Avoid pay day loans!

jatropha

Just ban them - almost by definition they [STRIKE]prey on[/STRIKE] 'help' the low-paid or people with bad financial judgement. They allow these people to put off difficult decisions about their finances and ultimately land them in a whole pile more doo-doo than they initially had coming to them. That is where they make their money - by keeping people on the hook at those lovely high interest rates (regardless of how they try to portray their business model).

Morglin

Payday Loans are marginally better than loan sharks, as the local thug abides by no 'rules' whatsoever.

But, the best answer, before you need a loan, is to join a Credit Union - save a little every month, and then even the poorest can borrow at a reasonable rate of interest.

They should be better advertised and encouraged by the government.

Lin

jatropha

At least with a loan shark you have some protection in the form of the police - and they don't have the power to take money directly from your account.

The benefit of not having these firms was that people were obliged to face up to their financial difficulties. So many of the horror stories about payday loans that I see seem to relate to essentially well-intentioned people who took out a loan to cover existing loan repayments or to pay priority bills, whereas a more sensible option would be to negotiate directly with their creditors. In the end they are left with the problem of having to pay the original debt and a hefty and mounting interest bill to the payday loan company.

That is not progress in my book.

jobdone1

Just been flicking through my emails and came across an email from busy bees ( I though nursery or something like that ) so i opened the email only to read it was another pay day loan email. :eek:

I though i heard them all how wrong am i.

They are popping up every place possible this is going to end in tears in years to come.

What a disgrace the fsa should get a grip of this if they have the powers. :mad:

Mara69

Delete the e-mail and move on, instead of advertising the company here.

jobdone1

Mara69 wrote: »

Delete the e-mail and move on, instead of advertising the company here.

Wind your neck in, I am not advertising you fool

DCFC79

jobdone1 wrote: »

Just been flicking through my emails and came across an email from #### #### ( I thought nursery or something like that ) so i opened the email only to read it was another pay day loan email. :eek:

I though i heard them all how wrong am i.

They are popping up every place possible this is going to end in tears in years to come.

What a disgrace the fsa should get a grip of this if they have the powers. :mad:

Why should or would the FSA get involved ?

dealer_wins

I get emails and post offering me loans and credit cards virtually every day, what is so special about "busy bees" doing this as well?

AFK_Matrix

Oh and its thought btw.And good luck trying to stop spam emails lol.

jobdone1

dealer_wins wrote: »

I get emails and post offering me loans and credit cards virtually every day, what is so special about "busy bees" doing this as well?

My point is the shock at how many more of these sharks that are coming to the market. Surely something should be done to try and stem the flow.

This country is in enough s**t financially that's going to affect the next generation because of the culture that people have got used to of live for today don't care about tomorrow.