Absolutely sickened by the constant pay day loan adverts everywhere!

CashRequired

What I really hate about companies such as pay day loan companies is that they prey on the desperate.

I wouldn't even consider pay day loan companies even as a last resort.

I_luv_cats

Tv (esp. Sky news) PPI, Payday loans and accident claim on a loop


Email PPI, Accident Claims, Payday Loans, Spam prize wins, fake Wire transfers and failed deliveries.


Texts PPI, Acident claims

Home Phone luckily I am fairly free of them as don't answer international and most withheld numbers.

nyc_451

It's nice to know some parents are explaining children that pay day loans are no good. I see quite a few families who are taking loans together, some parents even bring their teenagers with them...

endora

ILW wrote: »

If you don't like the product, don't buy it.
Are we really all that pathetic that we feel that adverts need to be banned?

WE are not that pathetic because we are here reading this but many people out there are desperate and/or just plain ignorant.

I would say the same about other things like tobacco advertising, why is it not allowed? don't we all know the effects of smoking? Why are seatbelts and child car seats compulsory, don't they trust us to look after ourselves and our children without legislation?

Funny how the nanny state wants to 'protect us' from many *dangers* yet they do nothing to curb PDL ads.

I agree, they should be banned. :j

Growurown

Yes it is good that parents are discussing this with their children. Sadly too many children don't have that. I don't think some people do look at these products that carefully. They just see a way of getting money they need quickly and easily. It solves their immediate problem and rates of interest just don't figure. The constant adverts are a pain and I think they do take advantage of vulnerable people.

cottonhead

I totally agree that these adverts are harmful and that desperate and vulnerable people will fall for it. I did and I cant wait for the day I am free. I feel disgusted with myself and would even say it makes me feel dirty. Yes I could have said no but its not always that easy at the time.

Like others have said its not legal to advertsie cigarettes anymore and thats for a good reason. If we want to get the state of the economy better and if we want to stop individuals getting into a spiral of debt and depression etc etc then payday loan adverts should be banned. Yes people will still find out about them and still use them but it might reduce the amount of vulnerable applicants.

flippin36

Growurown wrote: »

Yes it is good that parents are discussing this with their children. Sadly too many children don't have that. I don't think some people do look at these products that carefully. They just see a way of getting money they need quickly and easily. It solves their immediate problem and rates of interest just don't figure. The constant adverts are a pain and I think they do take advantage of vulnerable people.

Good news is that my 13 yr old came home from school and her maths lesson was about the dangers of payday loans (good on that teacher I wondered if he is one of us ). I asked her what did he teach you and she said pretty much what I had already told her, don't touch them with a barge pole! We really need to have more education like this.

lesgeo2012

Wonga ad's scare me. Not because of the horror that is their interest rate.......it's those OAP puppets. They creep me out!

FireWyrm

blue_mango wrote: »

It's nice to know some parents are explaining children that pay day loans are no good.

My 8 year old spotted the flaw in the whole thing the first time she watched one...if you didnt have the money now, what makes you think you will have the money to pay them back when payday comes around.

I'm sorry, but PDL loan interest is CLEARLY marked on all correspondence and in the small print at the bottom of the adverts. You have to be an adult to take one out, and as for their tactics of 'believing' you about your income...why were you lying then? Its the same for self-cert mortgages. I 'lied' on my original self-cert, I lumped my income with my husband and called it my own, but I never INFLATED the total! People bleat about the nasty evil bankers who allowed them to get 'into trouble' but the truth is, many people collude in their OWN downfall and then blame everything else but themselves.

PDLs exist because there is a demand, just like there was a demand for stupid mortgage multiples. They give an adult the amount of money asked for, no questions and all they ask is that they are repaid, on time and in full. The debtor agrees to all requirements and conditions before hand and is presumably fully aware.

Growurown

FireWyrm wrote: »

I'm sorry, but PDL loan interest is CLEARLY marked on all correspondence and in the small print at the bottom of the adverts. You have to be an adult to take one out

Agreed - however who said all adults have sense? People still smoke when everyone knows it is harmful to health. People still take illegal drugs having no idea what's in them. Some adults need protecting from themselves unfortunately. I'm sure (like all credit) PDL's have their place if they are used responsibly. The difficulty lies in where to draw the line. We could increase the price of alcohol to discourage heavy drinking but that then punishes those who drink responsibly. A PDL used sensibly is fine but a lot of people take them out in desperation and get stuck in the downward PDL spiral. PDL companies know this and use it to their advantage.