Alan Sugar blasts the payday loan companies

Stormchaser_2

http://www.mirror.co.uk/money/personal-finance/lord-sugar-blasts-legal-loan-1460508

Good for him. And he's right that those ridiculous gran and grandad puppets DO give these loan sharks a 'softer' image, and they try to make it humorous and endearing to get into deep debt with a loan with extortionate rates.

_Andy_

Agreed, the adverts are offensive. Clever I guess, in that they make a product associated with stress/guilt/whatever into something 'fun' or 'funny' but it's lame. Scarily though I guess it works.

opinions4u

I would seriously consider restricting the adverts to press only and get them off the TV screens and internet.

I would also introduce a 48 hour cooling off period during which time funds CANNOT be released by the lender.

OneLife_OneShot

I think people who have had difficulty repaying these PDL's like myself at oe time should be banned from taking them out the way a bank or normal lender would decline credit. But then again I guess thats how they make their money.

_Andy_

conisme wrote: »

I think people who have had difficulty repaying these PDL's like myself at oe time should be banned from taking them out the way a bank or normal lender would decline credit. But then again I guess thats how they make their money.

It's a tough one. I mean I get where you're coming from but then what if you were in a truly urgent situation - couldn't eat/feed kids etc..

Arwen

conisme wrote: »

I think people who have had difficulty repaying these PDL's like myself at oe time should be banned from taking them out the way a bank or normal lender would decline credit. But then again I guess thats how they make their money.

I see what you are saying, but that would remove the point of them.People who can borrow from their bank or a normal lender wouldnt touch a payday loan due to the exorbitent rates of interest.

Personally I would rather see people use Credit Unions.

worried48

Yes but you can't get money that quickly from a credit union.

opinions4u

Credit unions a Payday Loan companies are offering very different services.

katydo12

I always said I would never use a payday loan company.. then last month I did. I've just paid it off and Im in the same boat again, obviously since I didnt have the money in the first place!
Its a very bad circle and as someone above said, the adverts do make it look like its nothing serious.
Then again, what did people do before these payday loan companies were around?? They havent been there for ever.

Wywth

What does that multi-millionaire know about being short of a few quid at the end of the week to, for example, feed the leccy meter???

I'm no great fan of these payday loan companies myself, but they are doing a roaring trade, so the demand is clearly there. Surely it is better to use these regulated lenders, even at the high prices they openly publicise, rather than relying on the unregulated door step lenders of the past that would always roll over your loans, would never tell you how much it was costing (since chances are they make it up as they go along) and would cause a lot more hassle if you failed to pay them than these payday loans companies ever do. :eek:

[Deleted User]

katydo12 wrote: »

Then again, what did people do before these payday loan companies were around?? They havent been there for ever.

People just coped, basically. Years ago, I hit my lowest point financially, no money, no job, no anything. 2 days until my JSA would come through and all I had in the flat was one carrot, one potato and a stock cube.

So behold the invention of the carrot, potato and stock cube soup. Split that over the next two days and slept a lot.

Whether I would have resisted the temptation of a PDL or similar has it been available then, I can't say for sure. But I know that I wouldn't today, even if I was once more staring at a carrot, a potato and a stock cube.