speed credit.

fwor

One thing that occurred to me about their website: would it be possible to make a case that they are misrepresenting their interest rate?

Specifically, is "16 534%" an accepted way to state an interest rate of 16,534%? I've checked the page source for their home page, and both references have a space instead of a comma.

Is anyone aware of any rules that state how numbers in the thousands should be represented in this context to customers in the UK?

DCFC79

dothebartman wrote: »

6 years of no credit for a £300 loan, wow harsh lesson!

Bet it turns out not to be worth it now,

jon142 wrote: »

16,500% that is absolutely nuts!

Take.... £400 it will cost you £196!!!! so u pay back nearly £600 for 28 days????

Thats what you get with pay day loans, yes its expensive but if used for a stop gap and only that then it should go smoothly.

joannaspanner

Have you seen the happy smiling people on the website?!? lol

KingElvis

joannaspanner wrote: »

Have you seen the happy smiling people on the website?!? lol

They are all genuine customers...the pictures were taken on the day they got their "loan"

A few weeks down the line, the pictures tell a different story.

Jesus wept, just had a look....£196 to borrow £400 for 28 days you'd have to be as mad as a badger.

joannaspanner

KingElvis wrote: »

They are all genuine customers...the pictures were taken on the day they got their "loan"

A few weeks down the line, the pictures tell a different story.

Jesus wept, just had a look....£196 to borrow £400 for 28 days you'd have to be as mad as a badger.

No you're wrong..


Mad as 2 badgers ! :eek:

DCFC79

KingElvis wrote: »

They are all genuine customers...the pictures were taken on the day they got their "loan"

A few weeks down the line, the pictures tell a different story.

Jesus wept, just had a look....£196 to borrow £400 for 28 days you'd have to be as mad as a badger.

It is quite expensive,

libramoon

these companies should loose there licence they only loan to weak vulnerable people they no they can get the money back by passing the debt to collection aggencies even if you dont pay...its wrong cause thats what has put the uk in so much debt its companies like wonga, speed credit,quick quid and the other hundreds of companies all these companies will be billionairs in a year from loaning to weak people and claiming the money of debt collecters insted , people on benefits seem to all ways get accepted more than if u work, as they no you wont be able to pay the loan back and they love the intrest rates ........... i say to who ever out there that is allowing these companies to do this to our country should be the one to pay i mean who in there right mind would allow this to happen or did they not see it coming or maybe they dont no all these companies are doin this try it for your self if u dont belive me anyone on benefits will be accepted and you no you cant pay it back as your on less than a 100 a week income but they will give you a loan.............. what the hell has this country come to what a crap goverment we have

bargainbetty

Libramoon - the people who take out the debts, sometimes fully aware that they will not be in a position to pay it back are equally responsible for their own misfortunes. I despise PDLs but they don't send people money at random. You have to ask.

Stronger regulation and limitations on APRs would be a start, but if you remove this altogether you may well end up going back to the days of loan-sharks. Wonga et al may be relying on people to default to make money, but they won't turn up on your doorstep with a baseball bat.

Tixy

libramoon wrote: »

...... they only loan to weak vulnerable people ......

They'd happily lend to strong and resistant people as well, I'm sure they would lend to me if I applied. But why would I or people in a similar position to me when I could use savings or borrow at a far preferable rate of around 6%.

Its not that they discriminate against people who can afford to repay them - its just that those people are very unlikely to apply in the first place.

libramoon wrote: »

...its wrong cause thats what has put the uk in so much debt its companies like wonga, speed credit,quick quid and the other hundreds of companies.....

Governments are borrowing from payday loan companies??

libramoon wrote: »

......i mean who in there right mind would allow this to happen.....

You see the thing with a free market and democracy - is that a company is free to set a price for a product, and then potential customers are free to decide whether or not they want that product at that price.
If nobody was prepared to borrow from a company with this level of charge - then the companies would cease to be viable and cease to exist.

dealer_wins

libramoon wrote: »

these companies should loose there licence they only loan to weak vulnerable people they no they can get the money back by passing the debt to collection aggencies even if you dont pay...its wrong cause thats what has put the uk in so much debt its companies like wonga, speed credit,quick quid and the other hundreds of companies all these companies will be billionairs in a year from loaning to weak people and claiming the money of debt collecters insted , people on benefits seem to all ways get accepted more than if u work, as they no you wont be able to pay the loan back and they love the intrest rates ........... i say to who ever out there that is allowing these companies to do this to our country should be the one to pay i mean who in there right mind would allow this to happen or did they not see it coming or maybe they dont no all these companies are doin this try it for your self if u dont belive me anyone on benefits will be accepted and you no you cant pay it back as your on less than a 100 a week income but they will give you a loan.............. what the hell has this country come to what a crap goverment we have

No one is forced to take out a payday loan, and at 16000% (even at 200%) only a complete and total idiot would ever take one out.