Bypassblade Posted October 18, 2013 Share Posted October 18, 2013 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. Yes there is, but not everyone knows this is available to them. Link to comment Share on other sites More sharing options...
Resident Posted October 18, 2013 Share Posted October 18, 2013 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. Explain how I've managed to use one such payday lender (switched jobs, needed to cover 3 days whilst pay went in) yet I now owe them nothing after paying them on time with the full amount. No cycle here and why, because I worked out what I needed, how long for and whether I could afford the interest/fees on the loan whilst sticking to the repayment. You can't soley blame the companies, they don't hold a gun in people's faces to take the loans out. Link to comment Share on other sites More sharing options...
truman Posted October 18, 2013 Share Posted October 18, 2013 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. Don't you have to have saved in one of those before they'll lend to you? Link to comment Share on other sites More sharing options...
Bonzo77 Posted October 18, 2013 Author 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. Well, I've been on here just a little longer than you have, and I think your post is one of the most ignorant I've ever seen. You obviously have the means to do research, or you wouldn't be on here. Companies like Wonga prey on people who can't afford to pay their loans back. Just think about it for a minute. Do you think they would rather have a customer that borrows £100 and pays it back within 1 month, or would they rather have a customer that borrows £100 and and ends up defaulting several times and paying back £800? Do some research, you'll be surprised! Link to comment Share on other sites More sharing options...
chem1st Posted October 18, 2013 Share Posted October 18, 2013 Don't you have to have saved in one of those before they'll lend to you? And pay a joining fee. Link to comment Share on other sites More sharing options...
truman Posted October 18, 2013 Share Posted October 18, 2013 Well, I've been on here just a little longer than you have, and I think your post is one of the most ignorant I've ever seen. You obviously have the means to do research, or you wouldn't be on here. Companies like Wonga prey on people who can't afford to pay their loans back. Just think about it for a minute. Do you think they would rather have a customer that borrows £100 and pays it back within 1 month, or would they rather have a customer that borrows £100 and and ends up defaulting several times and paying back £800? Do some research, you'll be surprised! If they can't pay back £100 how will they ever pay back £800? Link to comment Share on other sites More sharing options...
Bonzo77 Posted October 18, 2013 Author Share Posted October 18, 2013 Explain how I've managed to use one such payday lender (switched jobs, needed to cover 3 days whilst pay went in) yet I now owe them nothing after paying them on time with the full amount. No cycle here and why, because I worked out what I needed, how long for and whether I could afford the interest/fees on the loan whilst sticking to the repayment. You can't soley blame the companies, they don't hold a gun in people's faces to take the loans out. You've used one of these lenders?!?! Seriously, I used to work for HSBC; good luck getting a mortgage! Link to comment Share on other sites More sharing options...
SpikeMac Posted October 18, 2013 Share Posted October 18, 2013 If they can't pay back £100 how will they ever pay back £800? Over a very long time. At a disgraceful rate of interest. In truth, many will never pay it back. Hooked for life. Bled dry by a parasitic industry. Link to comment Share on other sites More sharing options...
Bonzo77 Posted October 18, 2013 Author Share Posted October 18, 2013 If they can't pay back £100 how will they ever pay back £800? They end up paying back far more than the original £100, over an extended period. Link to comment Share on other sites More sharing options...
Resident Posted October 18, 2013 Share Posted October 18, 2013 You've used one of these lenders?!?! Seriously, I used to work for HSBC; good luck getting a mortgage! Yes I have and why would paying back a creditor on time and in full, showing that I'm not a credit risk negatively affect whether I could get a mortgage? I used it because there was a 3 day gap from the day I used to get paid to the new day I got paid. My DD were due out the day after I used to get paid so I used a payday lender in the manner they're setup for, as a service to bridge the gap. I think it cost me about 7 quid. Again, you're blaming companies for individuals bad choices. If they don't understand what's involved then they should make the sensible decision and not take out loans they don't understand/can't afford. I don't (fully) understand nuclear physics so guess what, I've decided I'm not going to build a nuclear reactor! (ok outlandish example but the point stands) Link to comment Share on other sites More sharing options...
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