Avoid pay day loans!

jobdone1

Just done a quick google search on how many payday loan companys in the uk and i'm shocked. Yes their are the brokers but hows has this been allowed to get out of control.

Apples2

jobdone1 wrote: »

Just done a quick google search on how many payday loan companys in the uk and i'm shocked. Yes their are the brokers but hows has this been allowed to get out of control.

Tesco Express are the same, they have completely monopolised the area I live in.

jobdone1

Its bound to go full circle at some point surely.

dealer_wins

jobdone1 wrote: »

Its bound to go full circle at some point surely.

Already has...

http://www.fullcirclefinance.com/commercial_lending.php

~Brock~

Not only is this thread hilarious, but as a bonus I have discovered the meaning of genital hiatus as well !! :money:

opinions4u

jobdone1 wrote: »

Just done a quick google search on how many payday loan companys in the uk and i'm shocked. Yes their are the brokers but hows has this been allowed to get out of control.

We used to have nearly a thousand building societies.

Down to about 50 now.

The world isn't a better place as a result.

DCFC79

jobdone1 wrote: »

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.

I dont think anything can be done to regulate the flow of pay day lenders.

DCFC79

jobdone1 wrote: »

Just done a quick google search on how many payday loan companys in the uk and i'm shocked. Yes their are the brokers but hows has this been allowed to get out of control.

Because theres a market for them, the new ones have seen they can be part of it and set up shop.

UsetheFORCE

opinions4u wrote: »

If I lend £200 to 10 people who promise to repay £260 a fortnight later, and at least 8 of them do, I make a profit.

Any assessment of risk by a lender is on the basis of "will this subset of customers make me a profit?" - PDL companies make money out of rollovers. They have assessed the risk. Just because 10% to 20% ail to repay doesn't mean the risk hasn't been assessed.

It would seem pretty certain in such a situation as I listed that the borrower is going to default, that is certainly not a proper assessment of risk, an application should be assessed on it's individual merits.

You shouldn't be allowed to lend recklessly.....

iolanthe07

Pay day lenders will continue to prosper as long as employers are allowed to pay crap wages.