You dont have to patronise the company that adorns your club shirt. In recent years I didnt purcyears hase any air conditioning units, the year before that I didnt purchase any financial products or buy any sportswear products.
I'd rather have air con products, which I dont use, on our shirts than loan shark company which I hope never to use. These companys may be legal and quite clear about there business but what they do is wrong in my opinion. Only the poor borrow money from them, people whos finances are so dire credit card companys refuse to deal with them. They dont offer anything but heaps of hardship month on month At least our sponsor is a local firm with a real product
The more I think about it, the more I'm changing my mind. Its one thing to not agree with the shirt sponsor, but what about the kit manufacturer? Nike has been accused of using child labour in the past haven't they?
I'd rather have air con products, which I dont use, on our shirts than loan shark company which I hope never to use. These companys may be legal and quite clear about there business but what they do is wrong in my opinion. Only the poor borrow money from them, people whos finances are so dire credit card companys refuse to deal with them. They dont offer anything but heaps of hardship month on month At least our sponsor is a local firm with a real product
Spot on these firms are sharks and have no scruples about how they get their money back if you cant pay.they talk about the loans being short term and the Apr not being relevant because of this.absolute tosh the scandalous Apr is what you pay .just because the loan is meant to be short term does not make the Apr unimportant.just ask anyone who has rolled one of these loans over.think most on here are proud we support a decent club who are a big part of the local community and i hope we dont have anything to do with these leeches.
The Payday Loan industry is NOT the monster that some uninformed people think. The good established firms like Wonga and QuickQuid run their business very well and help a lot of people out every day, and in a much better way than the old fashioned Loan Shark. If you keep the loans short term and don't just rollover every month, they are better and easier than dealing with a High St Bank.
You only have to look at some of the employment law changes recommended by the boss of Wonga to understand why everything about him and his company is wrong. It may not to be everyones liking but the most vunerable in society have to be protected, from themselves sometimes.
I'd rather have air con products, which I dont use, on our shirts than loan shark company which I hope never to use. These companys may be legal and quite clear about there business but what they do is wrong in my opinion. Only the poor borrow money from them, people whos finances are so dire credit card companys refuse to deal with them. They dont offer anything but heaps of hardship month on month At least our sponsor is a local firm with a real product
Spot on these firms are sharks and have no scruples about how they get their money back if you cant pay.they talk about the loans being short term and the Apr not being relevant because of this.absolute tosh the scandalous Apr is what you pay .just because the loan is meant to be short term does not make the Apr unimportant.just ask anyone who has rolled one of these loans over.think most on here are proud we support a decent club who are a big part of the local community and i hope we dont have anything to do with these leeches.
I'd rather have air con products, which I dont use, on our shirts than loan shark company which I hope never to use. These companys may be legal and quite clear about there business but what they do is wrong in my opinion. Only the poor borrow money from them, people whos finances are so dire credit card companys refuse to deal with them. They dont offer anything but heaps of hardship month on month At least our sponsor is a local firm with a real product
Spot on these firms are sharks and have no scruples about how they get their money back if you cant pay.they talk about the loans being short term and the Apr not being relevant because of this.absolute tosh the scandalous Apr is what you pay .just because the loan is meant to be short term does not make the Apr unimportant.just ask anyone who has rolled one of these loans over.think most on here are proud we support a decent club who are a big part of the local community and i hope we dont have anything to do with these leeches.
Given the negative views on pay day loan companies from most official agencies and the dubious moral position surrounding them, I doubt that the community club of the year would be interested in that sort of shirt sponsorship. Would be a bit of an own goal if you ask me.
Saw this somewhere which is a fine example of how the APR is misleading on short term loans.
"Jim and Bill meet up in the pub one Friday night for a couple of pints. Unfortunately, Bill has no money so Jim offers to lend him £25 until the following Friday, as long as Bill buys him a pint. The following week, Bill repays the £25 and buys Jim a pint for £2.50 and everyone’s happy. What has actually happened is that Bill has borrowed £25 for 7 days with the total cost being £27.50, an interest rate of 10%.
Must have been a pay day loan company that dreamt that one up.did jim charge bill a transfer fee for the money to be put in his account as some do.if the APR wasnt important for short term loans they would not have to show them by law.
So if Bill can't afford to pay the money back after 7 days, and has to effectively borrow the money for another 7, he has to buy Jim another pint (of course that means he won't have enough left to pay Jim back the following week). How many weeks does this pattern have to repeat before the APR is relevant?
Let's be clear here, pay day loans target those least able to afford them. There are a lot of cheaper credit options that are open to everybody but the most desperate. Basically the only people using pay day loans are those that don't qualify for a credit card, don't qualify for an overdraft and no nobody who could lend them a couple of hundred quid.
I was in fairly serious financial trouble 12 years ago and still the bank was willing to extend my overdraft, and I still qualified for a credit card. So you have to have a very low credit rating to have no option but go to Wonga, etc., and that is the very type of person who's going to have trouble paying back a short term loan.
The APR is always relevant, if I borrow on my credit card for 7 days the APR is 0%, on a bank loan it's currently around 13% and on Wonga it's 4000%. That is an accurate depiction of the relative costs of those loans. The Wonga loan does cost 300x times more than the bank loan over the period, whether that period is a week, a month or a year.
