Well....seen it all now

philnicandamy

http://news.bbc.co.uk/1/hi/business/8408287.stm

and all for 997% apr....:rolleyes:

Yep....loans by txt :eek::eek::eek::eek::eek:

and they say 90% of people pay the loan back within a week....wonder what they do with the rest?

nervousmother

I cant get that to work phil, but is it to do with the text loans? you borrow £100 and pay back £110 the following week?

RichesToRags

Yup, and apparently they are responsible lenders because they make sure you have £400 a month in income before they lend it to you!

alastairq

so..they want back one week's income?

I can see the attraction at this time of year...the pressures are huge...

plus, once taken up, how much sales pressure will be applied to take out more?

and.....only 90% of customers pay back within the week...so what happes to the other 10%?


I suspect they are banking on people missing the due date...even by a day?

[work it out, one really has to organise the repayment literally within a day...to allow time for the funds to reach the Loan company's accounts....can you trust your bank...or..theirs??]

confused76

..............by text?!

i hate this whole payday loan type culture. allegedly aimed at people who borrow for one month then pay it back - their justification for the high apr. in reality many people don't pay them back after one month and get into a vicious cycle of these things paying back stupid interest each month. i hate them :mad::mad::mad:

dojoman

Crazy, is there nothing that these cowboys will do to get people to lend money. On another note since we were declared BR, we are getting bombarded vial mail and email for these payday loans, do they trawl the insolvency register for the info, or is it coincidence?

confused76

dojoman i had heard of people trawling the insolvency register but i thought it was after discharge :eek: i've not had anything..yet

nervousmother

Iv never being offered anything by payday loans or anything similar. The text loan one you have to first registar on their website.. there was a news story yesterday morning on the beeb.. These companies should be banned.

Thatcher44

These payday loans are truly terrible, did anyone see Dispatches this week? They featured payday & doorstep loan companies who charge astronomical interest rates to those who can't get credit elesewhere.

confused76

missed that one thatcher but saw something similar a few weeks back...should be illegal

nervousmother

I missed it too, shame. Think more of these should be on tv and hightlingt more what is actually happening in the real world.. maybe if there was enough attention the goverment would actually do something about them..