Absolutely sickened by the constant pay day loan adverts everywhere!

bexiboo92

Having been stupid enough myself to get into the pay day loan very dangerous and never ending circle of debt and read others stories about pay day loans on here as well, I am absolutely disgusted by the fact these companies pop up with adverts everywhere. Watching tv, every 2 to 3 adverts there's a pay day loan lender advertising.

Why can these companies not be banned?!?!

I haven't applied for a loan in over 2months, yet I receive daily calls and emails from loan companies.

I wish there was something someone could do to get rid of these companies for good!

j.e.j.

Yes and it just goes to show how much money they must be making if they can even afford to advertise that much on tv. I know advertising on telly used to cost an eye-watering amount of money (so many thousands of £££ per so many seconds, I think)

Hopefully if Martin manages to get financial education introduced in schools youngsters will get savvy about things like pay-day loans. Don't touch these companies with a barge pole!

bexiboo92

j.e.j. wrote: »

Yes and it just goes to show how much money they must be making if they can even afford to advertise that much on tv. I know advertising on telly used to cost an eye-watering amount of money (so many thousands of £££ per so many seconds, I think)

Hopefully if Martin manages to get financial education introduced in schools youngsters will get savvy about things like pay-day loans. Don't touch these companies with a barge pole!

Wish someone had've prewarned me!

doobiesis_2

bexiboo92 wrote: »

Wish someone had've prewarned me!

Surely the amount of APR would have forewarned you? I would rather be living on the street starving with no money than ever take one of these loans out!

Skinto_7

Cant say i am a fan of the adverts, although they are usually as tacky as the product they supply which in itself would be enough to stop me using them, thats if the 17256%APR plastered across screen doesnt warn you off first.

As much as it might not be the most ethical way of making money, these companies clearly advertise what they are, what they do and how much they charge, people use them knowing the facts, so dont really have much right to complain or get the adverts banned IMO

ampafc

I think we all know and appreciate that payday loans are a bad thing to get involved with. I know this first hand - and I'm still trying to pay mine off.

The thing is, they prey on people's desperation for money. No matter how much we have to repay on the next pay date, that doesn't worry us. Because we just want the mioney there and then for whatever reason. It's only a month or two down the lione, when your debts become huge as a result of these payday loans, that you realise 'I probably could have managed without getting that extra £100/300/whatever.

Companies like Minicredit charge you £3 every time for a failed debit card payment - and do this 50 odd times on occasions - costing you an extra £150 for no reason. The fines these companies add are disgusting - but they will be in the ts and cs somewhere. Which you agree to when signing up - the desperation for this money clouds our judgement completely.

I, for one, hope that serious regulation comes into payday loan lending. I think there should be only one or two companies allowed to do it, and interest fines should be seriously capped.

I am learning my lesson about how bad these loans can make your life. I know that I will NEVER take one out again.

If you are ever thinking about taking one out - please take a moment to clear your mind and think of the other options available to you. Do an extra shift. Cut down on your expenses - whether it be getting rid of Sky TV, dropping down a brand level or whatever. Borrow off your mum and dad, or a friend. You might feel a bit silly about it at the time, but believe me, a couple of days of akwardness/feeling sorry for yourself is better than months/years of having to pay back these horrible companies huge amounts of money.

kimminess

I can't stand the amount of adverts there are either!!

Personally, I don't think pay day loans should be banned as they do serve a purpose when used correctly as a short term solution, but I don't think they should be able to advertise in the way that they do.. I also *hate hate hate* how jokey the adverts are, like taking out a loan isn't a serious thing..!!

Gettingtherequickly

Add to that the various bingo ads, preying on the vulnerable.

VitaK

Saw one I haven't seen before the other day. All you need is a trusted friend or family member as a guarantor... 'Horror Horror' and something with bankruptcy. What a wonderfull way to drag friends and family down with you.

flippin36

The worrying thing is that my teenage daughter seems to know the strap lines by heart to those adverts. I was talking about money to OH and she said "you want to go to quickquid mum"!!:eek: So when I heard one of them come on I rushed into the room and pointed out the apr at the end of the ad. I explained to her how much the apr on our loan is compared to that of quickquid to give her an idea of how bad they are. Even at 13 her face looked like this _pale_ They are aimed at desperate people who have no other way of getting credit quickly. Its so sad to see them being normalised like other financial products. I too would rather starve than take out a payday loan - but saying that I have never been in a situation where I can't feed my kids, buy nappies or turn the heat on for them when its cold. It must be tempting .

runninglea

when my children comment on these loan adverts, I take time to explain them and get them to look at what interest rate they charge.

I think the last one my son commented on was logbook loan

When I explained that if I went in and borrowed £100 then guess how much you have to pay back. He said 150, I said no £600.

Now when they come on, he says rip off!