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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 5th Dec 12, 9:05 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: 'Four million tempted' by payday loans, survey says
    • #1
    • 5th Dec 12, 9:05 AM
    MSE News: 'Four million tempted' by payday loans, survey says 5th Dec 12 at 9:05 AM
    "Some 8% of people surveyed by R3 said the cost of the festive season is driving them towards considering a payday loan..."

    Last edited by Former MSE Jamie; 05-12-2012 at 11:55 AM.
Page 1
    • gadgetmind
    • By gadgetmind 5th Dec 12, 9:16 AM
    • 10,550 Posts
    • 8,304 Thanks
    gadgetmind
    • #2
    • 5th Dec 12, 9:16 AM
    • #2
    • 5th Dec 12, 9:16 AM
    Isn't the clue in the name? Aren't these loans supposed to be paid off in full come pay day?
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • jobdone1
    • By jobdone1 5th Dec 12, 9:44 AM
    • 623 Posts
    • 493 Thanks
    jobdone1
    • #3
    • 5th Dec 12, 9:44 AM
    • #3
    • 5th Dec 12, 9:44 AM
    Surely if you cant afford things then you don't take out a loan with MASSIVE interest their must be other ways you can enjoy Christmas it is only 24 hours after all. Remember this has to be paid back on your next pay packet.
    • dealer wins
    • By dealer wins 5th Dec 12, 6:22 PM
    • 5,577 Posts
    • 10,443 Thanks
    dealer wins
    • #4
    • 5th Dec 12, 6:22 PM
    • #4
    • 5th Dec 12, 6:22 PM
    Ah, so we have nailed sown how many financially stupid adults we have in the UK then at last.

    Useful survey for once
    All replies are super fluffy and nice, and newbies are so lovely and welcome. PPR never again!
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 5th Dec 12, 6:33 PM
    • 4,714 Posts
    • 4,816 Thanks
    poppasmurf_bewdley
    • #5
    • 5th Dec 12, 6:33 PM
    • #5
    • 5th Dec 12, 6:33 PM
    Ah, so we have nailed sown how many financially stupid adults we have in the UK then at last.

    Useful survey for once
    Originally posted by dealer wins
    I don't really think that is right.

    For every one client of Payday Loan Company we hear about, there are probably about a hundred who pay back their loans in full on time and are quite happy about the deal.

    I can speak from experience of when I was in the financial mire and was being floored with horrendous bank charges, bounced cheques and late payment fees. If payday loans had been around then, they may well have helped me, but I had to make do with what was then available.

    Payday loans are ok if they are treated with respect, but those we often read of on here take out a loan knowing full well they will be unable to meet the repayment when it falls due. Doing this is asking for trouble but it seems to be developing into a national sport for some people from what I can see on these forums.

    We can't take away something that is useful for 99% of people just for the sake of the 1% of idiots.
    There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O.S. Nock
    • Moneymash
    • By Moneymash 5th Dec 12, 6:45 PM
    • 502 Posts
    • 1,095 Thanks
    Moneymash
    • #6
    • 5th Dec 12, 6:45 PM
    • #6
    • 5th Dec 12, 6:45 PM
    I predict there will be a lot of post Christmas posts about payday loans and people not realising what they have signed up to. For those that will get paid earlier than normal due to Christmas, the long gap between December and January pay will probably see some sucumb to the lure of a payday loan. Other's will take one to 'get through Christmas'.

    It used to be that some poeple were still paying off Christmas 3 to 4 months into the year, with a payday loan this could result in the entire year.

    Maybe MSE should have a sub forum for payday loans.
    Debt-Free day 30th September 2014
    Increased pension contributions
    Emergency fund £1000
    • DCFC79
    • By DCFC79 5th Dec 12, 6:47 PM
    • 27,203 Posts
    • 17,265 Thanks
    DCFC79
    • #7
    • 5th Dec 12, 6:47 PM
    • #7
    • 5th Dec 12, 6:47 PM
    Surely if you cant afford things then you don't take out a loan with MASSIVE interest their must be other ways you can enjoy Christmas it is only 24 hours after all. Remember this has to be paid back on your next pay packet.
    Originally posted by jobdone1
    I bet there are people who do stretch the whole "must be paid back by payday" and then cry wolf when the lender raids said account.

    Then there are people who take 1 out and have every intention of paying but they lose their job and then get into difficulty paying the loan back.

    Then theres people who end up rolling over the loan due to apparent unforseen circumstances cropping up and just end up getting further and further into the spiral of debt.

    Cutting expenditure is a way out.
    Last edited by DCFC79; 05-12-2012 at 6:54 PM.
    Je Suis Charlie
    • dresdendave
    • By dresdendave 5th Dec 12, 8:37 PM
    • 508 Posts
    • 521 Thanks
    dresdendave
    • #8
    • 5th Dec 12, 8:37 PM
    • #8
    • 5th Dec 12, 8:37 PM

    Cutting expenditure is a way out.
    Originally posted by DCFC79
    Are you seriously saying when money is tight people should reduce their spending?

    Why not be really radical and suggest they should learn to budget and live within their means.
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