'Should we worry more about 10% interest than 2000% APR loans?' blog discussion

thelionel2000

Any loan that offers such I high percentage rate like that are evil. I have had a payday loan before and it has just finally been paid off. These companies are the scum of the earth and our goverment should have some kind off hold to stop these companies doing such an offer. I got a payday loan as i thought it would solve my problems but it just made them twice as worse.

thelionel2000

Sorry also as Martin said if their was more financial education for us and at our schools people would be aware off how bad these companies are.

wouldbeqaulitymoneysaver

Whilst they may be limited uses for these legalised Loan Sharks I don't think MSE endorsement of them speaks well for the care of MSE for it's Moneysavers. I mean 2000% makes the justly hated Banks look positively saintly and good value.:mad::mad:
It seems to put up an argument that the poor unquestionably should put up with interest rates way above the mainstream average.
I think deeper questions need to be asked about these Banks trying to be Banks and the provision of Loans for those on horrificially low income.

wouldbeqaulitymoneysaver

*As usaul the poor get it and this underlying situation is not being questioned let alone challenged* First it was Pre-Pay Meter Charges now it is extortionate Payday loans from Bucket shop Banking Institutions.*

Edinburghlass_2

wouldbeqaulitymoneysaver wrote: »

*As usaul the poor get it and this underlying situation is not being questioned let alone challenged* First it was Pre-Pay Meter Charges now it is extortionate Payday loans from Bucket shop Banking Institutions.*

Not quite sure where you are coming from on this and why you would bump up a thread that is 1.5 years old so I suggest you read Martin's more recent blog here...

https://forums.moneysavingexpert.com/discussion/3633245

and actually read the blog and see what Martin is doing regarding these type of loans and why he is asking user's for their opinions.