pay day loan companies - whats your opinion?

david-avfc

Vital 1st Team Regular
#1
I was thinking about payday loans after reading this; an article about Bolton announcing quickquid as their new sponsor, which has angered many fans

http://www.bbc.co.uk/news/uk-england-manchester-22707261

I wouldnt want to be sponsored by quickquid, but not because of their business "ethics" but mainly because its a stupid name with a stupid logo and not a cool thing to have on a shirt and have to walk around in.

Im just wondering what people think of these companies QuickQuick, Wonga.com, PayDayUk etc, apart from the stupid names, I was wondering what everyone else thinks of them.

Most people hate them and think of them as "disgusting" and "exploit vulnerable people"

I personally find their way of business perfectly fine. If someone wants a loan with 3000% APR then thats their choice, and if they are too stupid to understand how loans work then they shouldn't be getting loans in the first place or (sorry if this sounds harsh) they deserve it. They make it clear that you have to pay it all back plus interest its not some sort of scam where they are pretending to be a charity.

If people need money why not just get an overdraft, or better yet, just cut their spending and work more hours/ get a better job. For example my friend who got one of these loans claims she never has any money yet she still manages to go down the pub at least once a week and smokes god knows how many packets of fags a week.

And anyway, most business are exploiting someone somewhere down the line, Genting Casino have probably exploited many people with gambling issues, when you buy a pint of milk from ASDA about 10p goes to the farmer, the clothes you wear were probably made by a 12 year old on a 12 hour shift in china earning 3p a day, your bank is probably risking your money somewhere knowing the government will bail them out if the mess it all up

Maybe its because I study business so I am more inclined to take the business' side.
 
#2
Should study their business a little more closely and not read the Daily Mail APR headlines as that's the least of the problems with such legalised loan sharking.

And the key point is the very people attracted to these types of companies CAN'T get normal high street loans or overdrafts it's their only option.

And even on tight money what's wrong with somebody having some enjoyment in their life...a pub once a week wow. What should they be doing, sitting in the dark to save money, getting more and more depressed rather than having some human interaction.

Really suggest you take a look at how these companies market themselves the small print especially because IT'S NOT the APR that is the problem and nor is the fact it has to be repaid with interest that is the problem.

But hey if you are happy with exploiting the most financially unsavvy people on the planet, I'm not going to talk you round am I.

You sound like you want to justify it dude.
 

david-avfc

Vital 1st Team Regular
#4
im not trying to justify it, i think people should be educated properly about debt and its effects rather than just blaming the debt companies. If the demand is there someone will fill it
 

astonion

Vital Squad Member
#6
And in tomorrows papers there is now 500,000 people in the uk now using food banks. But guess what we will still continue to give billions away in overseas aid.
 
#7
david-avfc - 29/5/2013 23:37

im not trying to justify it, i think people should be educated properly about debt and its effects rather than just blaming the debt companies. If the demand is there someone will fill it
Glad to hear the first part and you are right on education.

But you won't check back, and neither would I lol But I have said many times in threads like this that not only should people be taught economics, basic household budgets, basic life skills like cooking from scratch but also the law.

What did you get? Home economics which involved creating a sandwich...lot of fucking good that does anyone?

Nobody is taught what we need in life we get religious studies, music, drama and so on.

So you are right. To a degree.

But to say the blame lies with demand, we have lived in a culture for the last 20 years that positively encourages debt without recourse.

Credit card companies send out mailers telling you that you have automatically been approved for up to £2500 and the fuckers are still doing it now.

You have banks who don't assess anything when you ask for an overdraft. I've been there, worn the T-Shirt and thankfully had my old man point out many years ago that I was in a council building so why the hell would I need to pay for building insurance.

It was still quoted for it. Still pushed for me to agree on the spot to sign up for it. I doubt I'm the only one.

So seriously your argument is akin to a drug dealer. There's a demand, why shouldn't I profit?

Really, is that how high you hold yourself as a human being?

