Gazza58 Posted October 18, 2013 Share Posted October 18, 2013 If you cant afford it,dont buy it. Link to comment Share on other sites More sharing options...
AdamSmith Posted October 18, 2013 Share Posted October 18, 2013 Buyer beware is the old Adage! If people are stupid enough to fall for the glitzy adverts without reading the small print then more fool Them and they deserve to get ripped off !!!! Link to comment Share on other sites More sharing options...
Bypassblade Posted October 18, 2013 Share Posted October 18, 2013 Buyer beware is the old Adage! If people are stupid enough to fall for the glitzy adverts without reading the small print then more fool Them and they deserve to get ripped off !!!! I fully understand Adam, but as I said sadly, some people find that they have no alternative; I would imagine. Link to comment Share on other sites More sharing options...
Cyclone 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. Do you not understand what an APR is? It's annual. If you pay 16% in 10 days, I hate to imagine what the annual rate is, but it must be in the thousands. Link to comment Share on other sites More sharing options...
Leah-Lacie Posted October 18, 2013 Share Posted October 18, 2013 Quote: Originally Posted by Resident 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. Do you not understand what an APR is? It's annual. If you pay 16% in 10 days, I hate to imagine what the annual rate is, but it must be in the thousands. It is something like 5000% APR but as the maximum term is 30 days, if you repay on time it shouldn't be an issue. As a poster above, I used them once, the calculator makes its clear what and when you need to repay, something like £100 over 30 days costs about 135 to pay back. You can also repay it early or in installments and save on interest. Posted from Sheffieldforum.co.uk App for Android Link to comment Share on other sites More sharing options...
Bonzo77 Posted October 18, 2013 Author Share Posted October 18, 2013 Thanks for your input. It's spelt 'whole' by the way...................... Thanks for your input.....I don't care, by the way! ---------- Post added 18-10-2013 at 17:06 ---------- 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. Does it matter whether their terms are clear?? They only want customers who can't afford to pay them back! They should be subjected to the same advertising restrictions as cigarettes. Link to comment Share on other sites More sharing options...
Ms Macbeth Posted October 18, 2013 Share Posted October 18, 2013 I fully understand Adam, but as I said sadly, some people find that they have no alternative; I would imagine. There's always the Credit Union. http://www.sheffieldcreditunion.com/ These are very successful around the world, and were set up to help people who struggle to save and/or borrow. Link to comment Share on other sites More sharing options...
Resident Posted October 18, 2013 Share Posted October 18, 2013 Thanks for your input.....I don't care, by the way! ---------- Post added 18-10-2013 at 17:06 ---------- Does it matter whether their terms are clear?? They only want customers who can't afford to pay them back! They should be subjected to the same advertising restrictions as cigarettes. Really? You're really suggesting that these companies go out of their way to gain customers who can't pay? I've been on SF a long time and quite frankly that just about tops the list of the stupidest thing I've seen posted. Link to comment Share on other sites More sharing options...
AdamSmith Posted October 18, 2013 Share Posted October 18, 2013 Really? You're really suggesting that these companies go out of their way to gain customers who can't pay? I've been on SF a long time and quite frankly that just about tops the list of the stupidest thing I've seen posted. he is unfortunately correct ! as underhand as it seems this is a business its not a caring profession they know that they have got someone pretty much for life once they sign up!! a never ending circle that they cant stop so the thing to do is not start in the first place and as someone has already said there are far better and cheaper ways through credit unions.................but then again they dont have sparkly big ads on the telly!! i used to use a finance company years ago for a business to finance customers, they needed us to get the customers so they could charge door to door rates of over 1800 %APR, once in the loop it is a way of life for some right or wrong. Link to comment Share on other sites More sharing options...
chem1st Posted October 18, 2013 Share Posted October 18, 2013 Interest rates need to be capped. We need anti usury laws for that. But we also need to control who gets these loans. Some people can be deemed to be mentally retarded to such a degree that they aren't legally allowed to consent to sex for example. Yet they would be capable of getting one of these loans. Many people don't understand these loans, they can't even add up, let alone understand compound interest. They shouldn't really be allowed to take these loans out in the first place, unless they understand the potential consequences (which could be lessened massively with anti usury laws). Link to comment Share on other sites More sharing options...
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