High Interest Rates!

Tixy

jonsyt wrote: »

She was stupid and she learnt from it i hope . But these are the type of people these companies pray on

I think this would be better solved by better financial education, rather than stopping payday loan lenders.

Payday loans, when used properly (short term emergency, ability to repay in full without needing to borrow again), can be a massive help to people with poor credit ratings. Better a payday loan company, and their very high interest, that a loan shark.

CHR15

This is why we NEED statements on the side of coffee cups to say "WARNING _ The contents of this cup may be hot"

The stupidity of people can never be underestimated. common sense is a thing of yesteryear and has no place in modern society - replaced wholly by the compo/sueing culture.
Nobody is responsible for their own actions any more, do something wrong - sue someone for allowing you to do it.

Take a stupid loan out - it was the lenders fault so should be voided.

What a sad, sad World.

Paul_the_Painter

I'd be in favour of a limit to the interest charged, but also the ability for a lender to charge a fixed "set up" or "paperwork" fee. So say 50% or 100%, but being able to charge an additional £15-20 per loan for set up.

If there is not that fixed fee, it would not be worthwile to lend for short periods to "risky" individuals.

_Andy_

jonsyt wrote: »

She was stupid and she learnt from it i hope . But these are the type of people these companies pray on

I'm sure there's nothing religious about it.

geoffky

People think its ok to rip these company's off then scream blue murder when they get their money back.
Anyone foolish enough to go near them are playing with the devil and i would say that if your history is full of not paying back and your credit rating is shot then 175% is a fair rate..
Can someone who disagrees with me tell me what rate they should pay..

Jeff_Bridges_hair

poppasmurf_bewdley wrote: »

Apparently, many of these companies have come over from America because these loans have been banned over there.

No they havent though.

Peelerfart

geoffky wrote: »

Anyone foolish enough to go near them are playing with the devil and i would say that if your history is full of not paying back and your credit rating is shot then 175% is a fair rate..
Can someone who disagrees with me tell me what rate they should pay..

Yes Geoff 275%

KingElvis

^^^ if someone's proved themselves to be rubbish with money I wouldn't lend them a shirt button let alone real money.

If it's 2% or 275% or 2 Squillion %....if they don't pay, it doesn't matter.

poppasmurf_bewdley

Jeff_Bridges_hair wrote: »

No they havent though.

Better tell the BBC then. That's what was said on the radio.

Jeff_Bridges_hair

Ahh yes, the BBC. Never once been caught out telling half truths in the search of a good story to whip up public fury and anger. In fact quite a few states have outlawed the practice but a lot still allow it - though I believe the federal govt has slapped on a total APR of 30 odd% for those who are forces families who may ever need to take one out.