tinfoilhat Posted October 18, 2013 Share Posted October 18, 2013 (heavy sigh) You're right we should take away choice from people - theyre clearly not to be trusted to make decisions Link to comment Share on other sites More sharing options...
geared Posted October 18, 2013 Share Posted October 18, 2013 i'm sure they're subtle but what are the differences between loan sharks and payday loan companies? Well judging by recent news storys a loan shark charges considerably less in interest. However the penalties for non-payment are more severe Link to comment Share on other sites More sharing options...
Resident Posted October 18, 2013 Share Posted October 18, 2013 I don't see the problem with payday lenders in all honesty. Their terms and conditions are quite clear and it's not their fault if people don't understand APR. Using Wonga's own calculator. I borrow £100 for 10 days and I pay back £116. So 16% interest and fees. None of these %'s in thousands. It's only when people REFUSE to pay back the loans on time that they start getting expensive. All the sites/companies show you clearly what you'll be paying and that's what you will if you stick to your side of the contract. Link to comment Share on other sites More sharing options...
geared Posted October 18, 2013 Share Posted October 18, 2013 The high interest figure you see is if the loan was over a year. It enables quick comparison between different loans. However Wonga is a max of 30 days, so the figure is not so useful - it's what their calculator says that you need to pay attention to. Also worth noting that Wonga only let you have a max of £400 the first few times you borrow, you can only get more if you successfully repay a number of loans (this may not be the case for all lenders). Link to comment Share on other sites More sharing options...
alchresearch Posted October 18, 2013 Share Posted October 18, 2013 Indeed it is. I nearly fell down one when I came out of the pub the other night. They should all be filled in. But they provide a valuable service in lettings cars and trains go through hills. Link to comment Share on other sites More sharing options...
Hots on Posted October 18, 2013 Share Posted October 18, 2013 The hole industry is corrupt and preys on vulnerable people. They shouldn't be be allowed to advertise their services on TV, or anywhere else for that matter! I used Wonga one time; I had £80 from them to cover a couple of direct debits that were due. 4 days later I got paid and the £80, plus a few quid of interest got paid back to them. No problem. Link to comment Share on other sites More sharing options...
Anna Glypta Posted October 18, 2013 Share Posted October 18, 2013 But they provide a valuable service in lettings cars and trains go through hills. They are more tunnels than holes. But it would be a service to make more tunnels and use the spoil to fill in the holes. Link to comment Share on other sites More sharing options...
alchresearch Posted October 18, 2013 Share Posted October 18, 2013 What about mines? Without a hole in the ground that precious coal or shale gas can't be got at? Link to comment Share on other sites More sharing options...
Bypassblade Posted October 18, 2013 Share Posted October 18, 2013 I was watching Fake Britain the other morning and it was going on about loan sharks, one 78 year old woman was loaning money & taking people's benefit cards & books off them. She got tumbled, done & victims all had loans written off, one shark was charging interest of 8.4m%, it's sad but some people are left with no option but to use them (PD loans). It is made worse by football clubs advertising them on their shirts also, this should be outlawed by the PL & FL. Link to comment Share on other sites More sharing options...
geared Posted October 18, 2013 Share Posted October 18, 2013 Thing is payday loan companies are an advertisers best mate, they've got loads of cash and they're more than ready to spend it. There's such competition in the market that they need to spend massive amounts on advertising to get the punters in. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.