david-avfc
Vital Football Hero
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.
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.