Payday loans

[pseudonym]

Another one opening just down from the club shop in Queens road by boots, Speedy Loans, I feel for people getting trapped with these scumbags.

The long term damage these types of lenders are going to do to people is unimaginable,unreal they are being allowed to trade unregulated and charge all kinds of fees and sky high interest rates, shit will hit the fan one day when it's far to late.

 

[Beach Hut]

As much as I despise this legalised lending there is clearly a market for this type of short term lending no doubt due to the dire economic circumstances where no-one will commit long term ;oan wise.

 

[pauli cee]

did you watch that episode of "the hustle", where they they scammed the cheapy/scummy loan company....most amusing!

 

[pseudonym]

As much as I despise this legalised lending there is clearly a market for this type of short term lending no doubt due to the dire economic circumstances where no-one will commit long term ;oan wise.

Sure is but at what cost in the long term, it's not just the interest rate but the hidden charges to, going to spread a lot of misery

 

[Dominoid]

The thing is, if used properly, they're fine. Sure the Apr is 4000 but if the term is 4 days then you won't be paying 4000% interest, no high street bank will lend over such a sort term so the amount repaid could well be less than a regular loan. Problem of course is that the target market these companies aim for very often won't use them properly.

The important thing though is that the people using them won't be going to loan sharks and losing limbs when they can't afford to repay.

Sent from my X10i using Tapatalk

 

[Beach Hut]

Sure is but at what cost in the long term, it's not just the interest rate but the hidden charges to, going to spread a lot of misery

I don't disagree with you for one minute but say for instance you were worried about your job going and needed money short term this is really about the only option unless you commit to a 2 year or so bank loan.

also this industry should be regulated

 

[vegster]

Very dangerous game, avoid at all costs.

 

[Solid at the back]

They are a bitch.

Last year, I dones one of these with the Money Shop, I borrowed £200 (had to pay £50 for the loan), I needed it urgently.
My next payday was swamped with bills, rent, etc.
I couldn't repay the £250, but I could extend the loan a month by paying them a fee of £50, they call it "for interest" or some shit.
This cycle carried on for about a year (£50 a month) . The only way I managed to pay them off was to borrow the money from a relative.

 

[beorhthelm]

what makes any of you think its unregulated. i'd have throught its quite highly regulated, believe you need a licence, have to comply with credit act whateve its called. its certainly alot more regulated that blokedownthepub loans.

 

[pseudonym]

I like to check things out so i took out one for a £100, said it would cost £25 per £100 so £125 on next payday, charged me £18.50 for same day deposit which they took off the loan so they only put £81.50 in my account, and if you payback early they charge you £5.50.

So i cancelled my debit card and waited to see what would happen if i didn't pay, they charged me £50 then 3 days later another £25 and every 3 days when they attempt to the money from your card and it fails another £25, i let it go on until it got to £500 and after having an email game of tennis with them i told them my final offer was the £125 or nothing go get a ccj if you like, they finally accepted.I don't think these will ever get to court because of the extortionate charges, it just would not stand up, they did leave a mark on my credit file though, Callcredit if you can call that a CRA.

 

[piersa]

Another one opening just down from the club shop in Queens road by boots, Speedy Loans, I feel for people getting trapped with these scumbags.

The long term damage these types of lenders are going to do to people is unimaginable,unreal they are being allowed to trade unregulated and charge all kinds of fees and sky high interest rates, shit will hit the fan one day when it's far to late.

completely agree

 

[piersa]

Put it this way, if you borrowed £1000 from wonga for a year you would owe them something in the region of £2,500,000. Puts it into perspective.

 

[pseudonym]

what makes any of you think its unregulated. i'd have throught its quite highly regulated, believe you need a licence, have to comply with credit act whateve its called. its certainly alot more regulated that blokedownthepub loans.

They are not regulated

Martin Lewis | Payday loans, the evidence: why we need regulation now…

 

[beorhthelm]

They are not regulated

Martin Lewis | Payday loans, the evidence: why we need regulation now…

my bad then. i thought they had to have a licence. i know a chap who works for Wonga and told me how strict they are and all the checks and processes they go through (automated, heavily invested in IT backend), assumed that was the norm.

 

[vegster]

Put it this way, if you borrowed £1000 from wonga for a year you would owe them something in the region of £2,500,000. Puts it into perspective.

Thats close to the cost of getting married these days ! Ay carumba !

 

[pseudonym]

my bad then. i thought they had to have a licence. i know a chap who works for Wonga and told me how strict they are and all the checks and processes they go through (automated, heavily invested in IT backend), assumed that was the norm.

Yes you need consumer credit licence but tom, dick or harry can get one of them even blokedownthepub loans if he wants one, wonga are high profile so they tread a bit more careful than others but scum they are, have a read through here to see some of the misery they are causing.

PayDay loans

 

[seagullsovergrimsby]

Payday loans Us oldies know this sort of money lending used to be the preserve of loan sharks in the old days.

 

[beorhthelm]

...some of the misery they are causing.

hmm, thing is they advertise in big bold letters the interest rate, how much has to be paid in total and people dont have to go to get a loan. how are they causing misery?

whats the alternative here, no loans?

 

[pseudonym]

hmm, thing is they advertise in big bold letters the interest rate, how much has to be paid in total and people dont have to go to get a loan. how are they causing misery?

whats the alternative here, no loans?

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[The Auctioneer]

If you need a loan go to the Bank...oh....they will not loan anything....go to a relative.....they have no money....go to payday loans...or don't take a loan!
If the goverment wants to put a stop to these types of loans, they must make borrowing available to everyone, at a bank loan rate. Don't hold your breath!