Just been advertised on the box (pounds2you.co.uk). Paused it just to check that the old peepers had got it right: do people actually take on loans at such a fantastic rate?
payday loans are a slag. say you dont get paid till 30th of the month and you have a direct debit coming out of £100 on the 24th. you dont have enough money to cover the debt, people take out the the loan of £100 for say 15 days and repay £130 on payday. It prevents bank charges from not paying the direct debit.
what happens is though that people continuesly take them out and before they know it they have about 5 at once and all their wages are going out on repayments. never ending and spirals out of control!
It is easy to get drawn in to borrow £100 for a week or two, and pay back £120 or whatever if you need the money for something knowing you can pay it back on payday.
I did it couple of years back and ended up in a right mess, obviously my own fault but i only started with one small one and it escalated into a ridiculous situation. As beds says - legalised loan sharks.
Sorry, I'm a bit out of touch and didn't know about payday loans. I can see how easy it must be to be tempted and then to end up in trouble. And 'they' make it look and sound so attractive: sharks is the word.
Why is it the lenders fault? Why are they sharks? They offer a loan and tell you what the rate is. If you don't like it DON'T TAKE OUT THE BLOODY LOAN.
It's about time people started to take some responsibility for their own actions instead of trying to blame others.
Just had my daughter on the phone asking advice about loans. God bless her she does not have much going for her at the moment in her personal and work life. She mentioned something called a "log book" loan. Never heard of the like but apparently they actually take your vehicles log book after valuing her car for a ridiculously low price , £1300 in this case. She then pays approx £2700 over i think she said roughly 18 months ! What do you say to someone looking to pay ther rent yesterday and needs to borrow £1000 ? These are the pressures put on people everyday to just make ends meet. I myself are on my arse at the moment otherwise she would want for nothing financially.
Why is it the lenders fault? Why are they sharks? They offer a loan and tell you what the rate is. If you don't like it DON'T TAKE OUT THE BLOODY LOAN.
It's about time people started to take some responsibility for their own actions instead of trying to blame others.
Why is it the lenders fault? Why are they sharks? They offer a loan and tell you what the rate is. If you don't like it DON'T TAKE OUT THE BLOODY LOAN.
It's about time people started to take some responsibility for their own actions instead of trying to blame others.
Someone works for Wonga !
Nope. Just sick of people moaning about stuff that is their own bloody fault.
Why is it the lenders fault? Why are they sharks? They offer a loan and tell you what the rate is. If you don't like it DON'T TAKE OUT THE BLOODY LOAN.
It's about time people started to take some responsibility for their own actions instead of trying to blame others.
Someone works for Wonga !
Nope. Just sick of people moaning about stuff that is their own bloody fault.
Unfortunately Rizzo, in this day and age some people don't have a choice.
I reported one of the companies, due to the nature in which they were operating - under several different debt collecting names but all in the same office, you simply can't do that. It was more or less harrassment even after you've paid them. Turns out OFT were very interested as they had been done in the past and fined/warned over the way they went about business.
cos you know the ins and outs of everybodys situation rizzo.
I ran up about £10k of credit card debt due to my mismanagement of my money. It was not the credit card companies' fault. It was mine. Nobody forced me to take out the card. Nobody forced me to spend money I didn't have on them. Nobody forced me to take out another card when I maxed out the first one or my 0% interest period ended. All my own fault. I'd just like to see other people own up to their own mistakes instead of blaming others.
It's a pity that Credit Unions aren't able to publicise their services as the Payday loans companies such as Wonga etc.
A sad sign of the times that companies such as The Money Shop are succeeding. Banks are being really cautious, despite being given all that cash by the Govt to loan out.
Why is it the lenders fault? Why are they sharks? They offer a loan and tell you what the rate is. If you don't like it DON'T TAKE OUT THE BLOODY LOAN.
It's about time people started to take some responsibility for their own actions instead of trying to blame others.
cos you know the ins and outs of everybodys situation rizzo.
I ran up about £10k of credit card debt due to my mismanagement of my money. It was not the credit card companies' fault. It was mine. Nobody forced me to take out the card. Nobody forced me to spend money I didn't have on them. Nobody forced me to take out another card when I maxed out the first one or my 0% interest period ended. All my own fault. I'd just like to see other people own up to their own mistakes instead of blaming others.
and thats your case, fair enough. But some people are left with no choice, for circumstances that we may not have the smallest idea about. Then the APR being charged by these companies is questioned.
payday loans are ok ONLY IF you are likely to pay it back within a few weeks and you know you will have this extra money.........ie, a self employed builder etc may have to pay a large bill and knowing that he has just done a large job & is expecting payment very soon.
BUT shouldn't be taken out by anyone who recieves a fixed income every week / month and doesn't have surplus income or capital at the end of the week / month.
Why is it the lenders fault? Why are they sharks? They offer a loan and tell you what the rate is. If you don't like it DON'T TAKE OUT THE BLOODY LOAN.
It's about time people started to take some responsibility for their own actions instead of trying to blame others.
If only the world was that simple.
It is. If you want something badly then save for it, then buy it.
Cheap credit is far too easy and a lot of people have no idea how to manage it. Just ask that idiot Brown.
"Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
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what happens is though that people continuesly take them out and before they know it they have about 5 at once and all their wages are going out on repayments. never ending and spirals out of control!
I did it couple of years back and ended up in a right mess, obviously my own fault but i only started with one small one and it escalated into a ridiculous situation. As beds says - legalised loan sharks.
It's about time people started to take some responsibility for their own actions instead of trying to blame others.
Someone works for Wonga !
Then someone, I assume the government allow companies like this to trade and not only advertise on the TV but where else............the radio.
A sad sign of the times that companies such as The Money Shop are succeeding. Banks are being really cautious, despite being given all that cash by the Govt to loan out.
The point being made is that the APR % on these things is much too excessive and something should be done about it.
Mafia now "Italy's No.1 bank" as crisis bites
BUT shouldn't be taken out by anyone who recieves a fixed income every week / month and doesn't have surplus income or capital at the end of the week / month.
A car is a luxury if you can't afford to run it.
Cheap credit is far too easy and a lot of people have no idea how to manage it. Just ask that idiot Brown.
Things don't change in a 160 years.
and what if her work requires equipment? or she's a rep?
see, people think they know every situation and they dont
I live 55 miles from work - public transport would take me around 4 hours each way