Payday Loans

bargainbetty

Deleted_User wrote: »

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

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

Ah, I remember that one - classic, all-time, top-ranking dumb!

The point of ethical loans are that they do exist. However, they require a reasonable likelihood of repayment.

Being brutally honest, there are those who run up debt with no intention of repaying it. If there was such a service - fixed rates, support network, charity etc, how badly would the con-artists do them over with 'poor-me' stories? Be out of business in a month.

If people need those support networks, they are there. It is not the responsibility of the finance houses to push people towards them. Sorry, I know they advertise in scummy ways, but sooner or later a person has to take responsibility for the choices they make. If you take out a loan knowing the money won't be there to repay it (and if you look at it properly, you'd know either way) then you will end up paying a price.

sparklefrog

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?

His bad credit wont affect yours. Stop bailing him out.or he will continue to use and abuse them knowing mum will come to the rescue.
Its a tough lesson to learn but one he needs to learn really soon. Its seems cruel but in the end you will be doing him a favour that will last a lifetime even though he wont appreciate it at the time.

pcombo

KingElvis wrote: »

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

If thats referring to my OP, Then you couldn't be further away from the right reason.

Im not that desperate for a night out i would borrow money. And as for the "electronic tat" if im right i think u mean bookies betting machine, again i would never be that desperate to gamble.

Such a horrible comment regardless of who its directed at!!!

KingElvis

^^ not aimed at you in particular, it's aimed at anyone considering getting these things out.....no idea where you're going with gambling / bookies comment, strange. By electronic tat, I mean phone, consoles, tellys etc

Anyway, when I was a student, I was as poor as a church mouse...I survived some weeks on only a few pounds and I mean a few pounds. If I was cold, I put layers on, if I was hungry I bough cheap food like bread for toast, if I needed money I would find a job that fitted round my life there.

I have been poor, well off, broke and all other things in my life but I have NEVER been desperate enough to line the pockets of the crooks who run these companies.

There you are, like it or not that's my opinion...offensive? so be it.

JuicyJesus

Fair_Friday wrote: »

If the company charged a reasonable set fee per £100 borrowed

Let's say, for every year you have the debt, charge about 20p in the pound. So each month, we're talking about £1.70 per £100. Seem fair?

conducted more in depth underwriting of the applicant so to not put them in an even worse debt position

I agree. They should take full details of incomings and outgoings, preferably look over recent bank statements and perform analysis to find out what the person's existing money is going on and whether repayments are sustainable, and also do a credit search to ensure they aren't already overly indebted.

clients who did not meet this criteria could be referred to a charity to help with severe debt problems

Indeed, in fact, they could be given leaflets about financial difficulty, including details of the CCCS, and also given information on how to find out what's on their credit file so they can remedy it, if that's an issue.

Oh wait, all that exists, it's called a bank. Or a credit union.

People go to payday lenders because no other !!!!!! will lend to them. Unfortunately they fail to clock that usually if a bank refuses to lend to you, it's for a very sound reason, and that maybe unless it's an absolutely dire emergency borrowing money is not in their best interests.

I agree with the other person who says about potential "won't pay"s getting into credit unions soon. Most CUs seem keen to lend people small-ish sums of money, especially people otherwise excluded from mainstream credit. Something tells me that they will soon learn the hard way that most of the time they are excluded from mainstream credit for a damn good reason.

rdchick

Credit Unions (or at least the ones near me) make you put in 3 months worth of savings before giving you any money and even then it's only £500 more than the savings you have... So not as impulsive as PDL's but yeah I probably wouldn't get involved with them... xxx