You still don't understand demand in your case is people trying to live a life and maybe have something to enjoy?

You tar them with 'she's goes the pub for interaction and some enjoyment' and that makes her deserving of the charges, the treatment and the full force of those c**ts.

Pray yourself well mate you never end up in a position like that because trust me through no fault of your own, your Daily Mail outlook on life 'as a businessman' who 'studied business' will soon fucking change.

And you'll hope others show you more compassion and understanding than you currently are.

And I make no apologies here. I'm harsh. Since 2007 I got involved with DIY forums to help people out, such as those fucked by the payday loan wankers, and I repeat non of them EVER misunderstood the fact it had to be paid back, NON OF THEM EVER were thick enough to think interest didn't apply BUT ALL OF THEM were screwed by the small print that unlawfully these wankers never pointed out in their 'quick to approve' online applications that cost them.

I suppose you don't blame the Mafia for existing...afterall, all they do is exploit people who should know better but don't have anywhere else to turn either.....

Because of course everybody who resorts to a payday loan can easily get a loan or an overdraft from the high street banks eh. That's why companies with an order book of £5million haven't gone to the wall because the main banks are so willing to lend eh! FFS!

Think about it for Christ sake. :21:
 
#8
astonion - 30/5/2013 00:16

And in tomorrows papers there is now 500,000 people in the uk now using food banks. But guess what we will still continue to give billions away in overseas aid.
No, get your facts right.

They are cheap skates, they could afford loans and overdrafts and could cut back by sitting in a dark room everynight not even watching TV - that would save them a licence fee - every little helps.

Foodbanks are for lazy people who can't be bothered to go shopping.

:26:
 

BodyButter

Vital Football Legend
#9
I think anyone guilty of preying on the weak should be shot. That includes all bankers. I'd Nationalise all financial services except for investment banks who can do what they like except for manipulating markets and should be subject to a Tobin Tax.

Anyone guilty of manipulating financial markets should do hard time with the junkies and bank robbers.
 

col8

Vital Football Legend
#10
My honest opinion is people are Idiots, I earn x amount of money ergo I can only spend that amount of money till I get paid again. If I take out a loan this month I have to pay it back next month, thus meaning I will have less money next month unless I have another loan to pay off the loan from last month.

Don't spend what you don't have ..........

I want a new computer ....... I'll save up for one.
 
#11
I seriously looked into getting one of these a couple of months back and got quotes from several. The APR was astronomical.

Would have been no problem paying it back for me, but I fear for some who would struggle and I've heard story of some very rough tactics when thats been the case.

As for your stance Col, thats all very well but sometimes circumstances dictate you need money that little bit quicker.

As you probably know I'm taking Nat andthe girls to Orlando in July and we made a decision to not put anything on credit, and pay for each bit of the holiday as and when we could afford it.

We set up a plan and have stuck to it, buying each component as we could afford it.

However a couple of months back we noticed the flights were going up to astronomical prices and were only going to get higher. We saw a good deal (flying to Miami instead) and needed to book there and then. In our plan we were going to book a month later.

Thats when I looked at a pay day loan. Luckily in the, we had a saviour who helped us out for a month, but not everyone is that lucky.

It's a good job we did book the flights then. They have since gone up from the 3k we paid to £4,100. Same flight.

So calling people idiots for needing that money just a bit earlier is a bit harsh in my opinion.

I just think they need tighter regulating, so that they only give the money to people who can definitely pay it back.
 

gator

Vital Champions League
#12
Must be great to live in a perfect world if there is such a thing some peoples ignorance is borne out of lack of experience must be a boring life that.
 

Trekker

Vital Football Legend
#13
They exist because there is a demand.

I'm fortunate that I haven't had to use one.

Other people have different circumstances.

