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MSE News: Payday loan reform latest: Will charges be capped?
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Former_MSE_Helen
Posts: 2,382 Forumite
in Loans
"Labour is claiming victory in its crusade to cap the cost of payday loans..."
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I think that if they do, lenders wont lend which will push more people bankrupt.Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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people that borrow them tend to be high risk end of the line, if companys see them as high risk they are not going to lend and this will cause people to have no option but to go bankruptDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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I would imagine that any cap would be set at a level that does not hamstring the sector or prevent the legitimate use or availability of short term or payday loans.
A cap doesn't have to be too prohibitive if the aim is to just cut out the worst current practice.Still rolling rolling rolling......
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SIGNATURE - Not part of post0 -
people that borrow them tend to be high risk end of the line, if companys see them as high risk they are not going to lend and this will cause people to have no option but to go bankrupt
Surely people go bankrupt because they borrow too much money? And therefore if they are refused loans they are less likely to go bankrupt?poppy100 -
Such a shame that they didn't launch their 'crusade' back when they where actually in government, isn't it. Or would that have been too easy?
also getting the country into the state it isDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0 -
if they cap the rates the companies will just install some different conditions (eg when you borrow money its for a minimum of 21days)
they will probably stop lending to people who want it for a couple of days.0
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