Mecky Posted October 17, 2013 Share Posted October 17, 2013 I seem to remember reading in the paper this morning it would be imposed in a few weeks time. Link to comment Share on other sites More sharing options...
truman Posted October 17, 2013 Share Posted October 17, 2013 I seem to remember reading in the paper this morning it would be imposed in a few weeks time. I'm not sure Ed's in No10 yet.. or are you saying he's copying a coalition proposal? Link to comment Share on other sites More sharing options...
GLASGOWOODS Posted October 17, 2013 Share Posted October 17, 2013 Those pesky payday loan lenders, what are they like lending people money when they ask for it. It's disgraceful if you ask me. And the cheek of them expecting to be paid back! If only the yoof of today would spend a moment to listen to the very wise words of Britney Spears. Iain Duncan Smith asked her in desperation to write a new song to see if she could get the message across. It's very catchy. Lets hope the have everything now and pay for it never brigade can learn something at last. Well done Britney. Below are some of the lyrics which I'm sure you'll agree are right on point. You wanna hot body? You wanna Bugatti? You wanna Maseratti? You better work bitch You wanna Lamborghini? Sip martinis? Look hot in a bikini? You better work bitch? You wanna live fancy? Live in a big mansion? Party in France? You better work bitch You better work bitch You better work bitch Now get to work bitch! Yoof of today! You would probably find the majority of people using payday loans are in the late 30s - 40s age range.. Link to comment Share on other sites More sharing options...
FACEBOOK Posted October 17, 2013 Share Posted October 17, 2013 Yoof of today! You would probably find the majority of people using payday loans are in the late 30s - 40s age range.. I hope you're wrong. Link to comment Share on other sites More sharing options...
barleycorn Posted October 17, 2013 Share Posted October 17, 2013 What would you call an acceptable rate of interest? And using that interest can you tell me how much I'd pay back if I borrowed £100 for three days? Would it be enough to cover the cost of the paperwork and money transfer? Its all very well slating them, but there's a reason they exist. Try going to your bank and asking for £50 for two days and see what they say. To quote myself... Short term loans aren't inherently bad, it's only when you start getting a new loan to pay off the old one that the stupid kicks in (using wonga as an example, borrowing £100 for 7 days and then refinancing the total every week for 7 weeks means you now owe £213). Borrowing £100 for a week and repaying £113 (wonga) isn't that far a cry from borrowing £100 off a mate and buying them a couple of pints to say thank you (for reference, borrowing £100 and giving back £100 a week later + 2 pints = approx 312% APR). I, for one, think that a limit should be set on the number of loans any one person can get in any one period before any future loans are refused and the interest frozen. We certainly shouldn't be in the situation where it is quite easy to rack up concurrent loans and be repaying an amount greater than the original principle. jb ... and for a £50 loan for three days you would repay ~ £57 jb Link to comment Share on other sites More sharing options...
WeX Posted October 17, 2013 Share Posted October 17, 2013 Ed has announced that Labour would impose a tax levy on pay day lenders. At first this sounded like a good plan until I asked myself a simple question. If the government took £1 billion from payday lenders where would that £1 billion come from. Ah yes. Those poor sods who need to borrow a tenner to make it through to the end of the week. Nice one Ed. another policy thought up in the back of a taxi and written on the back of a packet of fags. Link to comment Share on other sites More sharing options...
Mecky Posted October 17, 2013 Share Posted October 17, 2013 I'm not sure Ed's in No10 yet.. or are you saying he's copying a coalition proposal? I'm saying it's a public opinion proposal Link to comment Share on other sites More sharing options...
GLASGOWOODS Posted October 17, 2013 Share Posted October 17, 2013 I hope you're wrong. Nope! Sorry no link (will have to work out how to post them) Watched it on the tv last week and it gave a breakdown of who uses payday loans and the age range. Link to comment Share on other sites More sharing options...
ronthenekred Posted October 17, 2013 Share Posted October 17, 2013 Nope! Sorry no link (will have to work out how to post them) Watched it on the tv last week and it gave a breakdown of who uses payday loans and the age range. http://newsnetscotland.com/index.php/affairs-scotland/7780-the-reality-of-young-people-and-the-payday-loan-culture Link to comment Share on other sites More sharing options...
anywebsite Posted October 17, 2013 Share Posted October 17, 2013 APR should be statutorily capped (i.e. by the Gvt) at a usury rate, like it is in many European countries. Lend up to that, legal. Lend above that, illegal (annulment of the outstanding debt, criminal conviction for the lender). Simples. Been saying this for years. Surely that'd lead to a return of black market lenders, 'loan sharks' with even higher rates & stronger enforcement. As bad as these companies are they don't injure their borrowers for non-payment. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.