Personally I would like to see tighter regulation but supply and demand rules.
 

badge73

Vital 1st Team Regular
#14
lol at mike, mentioning the daily mail so many times yet nothing to do with it pmsl

dont have a problem with these type of companies myself, if i had a large bill to pay and needed to borrow, knowing i have money coming in at a later date. the banks would tell me to piss off, or take weeks to authorise it, where these type of companies will lend the money, of cause everyone has pointed to the interest rate but for example

if needed to borrow 500 quid knowing its to pay a bill so i could trade etc and get money in. borrow the money and pay back asap, probably will have to pay something like 50 quid on interest for a couple of weeks but much better then wondering around from bank to bank and getting the piss taken out of them.
 

RosettaStoned

Vital Football Legend
#15
I think they should use topless actresses in the adverts.

thats about it really. No need to shut them down, they explain quite clearly that its a short term loan and it will be expensive, you have to be 18 to use them so you're old enough to make the decision yourself whether its worth the risk.

If you take a loan out and cant pay it back, you were warned beforehand and have no reason to complain.

at least they dont take your thumbs which is the other alternative.

 
#16
You don't think they might be a bit too easy to get hold of?

Imagine someone smashed out of their faces, drunk and playing online poker, or craving some female company but no cash. A couple of clicks in a drunken stuper and blammo, next morning you realise you can't afford to pay it back.

Can I just state this is NOT personal experience. But it could so easily happen.

Do you blame the person for getting drunk (we all do that, well most of us), or do you blame the companies for making it so easy for a drunk person to borrow £500.
 

RosettaStoned

Vital Football Legend
#17
DeanoVilla - 30/5/2013 11:04

You don't think they might be a bit too easy to get hold of?

Imagine someone smashed out of their faces, drunk and playing online poker, or craving some female company but no cash. A couple of clicks in a drunken stuper and blammo, next morning you realise you can't afford to pay it back.

Can I just state this is NOT personal experience. But it could so easily happen.

Do you blame the person for getting drunk (we all do that, well most of us), or do you blame the companies for making it so easy for a drunk person to borrow £500.
This is the reason this country is in such a fucking state, people not taking responsibility for their own actions.

they should have given him the 'irresponsible drunk twat' rate of 9000% apr and taken his thumbs.

Same with kids, "oh but i was drunk, i didnt realise i wasnt wearing a rubber, and now ive got 7 kids that I cant afford"

TOUGH SHIT. NOT MY PROBLEM.
 

Villa_Grizzly

Vital Squad Member
#18
mike_field - 30/5/2013 03:59

Nobody is taught what we need in life we get religious studies, music, drama and so on.
I quite like music and drama. Life is such a song and dance, Mike. Don't you think?

:141:

As to Pay day loan companies- Legalised loan sharks. All the questionable things are involved in Football advertising now. TV and radio shows swamped with gambling adds, mass alcohol consumption and now "pay day loans". I think it says it all when the English Defence League are 'demonstrating' with football style chants. The Premiership, as it was, used to be sponsored by Carling, which is one step up the line from being sponsored by Marlboro. In the rush for the dollars the Premier League didn't think about the impact of the commercial associations then.

The Premier League as it is now, is sponsored by a bank. Given the economic collapse of our nation owing to negligent banking practices and collusive financial greed across our banking and financial industry, you'd think they'd find a commercial partner that better reflects the Premier League brand. Then again, Barclays is awash with money, a little bit like the Premier League itself. What does this model for the 20 Premier League clubs in terms of ethical business practicies? Nothing, which is why we've had a run of Gambling Houses slapping their brands across our shirts. Dirty money in my book though money all the same.
 

Trekker

Vital Football Legend
#19
DeanoVilla - 30/5/2013 11:04

You don't think they might be a bit too easy to get hold of?

Imagine someone smashed out of their faces, drunk and playing online poker, or craving some female company but no cash. A couple of clicks in a drunken stuper and blammo, next morning you realise you can't afford to pay it back.

Can I just state this is NOT personal experience. But it could so easily happen.

Do you blame the person for getting drunk (we all do that, well most of us), or do you blame the companies for making it so easy for a drunk person to borrow £500.
Are you sure?