cash converters (southampton)

Freddie_Snowbits

nomoneytoday wrote: »

Most bills don't fall due within 2 hours.
A utility or credit card bill usually has more like 2 weeks to pay it..

And come out of your comfort zone, to run a business and snow forces you not to do some work in a period. No money in, bill to pay. Do you wait until the last minute before paying the bill?

Jeff_Bridges_hair

Darksun wrote: »

Yes you can...

But they clearly showed it on screen look

Text on screen stated “£70 for 5 days = £9.22. Total repayable £79.22. Typical 2689% APR”

If you read the adjudication the advert got adjusted because of the quirky and easy nature that the advert implied. And that it implied that it was showing borrowing money in a 'fun light'.

It did not get pulled for not showing APR clearly.

Or some such other.

shaun_from_Africa

Most bills don't fall due within 2 hours.

Unless it's something unexpected like car repairs, a broken boiler, water leak etc, all of which may need paying for very urgently.

Freddie_Snowbits

midget_gems wrote: »

i.e. you can only take out a loan after 12 weeks of saving with them, and then a loan APR is aroughly between 12% and 15%.

And if I need to pay the card for my business today and I have been snowed in for a period, will the nice rose tinted happy house credit union get the money into my bank today?

midget_gems

It depends on the CU, but yes. some CU's do have emergency loan provisions in place depending on the amount and nature of the loan.

Of course its not as easy to get as from a highsteret lender, but this is unfortunately why they are so popular as CU's are ran within communities and actually benefit more from being smaller than larger, and tend not to advertise much at all.

There are also certain CDFI's that will grant same-day loans, but only for life-quality reason. I personally think this is a completely stupid limitation, but there is an organisation around here that can have you up to £100 on the same day, providing it is NOT spent on bills and such.

Freddie_Snowbits

Rose Tinted view on life
Single Mum "Hello Credit Union, my boiler has blown up and It is snowing, I need £400 to fix it now!"
Credit Union "Hi, we are of service to you, have you shopped with us before?"
SM "No, but I need to have my boiler fixed today, I am freezing"
CU (Jobsworth) "Sorry, unless you have banked with us for 12 weeks and get doiwn here before 11 am and fill our forms in triplicate, with 2 forms of ID and your fathers inside leg measurements, plus two independent referees, a work history, we may be able to give you some help next week"
SM "But I need the help today, not next week"
CU "Please do not run off to those nasty money lenders"
SM "Where else am I to go, you will not help!"
CU "But please do not go, we have tea and bscuits every Wednesday"

Darksun

Jeff_Bridges_hair wrote: »

But they clearly showed it on screen look



If you read the adjudication the advert got adjusted because of the quirky and easy nature that the advert implied. And that it implied that it was showing borrowing money in a 'fun light'.

It did not get pulled for not showing APR clearly.

Or some such other.

If you read the adjudication fully, it says that the on screen text showing the APR was not large enough (although Wonga instructed their advertising agency to correct this and broadcast a new version of their advert before the adjudication was published)

Freddie_Snowbits

And while the time, single mum, dear granny is still at home freezing and the victim huggers wait for the coroner's hearing, the committee is meeting to discuss the emergency funding

midget_gems

again, i'm not even constesting that there aren't any situations where these HS lenders arent useful, but they only occur so infrequently they resort to the shadier side of destroying lives to keep thier wallets fattened.

It doesnt seem that others have a rose tinted view of the world as you seem to have a dark view of the world, where everyones boiler is likely to explode in winter and everyone is in such dire of a situation that they are going to freeze to death because of it. Again, if someone (such as the elderly) were in a position that they didnt have £400 saved somewhere to pay for a boiler repair, do you think they are going to be able to come up with that amount + more within a week to pay off the balance of the loan before it skyrockets?

Assuming the worst, as is seeming common in the thread. They dont die in a day or two of freezing temperatures. Instead, they die over a period of a few weeks from malnutrition after resorting to a dog-food diet as thier oh-so helpful highstreet lender is off to Majorca for the fourth time this year with your grandmas pension.

Blitz01

shaun_from_Africa wrote: »

A bit of a bargain when you compare it to this lot.
https://www.wonga.com/

£200 for 20 days and the interest rate is 4214%

And you obviously have no idea how APR works.
For £200 for 20 days it isn't ANYWHERE NEAR that.