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MSE News: Payday lenders must comply with new rules from today



  • Stevie_Palimo
    Stevie_Palimo Posts: 3,306
    1,000 Posts Combo Breaker
    BillJones wrote: »
    I'd agree with that. As we see on here, though, all too many people use them for the most ridiculous reasons, without appearing to ever consider what will happen the following month.

    Some on here also seem a bit confused by the overly complex view that they can be a mistake to take, but that if you do then you ought to stick to the terms of your freely entered-into contract.

    I just don't get I'm afraid - You know for me I was brought up in believing that if you borrow something you then give it back.

    And for me working within this industry I do see both sides but seriously in the vast majority of cases when a person gets in to trouble with payday loans it is there own stupidity that got them there in the first place.

    Ie: Claiming to earn 20k a year when in fact they are part timers on maybe 5-10k, Or having a loan with one Company and then doing the rounds to get further loans from elsewhere, I mean come on get a grip why on earth would you go from one to another to another without attempting to pay the first one back.

    I also see that there are genuine lenders who do there best to ensure that people only borrow what hey can afford and also help by extending things when a issue arises, It is after all about communication and as long as people are straight then most of the lenders will help you out to a point.

    For me running a payday site I would only ever target people of a certain age and a certain income and whilst this costs me more money to buy the data sets I require it does make me sleep easy knowing that I am not targeting 18 year olds who want only beer tokens and may have a problem paying it back.

    The industry is like many others within the UK and elsewhere which will have genuine people that work within it as well as lets say more colourful individuals who do not give a hoot about what they do.
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