Avoid pay day loans!

Brains64

jobdone1 wrote: »

Well apples2 so very quick and good research, How can they get away with claiming that this Julie is a real borrower when its clear its a lie. Or am i missing something hear.

Not at all missing anything, it's a deception for sure and it is very bad, shouldn't be allowed, I agree.....but....well...here comes the really disturbing thought, is it only payday lenders and affiliates that make up false "happy customers" on their ads??, doubt it, I reckon we see this all the time being done by all kinds of other businesses when they advertise, even established big names that we trust for their integrity do this, so frankly, we can't expect much higher ethics from loan sharks can we??

meer53

UsetheFORCE wrote: »

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.....

They aren't lending recklessly, it's the reckless borrowing that's the problem.

opinions4u

UsetheFORCE wrote: »

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.

But you don't have the facts and figures to back up your assertion that the borrower is going to default. I'd hazard a guess that a PDL customer can forecast with relative accuracy what percentage of their loans won't be recovered and price accordingly. A minority of customers in the group you describe will default.

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

Please explain what the benefits to any lender of "reckless lending" are.

UsetheFORCE

meer53 wrote: »

They aren't lending recklessly, it's the reckless borrowing that's the problem.

It is clearly both, although armed with the correct information, there would a lot less reckless borrowing if there was a lot less reckless lending!!!

UsetheFORCE

opinions4u wrote: »

But you don't have the facts and figures to back up your assertion that the borrower is going to default. I'd hazard a guess that a PDL customer can forecast with relative accuracy what percentage of their loans won't be recovered and price accordingly. A minority of customers in the group you describe will default.

Please explain what the benefits to any lender of "reckless lending" are.

They are probably the people who they shouldn't be lending to in the first place...if they did that, they could stop charging rip off rates!

Exactly, go on then, explain the benefits??? Why lend to someone who is heading down **** creek already!!! Probably because they might be able to fleece the poor sod of some money!!!

RECKLESS LENDING doesn't mean they ain't going to make money out of it, it just means they don't give a damn how they make it!!!

spacey2012

The company behind the famous pay day loan company is bankrolling the coalition parties.
I think you can expect relaxation of guidelines, if anything.
indeed we are entering a new "dawn"
2013 will be the year of the money lenders.
You can buy a lot of favour these days with your donation money.

rdwarr

Mara69 wrote: »

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

Better still, hit the "unsubscribe" link. They really do work.

Mara69

jobdone1 wrote: »

Thank you MARA69 clearly thinks i want to advertise.

You don't get irony, do you?

iolanthe07 wrote: »

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

And as long as people are unable to budget or live within their means.

nyc_451

jatropha wrote: »

So many of the horror stories about payday loans that I see....

Could you please tell me a few? I am just curious.

Chrissie72

blue_mango wrote: »

Could you please tell me a few? I am just curious.

Just google 'payday loan horror stories' 'payday loan problems' 'payday loan nightmare' There are 100s, nay 1000s of tales of woe on there about these parasites. And also, here is a little light reading for you.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9690420/Ombudsman-receives-50-new-payday-loan-complaints-a-month.html

And out of these 1000s of complaints about the payday loan companies, that the financial ombudsman receives; they are favouring the customer in 8 out of 10 cases. Speaks for itself really doesn't it?

Still, I am sure even after my post here, someone will come on and find something favourable to say about them.