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"Millions turn to payday loans, claim insolvency experts"
Comments
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Exactly, the loans are well unwritten and designed to cover eventual default.
If anything these people are much better at assessing risk than most banks. Sad but true.
Not quite true. They are very adept at looking for collateral.
Look at the rise in so called Log Book loans. Someone in the business tells me that these are extremely profitable, because they can also make money out of the administration involved in selling on a vehicle when default does occur.0 -
My issue with Pay Day loans is how easy they make it... you can arrange one via a bloody iPhone app.0
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