Avoid pay day loans!

Duke203

Lou67 wrote: »

Shocking interest, :eek: and these companies should be banned!

But, it was used for a (real) emergency according to the OP. Should they not have had the opportunity to sort the emergency out (whatever it may have been)?

I agree, the interest is shocking. Almost as shocking as the mark up on Apple products, BMWs, and Monster Cables. Add these to 'The List' too?

spacey2012

2013 will be the year of the money lenders.

nyc_451

I once gave a loan for a young person who wasn't supposed to get it because he didn't have enough income per year. But he was rejected everywhere else and he only needed a hundred, so I did it for him. Not to get a new customer, but genuinely wanted to help and he left very surprised and grateful. Promised to myself that if he comes back to borrow again, I will find him and tell him off!

I used to feel really bad about selling pay day loans but now I don't. Well at least not as much... Usually we see a grateful customer when he takes a loan first time, then he can't repay it, therefore has to roll over the loan and is upset with us, then he sees something bad about pay day lenders on a TV and gives us even more sh*t. I get a feeling that if they had an opportunity, they would do worse things to me for money than I am doing right now. Sorry.

Deep_In_Debt

iaintw wrote: »

These payday loans charge a lot of interest to pay your loans. Here is my advice do not used payday loans! You will be in debt a lot more and you will have finance problems too.
these payday loans should been banned forever they don't know the laws in this country.
They are not allowed to give you a miss payment at all eg one payday loan charge £20 for a late payment and more ones £45
Your banks can help you further with brorrowing eg loans, overdrafts, credit cards etc.
why dont you do the same thing to not go to payday loans its so simple.
Payday loans companies should offer assistance your money issues that you have and its in lending code.

The reason why people often resort to taking these loans is because their bank won't help them due to poor credit/banking history. I'm sure most people would have tried their bank before resorting to these sharks.

SnowTiger

Determined_diva wrote: »

I totally agree with you but to explain where I ended up with re occurring ones and I suspect some others may be the same...

I borrowed for an emergency ( a real emergency might i add)as I didn't have the money

So, apart from a payday loan, what other options were available to you and why didn't you take one of them?

I get the thing about payday loans being bad and that they should be outlawed.

I'm just wondering why, when faced with an emergency, a real emergency no less, you chose to take out a payday loan rather than taking another option.

Chrissie72

dresdendave wrote: »

If Payday lenders were BANNED who would the vulnerable, needy and desperate resort to? The mainstream lenders wouldn't want to know so presumably their only option would be illegal, unregulated Soprano-like loan sharks. When they're lying in their hospital beds having their knee caps repaired I bet they'll thank you for banning PDL's.

Unbelievable! :eek: The worrying thing is, that I actually think you believe what you're saying. It makes me feel like losing faith in humanity when someone actually supports payday loan companies, with their horrific interest charges and their 'continuous card payment' method of payment in the bank that you can virtually NOT stop. Just wait until you cannot pay them one month. And the interest sky rockets. Will you be so supportive of these dreadful loan companies then?

smuggs1707

Do not go to cfo lending they are thieves and fraudsters and take money from your account whenever they like, be aware do not use these fraudsters, i have reported them.

Determined_diva

SnowTiger wrote: »

So, apart from a payday loan, what other options were available to you and why didn't you take one of them?

I get the thing about payday loans being bad and that they should be outlawed.

I'm just wondering why, when faced with an emergency, a real emergency no less, you chose to take out a payday loan rather than taking another option.

Because I had no other option snow tiger - bad credit file and no family/friends to borrow from

As stated I knew apr and what would happen. This post is to help others not to make the same mistake if they can help it, it was not intended to be a moaning post from me.

Chrissie72

Duke203 wrote: »

But, it was used for a (real) emergency according to the OP. Should they not have had the opportunity to sort the emergency out (whatever it may have been)?

I agree, the interest is shocking. Almost as shocking as the mark up on Apple products, BMWs, and Monster Cables. Add these to 'The List' too?

That comparison makes no sense.

Chrissie72

Determined_diva wrote: »

Because I had no other option snow tiger - bad credit file and no family/friends to borrow from

As stated I knew apr and what would happen. This post is to help others not to make the same mistake if hey can help it, not a moaning post from me.

Thanks Determined Diva, but no matter how much you or anyone else warns of the ills of payday loan companies, some people are determined to insist that they're 'fine.' I just can't believe some of the stuff I read on here sometimes.