cash generator

Denning.

blue_mango wrote: »

Yes, so that's how pay day loans work in our company as well. I just don't understand why the OP has to pay double amount just for being late one day. She didn't say those extra 42 pounds would cover next month's interest but would only be the charge for being late which doesn't make sense to me, especially because it's a pawnbroking loan.

Because like mentioned above, it is a fee for a set period of time. Doesn't matter if you want to extend by 1 day or 28 days, the feed remains the same. It is done for exactly this reason, as people often set the repay date with no room for unforeseen events, and they get out of some legislation.

nyc_451

Thanks.

P.S. It made me feel a bit better about my company as we are nicer to people than that! :eek:

Denning.

blue_mango wrote: »

Thanks.

P.S. It made me feel a bit better about my company as we are nicer to people than that! :eek:

TBH, I doubt it is through choice. The whole industry is somewhat scared of a change in the law, they know that if they charge £200 for going a day late it won't be long before Parliament close them down, so they settle for £30. If your company is a PDL more like wonga then they are bound by different rules then the company above. EU law demands that creditors allow early repayment with minimal expense, of course if you charge a 'fee' for a set period and not an 'interest' rate, you avoid that.

LeeTheLad

Remember each shop is it's own franchise. So the charges may vary.

Fruit_and_Nut_Case

LeeTheLad wrote: »

Remember each shop is it's own franchise. So the charges may vary.

As has been explained already...

woodbine wrote: »

most branches are franchises that will explain why they do things differently

LeeTheLad

Sorry for trying to help!

Mrs_Ryan

I extended my item over the phone when I had just had an op and couldn't get out the house (the op had ended up being bigger than expected) they did this without a problem, maybe you could've asked for them to do that?