pay day loan companies - whats your opinion? | Page 3 | Vital Football

pay day loan companies - whats your opinion?

Basically they are legalised loan sharks , with fluffy advertising. Aimed at people who should not be getting loans with 4000% apr or more .

Students , people on the dole etc are the targets not little old people .
Well known celebs advertising them is a disgrace.

I don't know but I'd imagine they send in the heavies if you don't or can't pay ?


 
our washing machine went tits up last weekend. The missus was in a panic "what are we goona do what are we gonna do?" she yelled. We don't have a brilliant credit rating so a bank loan was a none starter. Wed didnt want to get a store card either. The missus says "Maybe theres a Bright House shop in the area, they dont do credit checks." We found one not far away. We go in, she looks at what she wants adn starts to talk finance with the shop keep. I let her carry on because this is the person who said to me - I dont want another item on credit. She was happy with the deal and I knew we had the 14 day cooling off period to back out if we needed to. I went to work and something in the back of my mind made me feel ill at ease. Got home looked over the finance agreement and then pointed out to her ladyship what she had obviously overlooked. The washing machine was £632 to buy for cash. She was thinking the total repayment over three years would be £991. Then I showed her the actual amount we'd be paying back - £1600 + . So I rung next day and cancelled the agreement and bought a good second hand one off Gumtree for £60 - a year old Whirlpool model.
 
1 of my hobbies is comping (competitions) and I belong to a competition club. Any that are payday loan company types with competitions I refuse point blank to do on principle.

 
The archbishop of canterbury wants to compete against wonga.com and force them out of business

http://www.bbc.co.uk/news/business-23433955

This is a brilliant solution. Markets are self regulating, the interest payday loans charge is not too high, because if it was too high they would not have any customers, that's basic supply and demand. Instead of trying to ban them why not compete against them at "fairer terms", the other businesses will have to act more ethically and reduce their own interest rates to compete.
 
david-avfc - 26/7/2013 00:15

The archbishop of canterbury wants to compete against wonga.com and force them out of business

http://www.bbc.co.uk/news/business-23433955

This is a brilliant solution. Markets are self regulating, the interest payday loans charge is not too high, because if it was too high they would not have any customers, that's basic supply and demand. Instead of trying to ban them why not compete against them at "fairer terms", the other businesses will have to act more ethically and reduce their own interest rates to compete.
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Fair play to them. I'll be glad to see them put it into practice and run the ***** like Wonga out of town.
 
The government is planning to extend the interest rate that can be charged by credit unions from 2% a month to 3% a month (26.8% APR to 42.6% APR)

nice to see the churches getting in on the act of taking the piss out of the poor by being a tad hypercritical lol
 
badge73 - 26/7/2013 00:41

The government is planning to extend the interest rate that can be charged by credit unions from 2% a month to 3% a month (26.8% APR to 42.6% APR)

nice to see the churches getting in on the act of taking the piss out of the poor by being a tad hypercritical lol
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Even at 43%, it's a minute fraction of what Wonga are charging.
 
Saw a Wonga advert on here the other day, run of network (ie from an agency) currently trying to get it blocked!
 
david-avfc - 25/7/2013 15:15

The archbishop of canterbury wants to compete against wonga.com and force them out of business

http://www.bbc.co.uk/news/business-23433955

This is a brilliant solution. Markets are self regulating, the interest payday loans charge is not too high, because if it was too high they would not have any customers, that's basic supply and demand. Instead of trying to ban them why not compete against them at "fairer terms", the other businesses will have to act more ethically and reduce their own interest rates to compete.
Click to expand...

What happens when people don't pay it back ? Repossession of goods ? Bailiffs ? They won't want that publicity on behalf of the all forgiving God

People will take the piss as its the church. Sorry Rev , can't pay you back I've spent it on White Lighting , that's ok my son you're forgiven.
 
david-avfc - 25/7/2013 15:15

The archbishop of canterbury wants to compete against wonga.com and force them out of business

http://www.bbc.co.uk/news/business-23433955

This is a brilliant solution. Markets are self regulating, the interest payday loans charge is not too high, because if it was too high they would not have any customers, that's basic supply and demand. Instead of trying to ban them why not compete against them at "fairer terms", the other businesses will have to act more ethically and reduce their own interest rates to compete.
Click to expand...

What happens when people don't pay it back ? Repossession of goods ? Bailiffs ? They won't want that publicity on behalf of the all forgiving God

People will take the piss as its the church. Sorry Rev , can't pay you back I've spent it on White Lighting , that's ok my son you're forgiven.
 
PMSL the fuckers have held shares in Wonga as part of their pension plan!!!

And sorry David, you again don't get it. If it was basic supply and demand, then people would get a supply from mainstreet banks not scum suckers run by and backed by venture capitalists.

Be thankful you've never sunk that low in life or been forced into it and needed them as an option, because if you did, you'd have a rude awakening and you'd suddenly find some compassion for something you don't currently understand.

Idiots fall for the APR which isn't representative despite being horrifically high (shock horror expense ridden MP's miss the point!) - if you haven't got a £100 free from this months paycheque and you need to replace a washing machine, a cooker or a fridge, how the fuck are you meant to repay £125-150 next month without suffering charges, or reorganising the loan WITHOUT contractual interest and snowball applying meaning your £100 loan suddenly over 2 months becomes £250.
 
sorry mike, but find the whole lot kind of funny and yet the sheep wont bat an eyelid .... probably due to being reassured by the bbc and the guardian lol

http://en.wikipedia.org/wiki/Cleansing_of_the_Temple
 
No one is forced at gunpoint to take a payday loan out. With all the publicity I'm sure most are aware of the astronomical rates of interest.
 
My eldest did take 1 out he recently told me. He used it properly. We were away so he didn't have the option of bank of Mom & Step Dad and decided borrowing £100 from Wonga was cheaper than going overdrawn for a couple of days until payday.

Quite surprised as that has never stopped the proverbial Mom can I borrow even on holiday I would a text to internet bank it accross.

In that context then yes I can see why he did it. They don't make money out of people like my lad though. I am still anti them and would never use them.

I can see why people get sucked in as it is too quick to do with no time to think about it. See the ad on TV/website nip on the internet website fill in and get your money in 15 minutes. It gives no time for the cooling off period. People tend to react and then think after, is the main problem with these.

Quick fix answers don't usually work out long term
 
If people are stupid enough to use them then it is their own fault if they get into trouble. With all the warnings about and bad publicity I do wonder why anyone uses them at all.

As for the company itself, well its genius.
 
A lot of people don't have another choice with the high street banks shutting shop andoverdrafts being so unecomonically expensive.

Credit Unions don't get the publicity they deserve sadly.
 
JamTomorrow - 26/7/2013 17:00


sharks preying on the weak, the poor and the hard of understanding, should be banned in my opinion.
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no need to talk about the church like that ... :56:
 
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