Payday Loans -Please read and agree!!!

Blackpool_Saver

The Provvy were worse, remenber the Provvy man with his van full of goods, first he sold you the never ending loan, and then you bought his stuff too

LovelyLeeds

simon2010 wrote: »

In your capacity please help/ start a campaign to get pay day loan companies banned.

Over the years there have been a number of e-petitions started on MSE - here's one:

http://forum.moneysavingexpert.com/showthread.php?t=3613571

The thread bombed as did the petition.

Why, precisely, do you want PDLs banned - and why did you think Martin Lewis would back this?

sharpy2010

meer53 wrote: »

Maybe we should start a thread for people who use them as they're supposed to be used ?

Good plan, in fact, I'm going to do it right now!

See https://forums.moneysavingexpert.com/discussion/comment/49747347#Comment_49747347

property.advert

The very fact that they have been driven out of part of their base operations in the USA before preying on the UK should be reason enough.

Don't ban them but simply impose a maximum APR by law. I suggest 30%.

yesican

simon2010 wrote: »

Maybe I should have posted in the debt forum.................

Maybe I would have a got a better understanding than the t*** that go you should pay back what u owe...... YES WE ALL UNDERSTAND THAT ONE.

f sake.

get real, read the stories and see the misery.....

No need for this Simon2010!!!

I never seem to understand why people come to this forum to ask questions,seek advice etc and when they get/dont get responses-they start getting all worked up!

Please,be prepared to get different opinions from people cos we all see it differently.

BTW Simon2010,if i got it all wrong,then i do apologise.Please be patient and people will get back to you..

chopper78

Used wisely, a Pay Day Loan is fine. (Never used one myself, mind). Wonga.com would lend me £400 now and expect £461.49 to be repaid to them in 14 days. Or £517.48 in 28 days. Whatever. I expect they would indeed cause my life to be a misery if I didn't pay them back the agreed amount in the agreed timescale. Cheaper than an unauthorised overdraft. Halifax, for example, charge £5 per day for unauthorised overdrafts. A credit card would be cheaper, and I am surprised that the 'reputable' PDL companies are happy to give you £400 credit when a credit card company wouldn't.

The problems arise if either you don't repay as agreed, or if you need to take out another payday loan to pay off the first one, and then a third one to pay the second, etc etc... This is when your problems snowball. This isn't the PDL company's fault for existing.

Apples2

Obtaining money by deception is the real issue.
If people didn't make any old promise and say whatever is necessary in order to take a PDL then there should be no issue.

Here's a line from Wonga's website

None of these things are worth risking if you have doubts over whether you will be able to repay a loan comfortably. If that's the case, please don't apply in the first place.

Please explain OP, why doesn't that simple line deserve reading?

Wutang_2

property.advert wrote: »

The very fact that they have been driven out of part of their base operations in the USA before preying on the UK should be reason enough.

Don't ban them but simply impose a maximum APR by law. I suggest 30%.

I suggest 31.3% and the correct use of the word 'parasitic'.

iolanthe07

I suggest 30%.

30% would not be nearly enough to insure against the losses incurred in this type of lending. Remember, these high interest rates are protection against the certainty that a proportion of borrowers will default. The ones who do pay back are subsidising the no-hopers, which may not be fair, but is, alas, life.

[Deleted User]

As an ex. payday loaner (only 1 to pay up now woo hoo) will not be using their services ever again
I would loooovvvveeee to agree,
but,
won't it bring back the proper awful slug and thugs?? (illegal loan sharks)


Even Lord Sugar mentions PDL's in his new book - but I agree with you on one thing lord Al - your right we must not be the most gifted academically to be using them in the first place !!