MSE News: Beware: Payday lenders posing as credit unions online

Former_MSE_Darryl

"Payday loan companies are posing as credit unions in an attempt to lure new customers, a real credit union is warning...."

Read the full story:

Payday lenders posing as credit unions online



Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

heartbreak_star

That's appalling! I hope some sort of authority can pull them up on it.

HBS x

[Deleted User]

Bit harsh, and we seem to have the thread title wrong? "Payday loan brokers" are posing as credit unions in an attempt to lure new customers, a real credit union is warning.

Got to ask yourself why is there this exploitation in the system? in the first place
Maybe there isn't really a nanny state? I know of no real angel in sales and marketing for any business, sorry for my grumpiness :money:

On the other hand I would pay to see a particular debt charity undercover y'know! ohh that would be interesting

wannabe_credit_free

Disgraceful. They should have their brokers licence revoked....:mad:

Morglin

That's awful, and they should have their licenses revoked.:mad:


Debt agencies etc., are advising people to use Credit Unions, rather than these payday sharks, for very good reasons - they are respectable, reasonable and do not operate a rip off.:T

Local Credit Unions are easily found online, and no broker is needed anyway.


Lin

ConsumerWizkid

There will be never be an easy way to regulate the payday market. It's just too damned profitable as a broker. Even if a broker has a CCL, they can hire a web development company to create a string of dodgy looking sites that push traffic to their broker forms.

Like these guys: loansforabadcredit.co.uk

pushing traffic to these guys: fast-online-payday.com

Which is just a site owned by these guys: nouveaufinance.co.uk

Simple answer, never submit your data to a broker site.

Stevie_Palimo

Consumer Wizkid what makes you say the above Company is dodgy then do you have any proof of this ?


If not then your post is potentially slanderous.

bigadaj

Stevie_Palimo wrote: »

Consumer Wizkid what makes you say the above Company is dodgy then do you have any proof of this ?


If not then your post is potentially slanderous.

It would be imoressive to get a libel or slander judgment on the basis of the word dodgy, it's a subjective statement whereas with slander or libel you have to state some thing that isn't true and derogatory.

Refs would be sueing football commentators every week on the basis of an award of a dodgy penalty.

If there is no connection between the sites then that could be different of course.

Monkeyballs

ConsumerWizkid wrote: »

There will be never be an easy way to regulate the payday market. It's just too damned profitable as a broker. Even if a broker has a CCL, they can hire a web development company to create a string of dodgy looking sites that push traffic to their broker forms.

Like these guys: loansforabadcredit.co.uk

pushing traffic to these guys: fast-online-payday.com

Which is just a site owned by these guys: nouveaufinance.co.uk

Simple answer, never submit your data to a broker site.

I like the fact that loansforbadcredit took the time to register a .co.uk address but use a picture of a woman holding US dollars... Screams attention to detail to me

MB

antrobus

MSE_Darryl wrote: »

"Payday loan companies are posing as credit unions in an attempt to lure new customers, a real credit union is warning...."

As the article states; If you search on Google for "credit unions", the results will show paid ads for "credit union loans". Research by an actual credit union – Somerset Savings and Loans – has revealed that none are owned or operated by credit unions. A simple search by MoneySavingExpert.com has verified this is correct.

When I tried searching for "credit unions" on Google I got;

• one ad for a loan broker, although they weren't peddling payday loans
• one ad for some kind of peer-to-peer lending service offering fixed term loans
• one ad for a mortgage broker

I did not see one advert for either a payday lender or even a broker offering payday loans.

I did however get an advert for UNISON. Does this mean to say that UNISON are "posing as a credit union"?