Payday Loans

arcon5

KingElvis wrote: »

I bet it's for electronic tat or some other shizzle like a night out.

That's one hell of an assumption

KingElvis

arcon5 wrote: »

That's one hell of an assumption

Thank you, one of my specialities....after a few years on here your spidey sense starts to tingle.

Apples2

arcon5 wrote: »

That's one hell of an assumption

But an all too common trend we see regularly, along with holiday spending money and wedding paraphernalia (white doves and a marching band of swans).

[Deleted User]

And my all time favourite - a birthday party for a one year old.

Because otherwise he'll miss out and be scarred for life.

Fair_Friday

Hi all, I know payday loans have a bad reputation and rightly so to be honest. What would be your thoughts on an ethical payday loan company? If the company charged a reasonable set fee per £100 borrowed, conducted more in depth underwriting of the applicant so to not put them in an even worse debt position, clients who did not meet this criteria could be referred to a charity to help with severe debt problems and finally a percentage of profits given to charity. Would this be a more attractive proposition? Things need to change in finance but would this be a good step?................or am I dreaming?

KingElvis

Apples2 wrote: »

But an all too common trend we see regularly, along with holiday spending money and wedding paraphernalia (white doves and a marching band of swans).

I would go to Wonga myself if they could supply marching swans playing instruments.

jumperjohn

Fair_Friday wrote: »

Hi all, I know payday loans have a bad reputation and rightly so to be honest. What would be your thoughts on an ethical payday loan company? If the company charged a reasonable set fee per £100 borrowed, conducted more in depth underwriting of the applicant so to not put them in an even worse debt position, clients who did not meet this criteria could be referred to a charity to help with severe debt problems and finally a percentage of profits given to charity. Would this be a more attractive proposition? Things need to change in finance but would this be a good step?................or am I dreaming?

Oh my, it's Bank of Dave! Hello, I enjoyed your program!!

Apples2

Fair_Friday wrote: »

Hi all, I know payday loans have a bad reputation and rightly so to be honest. What would be your thoughts on an ethical payday loan company? If the company charged a reasonable set fee per £100 borrowed, conducted more in depth underwriting of the applicant so to not put them in an even worse debt position, clients who did not meet this criteria could be referred to a charity to help with severe debt problems and finally a percentage of profits given to charity. Would this be a more attractive proposition? Things need to change in finance but would this be a good step?................or am I dreaming?

They would go out of business. The whole business model would not be robust enough.
If you tighten the lending criteria, the majority of applicants would fail so your customer base plummets.

If you charge a resonable figure for borrowing, where does the extra money to cover the defaulters come from?

ALL debt puts you in a worse position than you were before (you are swapping your own money for your own money + £xxx Interest)

The more ethical and reasonable you are, the more people will abuse it. A company exists to make money, as much as possible.

As more and more people become educated, it is a fair assumption popularity of Credit Unions will rise. It will be interesting to see what happens when they see a huge increase in the "Won't Pay" brigade and they have been risking savers money to lend with.

You are describing a World where the PDL companies are the bad guys and the customers are the good guys, this is not true at all.

If everyone who borrowed repaid on time a competition war between lenders would erupt leading to lower rates of interest..... that aint gonna happen anytime soon.

Pointing those who are desperately looking for even more credit toward the debt charities seems the only viable option at the moment.
Until we reach a complete Nanny State, people will be free to choose either more credit or an understanding of the alternatives (DMP, IVA, BR)

Dark_Quanta

Hi,
Does anyone know if it is possible to have your home address blocked with these payday loan companies. I have no interest in them but my son uses them. I have had to bail him out several times. He's 21 and if he wants to dig a hole thats his affair but I dont want his credit issues showing up attached to my address hense the bail out. Are these companies obliged in any way to refuse loans to a specific address if requested to do so by the home owner?

Apples2

Dark_Quanta wrote: »

Hi,
Does anyone know if it is possible to have your home address blocked with these payday loan companies. I have no interest in them but my son uses them. I have had to bail him out several times. He's 21 and if he wants to dig a hole thats his affair but I dont want his credit issues showing up attached to my address hense the bail out. Are these companies obliged in any way to refuse loans to a specific address if requested to do so by the home owner?

Credit Files are a personal thing and are not assigned to an address so it should never impact the homeowner.

As for removing your address in any case, unlikely. If we could do that I wouldn't have a pile of Pizza leaflets on my doormat waiting for me later.

Consider kicking him out, I moved out of the home I grew up in at 17yrs of age, he is milking your hospitality. His mess will always end up being your mess if he stays.