Paydayloan nightmare!!!

bexiboo92

FireWyrm wrote: »

Then dont use them...go without whatever one was thinking to buy. Its what human kind has done since the dawn of money (an many billions continue to do today). My 7 year old could spot the flaw in the PDL structure - namely, if you havn't got the money this month, what makes you think you'll have the priciple AND the interest next?

PDLs would cease to exist tomorrow if the public simply stopped using them. No legislation necessary.

The point is they provide easy access to money that people wouldn't be able to get otherwise. An 18 year old who's got a job but has no real credit rating wouldn't be able to get a loan from the bank, but would be able to get a pay day loan. And to be quite honest, whether it be a 20 year old or a 40 year old struggling to pay for things, they THINK they're able to pay back these loans.

We can't ban them but people need to be educated about the consequences if you can't afford to pay them back.

I'm in the cycle myself and for the first few months I was absolutely fine; I could pay off what I'd borrowed without killing myself, but one default and I was ruined.