Pay Day Loans...Rip offs or useful added income at a high price?

[Spanish Seagulls]

Are they secured loans ? if not bump them and teach them a lesson.

Except you'd have to change phone number. email address (probably home address too) and have your credit history destroyed. You have to be careful as a lot of sites offering this kind of service are lead capture sites who hawk your details to numerous shoddy companies and you'll be bombarded with all sorts of shite.

A lot of people using this kind of service have few options, so if you absolutely have to, then use a company you deal directly with such as (dare I say it) Wonga.

I speak from experience and as mentioned by someone else they are ok if you use them the way they are meant to be used. If you can hold out and do without you'll be better for it but if you really have to use them then make sure you keep within your affordability limits.

If anyone does use Wonga then if they use Promo Code OML333 I will get £20 of which I will give REMF £10.

Better still don't use them!

 

[c0lz]

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.

As said above you report card lost/stolen and cancel card.

 

[raymondbriggs]

So you report your credit card stolen and cancel the card then what?

Your card might be stolen,your account details remain the same,but be my guest.You could get £1500 paid into your account before News at Ten finishes,baulk them and report back how you got on in a couple of months.

 

[BUTTERBALL]

Avoid anything Katona advertises.

 

[c0lz]

Your card might be stolen,your account details remain the same,but be my guest.You could get £1500 paid into your account before News at Ten finishes,baulk them and report back how you got on in a couple of months.

you get a new pin numbers and a 3 security code.

 

[Seat Stealer]

The moral well heeled demand that changes are made, alarmed at the APR charged and that these registered loan sharks be forced out of business or have the APR's capped. Close these facilities down and the loan trade goes back to the kneecapping merchants. If the government wants to limit the rather large APR's, these providers will shut up shop and close......but will the government provide unsecured loans to all, at rates comparative to overdrafts and bank loans irrespective of credit ratings. No, they will not. Would you provide a loan to the un-credit worthy at minimum APR? They are in business and the others are on a moral crusade. Most people who take these loans have nothing to lose, they need to feed children and heat rented houses. If they do not repay they go into bankruptcy. Their credit ratings are already shot to pieces and as for assets, no chance. If you were running one of these companies would you provide credit at a decent APR? Those that demand closure should provide alternative.

 

[Spanish Seagulls]

The moral well heeled demand that changes are made, alarmed at the APR charged and that these registered loan sharks be forced out of business or have the APR's capped. Close these facilities down and the loan trade goes back to the kneecapping merchants. If the government wants to limit the rather large APR's, these providers will shut up shop and close......but will the government provide unsecured loans to all, at rates comparative to overdrafts and bank loans irrespective of credit ratings. No, they will not. Would you provide a loan to the un-credit worthy at minimum APR? They are in business and the others are on a moral crusade. Most people who take these loans have nothing to lose, they need to feed children and heat rented houses. If they do not repay they go into bankruptcy. Their credit ratings are already shot to pieces and as for assets, no chance. If you were running one of these companies would you provide credit at a decent APR? Those that demand closure should provide alternative.

True

 

[raymondbriggs]

you get a new pin numbers and a 3 security code.

Try it,see how you get on.£1500 free money for ten mins work according to you,they work online so you could do it NOW.£1500 free money just waiting for you to con those payday loan people.

 

[Camicus]

Should be outlawed and that they aren't says a lot about the Condems

Very much this

 

[raymondbriggs]

The moral well heeled demand that changes are made, alarmed at the APR charged and that these registered loan sharks be forced out of business or have the APR's capped. Close these facilities down and the loan trade goes back to the kneecapping merchants. If the government wants to limit the rather large APR's, these providers will shut up shop and close......but will the government provide unsecured loans to all, at rates comparative to overdrafts and bank loans irrespective of credit ratings. No, they will not. Would you provide a loan to the un-credit worthy at minimum APR? They are in business and the others are on a moral crusade. Most people who take these loans have nothing to lose, they need to feed children and heat rented houses. If they do not repay they go into bankruptcy. Their credit ratings are already shot to pieces and as for assets, no chance. If you were running one of these companies would you provide credit at a decent APR? Those that demand closure should provide alternative.

