Payday loans

UsernameAlreadyExists

£800,000,000
Hope that helps in your research.

rickyhyde89

dealer_wins wrote: »

A complete guess, but I would say an applicant like you describe would be lucky to get £500 in total.

They may get one or 2 small PDLs from the less stringent companies, but would soon be declined everywhere due to multiple applications appearing on their credit file.

Thanks for the reply.

From my understanding of the industry, payday companies only perform credit checks to make sure they are a real person and do not check the applicants full report for payment history and other applications?

jacques_chirac

rickyhyde89 wrote: »

Can we keep this thread on topic??

I can not get accurate data as I do not want people to effect their credit files by making a lot of applications and as already mentioned the lenders are not going to disclose their criteria.

If you are not replying to give an estimate then please do not comment

Have you discussed this with your tutor? You should do this for two reasons: the first being you need someone to reign you in before you mess up your coursework, and the second, you should have approval from your ethics committee before undertaking person centred research.

John1993_2

rickyhyde89 wrote: »

Can we keep this thread on topic??

I can not get accurate data as I do not want people to effect their credit files by making a lot of applications and as already mentioned the lenders are not going to disclose their criteria.

If you are not replying to give an estimate then please do not comment

We could have saved a fortune on the LHC had we just invented our research as you intend to do instead of actually carrying it out...

bargainbetty

rickyhyde89 wrote: »

OK so what do you suggest, I get the loans myself to see how much I can get?!?!?! There is no accurate way of gathering the data required other than asking people who may have applied for these loans before who are in a similar situation or ask the lenders!

Please refrain from commenting if you do not have anything useful to say

Exactly how many people do you know who have no bank account, have only ever been paid in cash and still live with their parents? You need a bank account for just about everything now, and it is impossible to obtain a payday loan without a bank account to pay into. The vast majority of people have some form of bank account from the age of 16 or younger. Part-time jobs are rarely cash-in-hand these days due to tax rules and there is a paper trail on you as soon as you have a national insurance card.

Unless you can find a person on this forum who exactly fits this profile, you would need to contact the lenders themselves and ask about their 'official' lending criteria.

Anonymous forums are unsuitable research tools at the best of times due to hearsay, personal agendas and other biases, and we're one of the nice ones. Your data would be flawed and any study you produced would also be flawed.

If you intend to ask a control group to make the applications for you or do it yourself, please note that repeated applications to PDL companies would show up on your credit file and may suggest an inability to manage your funds to the stage where you become unable to obtain mainstream lending - you would be legally obliged to advise any test group of the risk to their files should they partake in your study.

Edit: Sorry, you just want a random number. OK. £850. I think you'd get that far before it started to flag up.

Have you gone through an application at all? Have you read the legal declarations you have to make as part of the applications about your ability to repay, and the penalties if you fail to do so? Have you considered the fraudulent aspect of repeated applications stating that you can afford the repayments?

I have a sneaking suspicion that you wish to highlight the dangers of payday loans and the dreadful habit they have of letting people have money they ask for.... while utterly ignoring the fact that to get the thousands you originally mentioned a person would essentially need to commit fraud to do it.

Responsible lending is important, and so is responsible borrowing.