OMG is this for real???

freebird65

Hey Mike....very valid points and I agree - I'm just thinking (now I've calmed down a bit!) that surely they can still run the business on less outrageous rates?

freebird65

And ZTD makes a very valid point....borrow £50 from a mate for one week and then pay him back along with a drink for thanks......assuming a pint/whatever costs £2.50 that would be 5% for one week making an APR of 260%!!!

The whole thing starts to look different when you look at it from that angle.

Mike_St_Helens

But say you lend £100 over say 20 weeks @ £5... would you be able to go to and from someones house for a profit of say £30 for 20 weeks..... so you get £1.50 per visit and you as the lender have to pay tax, petrol, car etc etc etc

Its a hard topic really, interests me... but where there is a need...

dlb

Have to admit to using this sort of thing myself in the past, Shopacheck and they do charge stupid APRS.

But at the time had no money for kids birthday pressies, and yes once you show them you are a good payer, they try and throw money at you.!!

Wouldnt use again EVER

Chrismojam

There's another company called Greenberg or is it Greenhill? that do the 'doorstep' lending.....OH's parents used to use them (don't know if they still do...bloody hope not..) bu they are like Provident.....extortionate interest rates.....

I remember back when I was 16 (yes I can remember that far back....it was 16 years ago...) I got Provvy vouchers......for clothes probably.........probably paid well over the odds back.....but I never got checked for my age...I mean you are supposed to be 18 to get credit......I lied...........didn't have to provide proof..and was never asked for any......... and I AM SURE the guy knew (or at least suspected) I wasn't yet 18....thankfully.....I was a bit warely of getting credit from them back then....so didn't get it very often......but that's only because I was a pretty sensible teenager......I've made up for it since:p

KathrynPenguin

Not only is it for real, my husband would snap their hand off trying to grab his loan.

Soon to be ex husband - nuf said!

Mike_St_Helens

Its a very interesting thread this...

Chrismojam

KathrynPenguin wrote:

Not only is it for real, my husband would snap their hand off trying to grab his loan.

Soon to be ex husband - nuf said!

Quite right...nuf said!! I take it you've 'seen the light'....and he's still in the dark?

Mike_St_Helens

But still...In dire straights, I poss would use them if i needed money in an emergency.

all_hours

Mike_St_Helens wrote:

But still...In dire straights, I poss would use them if i needed money in an emergency.

You made some good points. For someone on a low income or low disposable income - it would work out cheaper paying the high interest rate than it would to save up and use the launderette or throw food out that goes off.

But for people on benefits isn't there a social fund or crisis loan for fridges and cookers?