying on desperate people is utterly lamentable.
I would make it illegal to lend to anyone unless you can prove that they have shown they have the ability to repay. In fact, I think that is a law already.
I would make it illegal to lend to anyone unless you can prove that they have shown they have the ability to repay. In fact, I think that is a law already.
That's the problem, they target the desperate and the financially illiterate who are least likely to 'use' them properly.
c0lz
North East Stand.
Are they secured loans ? if not bump them and teach them a lesson.
El Sid
Well-known member
Go on then, give it a try and find out....
raymondbriggs
New member
Not quite so easy when they demand your debit card is registered with them as a means of security.
You don't pay and they can swipe your card multiple times a day emptying your account and facing bank charges if there is nothing left to pay your direct debits.
They target DHSS client BECAUSE they know the day benefits get paid and they can get their cash back before it is spent.
Also loads of overseas companies operate payday loan firms in Britain as we allow interest rates forbidden in their own countries.
c0lz
North East Stand.
lol Why they going break your legs.
Wonga I believe made a 500k donation to the Tory party and have bad debts running at around 40% of turnover. There are a lot of desperate people out there.
c0lz
North East Stand.
So you report your credit card stolen and cancel the card then what?
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,019
what people dont seem to grasp is that the APR is only that because of legislation that says loans have to show what the repayments would be IF it were over a year. but it isnt. its usually a fixed fee for a short term. if you dont pay back on time, they dont carry on charging interest, they charge a penalty and mark you as a poor risk and wont touch you again.
raymondbriggs
New member
No,they are going to demand your Debit card details so they can have first dibbs on all your income.If you hide your income they are going to load your account with late payment fees and extortionate interest.