How come they operate in their host countries at rates forbidden in the good old USA?
If your above points were valid they wouldn't operate there,but they do at rates lower than your average storecard.They charge those rates here because successive governments have allowed them to rip us off.

 

[Seat Stealer]

Very much this

So if these people need a loan, are you providing it at an acceptable APR? No....... didn't think so.

 

[Seat Stealer]

At what rate would you decline a loan and starve your children? Just asking Mr Briggs

 

[c0lz]

Try it,see how you get on.£1500 free money for ten mins work according to you,they work online so you could do it NOW.£1500 free money just waiting for you to con those payday loan people.

I have a few times but will deny this in a law of court lol. but my credit is shot for a couple of more years.

 

[beorhthelm]

How come they operate in their host countries at rates forbidden in the good old USA?
If your above points were valid they wouldn't operate there,but they do at rates lower than your average storecard.They charge those rates here because successive governments have allowed them to rip us off.

no one offers payday/short term loans for 30% odd storecard rates. say you want £250 for a week, that would be £1.44 in interest. it wouldnt be worth it unless you know they'll pay it back 99.9% of the time. what other countries have is the same thing but with different ways of presenting the payment so you dont see this big '000% number. and we've always had these types of loans though cheque cashing services, pawn brokers etc.

 

[Rookie]

Legalised loan sharks that pray on the poor in society and when it goes tits up and they don't get their repayments the shit really hits the fan for people that should never have been given a loan in the first place. The number of people that take one out and then take another with a different company to pay back the first and go on like that is quite scary (want examples go and volunteer in a Citizens Advice Bureau or similar debt helpline).
Fair to say that their credit checks and not exactly top notch either otherwise a large proportion of the people that take them out would never get them.

All in all can't say I'm a fan!

 

[Camicus]

So if these people need a loan, are you providing it at an acceptable APR? No....... didn't think so.

Credit unions are low APR and available to all. Pay day loans are legalised loan sharks Id sooner pawn my TV than have to deal with the likes of wonga


And yes if I knew you in person and you needed a couple of quid I would be happy to lend you a few quid.

 

[moggy]

I have a few times but will deny this in a law of court lol. but my credit is shot for a couple of more years.

Someone at work borrowed £500 6 months ago from wonga. He's bumped them, they were calling him everry day up until last month when he got a new mobile number.
He still hasn't paid back a single penny.
What can they do anyway as its unsecured ? Blacklist you.? Most people who use these sites are blacklisted anyway.

 

[Seat Stealer]

Credit unions are low APR and available to all. Pay day loans are legalised loan sharks Id sooner pawn my TV than have to deal with the likes of wonga


And yes if I knew you in person and you needed a couple of quid I would be happy to lend you a few quid.

I thank you for your offer but how do you know I'm credit worthy? oh and by the way should you not start to save with a credit union first. (your pawned TV would rack up some charges to get it back)

 

[Seat Stealer]

Someone at work borrowed £500 6 months ago from wonga. He's bumped them, they were calling him everry day up until last month when he got a new mobile number.
He still hasn't paid back a single penny.
What can they do anyway as its unsecured ? Blacklist you.? Most people who use these sites are blacklisted anyway.

That's why the APR is so big

 

[c0lz]

Someone at work borrowed £500 6 months ago from wonga. He's bumped them, they were calling him everry day up until last month when he got a new mobile number.
He still hasn't paid back a single penny.
What can they do anyway as its unsecured ? Blacklist you.? Most people who use these sites are blacklisted anyway.

Exactly they rely on scare tactics, and if they wanted to get a county court judgement against you it will cost them time and money and don't bother so black list you instead.