Must have been a pay day loan company that dreamt that one up.did jim charge bill a transfer fee for the money to be put in his account as some do.if the APR wasnt important for short term loans they would not have to show them by law.
It's irrelevant who dreamt it up, the point remains the same and shows why people shouldn't take much notice of it.
Must have been a pay day loan company that dreamt that one up.did jim charge bill a transfer fee for the money to be put in his account as some do.if the APR wasnt important for short term loans they would not have to show them by law.
It's irrelevant who dreamt it up, the point remains the same and shows why people shouldn't take much notice of it.
Must have been a pay day loan company that dreamt that one up.did jim charge bill a transfer fee for the money to be put in his account as some do.if the APR wasnt important for short term loans they would not have to show them by law.
It's irrelevant who dreamt it up, the point remains the same and shows why people shouldn't take much notice of it.
Actually I think that's entirly the problem, people don't take too much notice. With APR being in the thousands people's brains don't reason it though in the same way. They just think I need 50 quid today, paying back 55 quid next week sounds OK. They don't think about hwat happens if they don't. Most of these people look at their bank over drafts and see and APR in the hundreds and rule it out as expensive, because the brain can process that amount. People are tkaing out these loans 'generally' not because their bank is too much hassle but because it gives them too many warnings about what the risks are, pay day lenders talk most about borrow 50 quid repay 55. They don't focuss on what is at risk if you can't repay or how much upfront cost their is.
So the interest is 10% for a week but the APR is 14000%. I know which one i'd take more notice of.
If people enter into a contract and then can't afford to pay it back, then the fact is, they shouldn't have borrowed it in the first place. These companies are only providing a service.
So the interest is 10% for a week but the APR is 14000%. I know which one i'd take more notice of.
If people enter into a contract and then can't afford to pay it back, then the fact is, they shouldn't have borrowed it in the first place. These companies are only providing a service.
Chris, the point is that these people target those that have awful credit (meaning they are shite with money) or people that dont earn a lot of money.
You are right that people should say no, but its not that black and white.
So the interest is 10% for a week but the APR is 14000%. I know which one i'd take more notice of.
If people enter into a contract and then can't afford to pay it back, then the fact is, they shouldn't have borrowed it in the first place. These companies are only providing a service.
Would you have the same opinion of the door to door loan sharks ? They only provide a service and after all if you can't afford to pay it back you shouldn't have borrowed it in the first place.
On the last running of this thread the question was asked about us accepting sponsorship from:
Porn sites Alcohol or tobacco companies Gambling businesses Businesses that don't run sustainable sourcing Retailers who manufacture in poor economies Energy companies involved in traditional (or nuclear) power Etc
These companies have enough exposure without a Championship shirt deal taking the stick. If quickquid offer us the most money then I'd shake their hand.
Comments
These companys may be legal and quite clear about there business but what they do is wrong in my opinion. Only the poor borrow money from them, people whos finances are so dire credit card companys refuse to deal with them.
They dont offer anything but heaps of hardship month on month
At least our sponsor is a local firm with a real product
It may not to be everyones liking but the most vunerable in society have to be protected, from themselves sometimes.
Do you know what APR means?
"Jim and Bill meet up in the pub one Friday night for a couple of pints.
Unfortunately, Bill has no money so Jim offers to lend him £25 until the following Friday, as long as Bill buys him a pint. The following week, Bill repays the £25 and buys Jim a pint for £2.50 and everyone’s happy.
What has actually happened is that Bill has borrowed £25 for 7 days with the total cost being £27.50, an interest rate of 10%.
However, the APR for this loan is 14,348.1%.
Let's be clear here, pay day loans target those least able to afford them. There are a lot of cheaper credit options that are open to everybody but the most desperate. Basically the only people using pay day loans are those that don't qualify for a credit card, don't qualify for an overdraft and no nobody who could lend them a couple of hundred quid.
I was in fairly serious financial trouble 12 years ago and still the bank was willing to extend my overdraft, and I still qualified for a credit card. So you have to have a very low credit rating to have no option but go to Wonga, etc., and that is the very type of person who's going to have trouble paying back a short term loan.
The APR is always relevant, if I borrow on my credit card for 7 days the APR is 0%, on a bank loan it's currently around 13% and on Wonga it's 4000%. That is an accurate depiction of the relative costs of those loans. The Wonga loan does cost 300x times more than the bank loan over the period, whether that period is a week, a month or a year.
It's irrelevant who dreamt it up, the point remains the same and shows why people shouldn't take much notice of it.
Most of these people look at their bank over drafts and see and APR in the hundreds and rule it out as expensive, because the brain can process that amount.
People are tkaing out these loans 'generally' not because their bank is too much hassle but because it gives them too many warnings about what the risks are, pay day lenders talk most about borrow 50 quid repay 55. They don't focuss on what is at risk if you can't repay or how much upfront cost their is.
If people enter into a contract and then can't afford to pay it back, then the fact is, they shouldn't have borrowed it in the first place. These companies are only providing a service.
You are right that people should say no, but its not that black and white.
Porn sites
Alcohol or tobacco companies
Gambling businesses
Businesses that don't run sustainable sourcing
Retailers who manufacture in poor economies
Energy companies involved in traditional (or nuclear) power
Etc
Won't be many options left.....
These companies have enough exposure without a Championship shirt deal taking the stick. If quickquid offer us the most money then I'd shake their hand.