SpikeMac Posted October 18, 2013 Share Posted October 18, 2013 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) But, you don't need to build a nuclear reactor. And you are bright enough to know that you don't understand nuclear physics. You aren't really in the target demographic for payday lenders. Link to comment Share on other sites More sharing options...
Jim Hardie 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). Why don't you put yourself forward as a voluntary arbiter? Wonga could refer potential customers to you first and you could decide whether or not they are intelligent enough to take out a loan. While you're at it you could declare them fit or unfit to buy a lottery ticket, enter a bookmaker's premises or buy alcohol at supermarket prices. But why stop there? With your wealth of knowledge in the housing field, you could advise them who to rent from. They would be so much better off if only you could make all their decisions for them Link to comment Share on other sites More sharing options...
AdamSmith Posted October 18, 2013 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 are not their target customer in my opinion, you obviously and quite rightly understand the deal, their target customers do not or dont care!! i dont blame the companies they are just running a business ethical or not, the people that take the loans and dont understand them or the consequences have been around in one form or another for years!, they dont need to hold a gun to their heads just wave 70 inch flat screen tvs and white goods in their faces all to be had for a few pounds a week:roll: there is one born every minute:roll: Link to comment Share on other sites More sharing options...
GLASGOWOODS 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. I think he means can't pay back on the date agreed.So then it gets rolled over to the next payday, with just the interest paid for that month.. This is what makes PD loan companies happy. ---------- Post added 18-10-2013 at 20:16 ---------- 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). Finance should be taught in schools as one of the most important subjects.. ---------- Post added 18-10-2013 at 20:23 ---------- 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) Payday loans are frowned upon by banks. If they show up on your credit report(even if you never missed a payment) the banks are less likely to lend..They see it as someone who is desperate financially. ---------- Post added 18-10-2013 at 20:26 ---------- you are not their target customer in my opinion, you obviously and quite rightly understand the deal, their target customers do not or dont care!! i dont blame the companies they are just running a business ethical or not, the people that take the loans and dont understand them or the consequences have been around in one form or another for years!, they dont need to hold a gun to their heads just wave 70 inch flat screen tvs and white goods in their faces all to be had for a few pounds a week:roll: there is one born every minute:roll: They lend to businesses turned down by the banks. Do you think business owners are all thick? Link to comment Share on other sites More sharing options...
geared Posted October 18, 2013 Share Posted October 18, 2013 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). Why don't you put yourself forward as a voluntary arbiter? Wonga could refer potential customers to you first and you could decide whether or not they are intelligent enough to take out a loan. While you're at it you could declare them fit or unfit to buy a lottery ticket, enter a bookmaker's premises or buy alcohol at supermarket prices. But why stop there? With your wealth of knowledge in the housing field, you could advise them who to rent from. They would be so much better off if only you could make all their decisions for them I like his thinking, slowly take away their rights claiming they are too stupid and incapable of looking after themselves then finally classify them as a separate species and chuck all the chavs in a zoo. Link to comment Share on other sites More sharing options...
Hots on Posted October 18, 2013 Share Posted October 18, 2013 Payday loans are frowned upon by banks. If they show up on your credit report(even if you never missed a payment) the banks are less likely to lend..They see it as someone who is desperate financially. Aaah the banks, those paragons of good sound financial virtue. Link to comment Share on other sites More sharing options...
GLASGOWOODS Posted October 18, 2013 Share Posted October 18, 2013 Aaah the banks, those paragons of good sound financial virtue. Aye... I wonder what your average bank would charge you over 30 days for a £100 unauthorised overdraft? I'm sure someone on here could give us an answer... Link to comment Share on other sites More sharing options...
Stan Tamudo Posted October 18, 2013 Share Posted October 18, 2013 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. I'd have borrowed £80 from a family member or a friend, sod paying Wonga interest. Link to comment Share on other sites More sharing options...
Shogun Posted October 18, 2013 Share Posted October 18, 2013 Yes good idea,be glad to see the back of those annoying wonga dummy adverts:rant: Link to comment Share on other sites More sharing options...
Cyclone Posted October 18, 2013 Share Posted October 18, 2013 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) You do have a point, but I'm not against the government partially protecting people from their own stupidity... Capping the rates would be a start. Link to comment Share on other sites More sharing options...
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