Pay day loans should be banned !!!

ciscokid

StevieJ wrote: »

Obvious lack of empathy, I hear that statement from time to time and wonder what exciting events the particular person participates in.

Eh?.......

Peelerfart

StevieJ wrote: »

Obvious lack of empathy, I hear that statement from time to time and wonder what exciting events the particular person participates in.

When not in work as a Financial advisor,he devotes what little time he has to the spreading of joy and happiness to those less fortunate than he.

I'm surprised at you Stevie

SKIPPY

Hax wrote: »

As I've always said, if Payday loans are used as intended - which is as an advance on ones wages and NOT as an extension to them then they are very handy and should cause no problems. Problems only arise when those taking out the loans have no self control and use them to extend their "normal" monthly wage.

You should only ever use them if you are 100% sure that you can repay them in full when agreed and can then just walk away from them.

Sadly many people don't use them the way they should ..... not mentioning any names of course!!!

jamesy1986

I've used payday loans in the past, never had a problem with them. Last week I borrowed £70 for 8 days, paid £80 back the day my wages came in. I'm happy, Wonga is happy, I got the advance I needed. Yes, I'm out a tenner, but it was either that or starve.

Ofcourse, if you're using them you need to identify why, which I did. But its always something that can be used well if used sensibly when things are out of your control, like wages coming in late or payments being wrong.

Tigerlillieuk

It is a scam, it should be illegal, but no one is asking enough fundmental questions....and johnny public will allow their smokescreen to continue by shfting the blame back to the borrower (you shouldn't have borrowed it)....do you think if you approach a serial killer and said "You shouldn't be killing people" they'd reply "oh yeah, right enough, thanks, didn't think of that!!!!" Wake up and smell the coffee...this whole thing stinks![/QUOTE]

SOMETHING SHOULD BE DONE SO THESE MONEY LENDERS CAN'T RUN THESE SCAMS. THE GOVERNMENT NEED TO MAKE A BAN ON THIS. and yes I want to shout it from the roof tops.

jamesy1986

You arent being forced to borrow money at gunpoint.

If you don't like it, don't borrow. If someone can't control themselves, yes there should be some responsability from the company, but its probably impossible to tell.

ciscokid

jamesy1986 wrote: »

You arent being forced to borrow money at gunpoint.

If you don't like it, don't borrow. If someone can't control themselves, yes there should be some responsability from the company, but its probably impossible to tell.

Some of us have nowhere else to turn (ie. banks not taking us serious) and now these companies have mysteriously all sprung up....too big a coincidence. How did I learn about these companies? After I was rejected a mainstream loan suddenly I was flooded my post/email/text a million companies who somehow KNEW i was in financial difficulty, and knew full well I would give in to them.

ILW

Tigerlillieuk wrote: »

It is a scam, it should be illegal, but no one is asking enough fundmental questions....and johnny public will allow their smokescreen to continue by shfting the blame back to the borrower (you shouldn't have borrowed it)....do you think if you approach a serial killer and said "You shouldn't be killing people" they'd reply "oh yeah, right enough, thanks, didn't think of that!!!!" Wake up and smell the coffee...this whole thing stinks!

SOMETHING SHOULD BE DONE SO THESE MONEY LENDERS CAN'T RUN THESE SCAMS. THE GOVERNMENT NEED TO MAKE A BAN ON THIS. and yes I want to shout it from the roof tops.[/QUOTE]

I must be missing something but, where is the scam?

jamesy1986

ciscokid wrote: »

Some of us have nowhere else to turn (ie. banks not taking us serious) and now these companies have mysteriously all sprung up....too big a coincidence. How did I learn about these companies? After I was rejected a mainstream loan suddenly I was flooded my post/email/text a million companies who somehow KNEW i was in financial difficulty, and knew full well I would give in to them.

I use to work in a job cold calling people to sell them stuff. Vast majority of people had little interest even though I was very good at the job. I don't know if all the people I sold to could afford the product (a tv service), however, it was ultimately up to them.

Some of us have no where else to turn. I'm one of those people. Thats why I'm here, learning to reduce my spending and begin planning to get out of debt within the next year and a half. If you're in debt, you're in debt for a reason. Payday loan companies do not need to claim to be moral sants, they are there to make money. It will be helpful to some who know how to manage it, and dangerous to others. We're grown adults, learn some self control.

I have been rejected credit from proper banks and companies many times, I am yet to get an email or phone call from a pay day company who know my situation.

ciscokid

The scam was that with the banks tightening up their lending policy, they created the framework in which these companies can operate. I was brought up to believe that no matter what happens to you, you NEVER borrow from the provident. There is a bad social stigma against borrowing from the likes of the provident, these pay day loan companies just simply would never have worked 10 years ago. No one would have went for it. So the banks (who need more ways of making money) tighetn up the lending, fund a bunch of pay day loan companies, and make more than they couild ever dream of making through responsible mainstream lending.