Google bans payday loan adverts

mynguyen

If so, the customer wants to borrow then how ?

Stevie_Palimo

It will not make one jot of difference to the payday Companies and all that will happen is the budget used on Google adwords will be spent elsewhere ie:- Text marketing and so on, Seems stupid to do this when the payday market is getting more and more compliant now, I work in this market and none of the lenders I deal with are concerned as there will always be people seeking short term loans.

The fee's and charges now for borrowing are set at an all time low and scrutiny of applications made is very much filtering out people that cannot afford the loans in the first place, Yes it can do better but the payday lenders are now scrutinised a lot by the regulators and are doing things right.

Mr Smith either seeks to borrow £100.00 at a rate of £20.00 to £30.00 costs over a month through a payday lender or from a back street loan shark at a rate of £1000.00 for every £100.00 borrowed, I know what I would choose here that's for sure.

DCFC79

mynguyen wrote: »

If so, the customer wants to borrow then how ?

Building up your post count are we ?

Delete33

The fees and charges are at a more just level, The PDL were loan sharks, now its payback time. The FOS are finding against the PDL and awarding ex customers redress for trapping them in the Rollover loan process. Once again another scandal due to greedy financial predators, they are now paying back millions of pounds and so they should be.

Stevie_Palimo

Delete33 wrote: »

The fees and charges are at a more just level, The PDL were loan sharks, now its payback time. The FOS are finding against the PDL and awarding ex customers redress for trapping them in the Rollover loan process. Once again another scandal due to greedy financial predators, they are now paying back millions of pounds and so they should be.

There is always two sides to every coin you know and perhaps people should also accept the fact that they need to be responsible for there own actions as well, The blame does just fall onto the payday lenders you know, Yes redress where redress is due is not a bad thing but some people need to learn to manage finances better and not rely on a take, take, take way of life.

DCFC79

Delete33 wrote: »

Brilliant news, PDL have wrecked so many peoples lives.

The PDL Co's didn't plan on ruining lives of its customers, the customers were at fault through many reasons, some they weren't in control of and some they were.

Blackbeard_of_Perranporth

Yes it does affect peoples choice. I at times have to use these services as I contract away form home. If I stay in a hotel further afield, it may be three weeks before the company I contract for pay for that accommodation. I have to pay this when I leave. The cost of missing my mortgage payment is £100. A missed DD is £35.
Interest on 28 days of a hotel at £220 is £45, a saving of £55

This is another guise by the Islington Socialists who have no inkling of what the working man does.

Delete33

Take, Take, Take. Want more you can have more, we do not care if its unaffordable. Banks do not lend money unless you prove you can afford to repay, PDL just threw more and more money at vulnerable people who could not access bank loans, trapping them into the Rollover spiral of debt, offering higher amounts straight away once a loan was paid often the same day.

Stevie_Palimo

Delete33 wrote: »

Take, Take, Take. Want more you can have more, we do not care if its unaffordable. Banks do not lend money unless you prove you can afford to repay, PDL just threw more and more money at vulnerable people who could not access bank loans, trapping them into the Rollover spiral of debt, offering higher amounts straight away once a loan was paid often the same day.

Once more then :- Perhaps kerb your spending and budget better thus not requiring the services of a payday lender, Just for the record the vast majority of applications made and accepted are by professional people who can afford the loan and may just be short of cash that day/week.

Delete33

I would like to see some figures regarding PDL paying back ex customers and current customers, thousands of pounds for unaffordable lending practices. This is just the tip of the iceburg, like Bank Charges, PIP,Etc. If there was no wrong doing then the PDL who did follow correct procedures have nothing to fear. I just think that there has been a lot of wrongdoing in the past few years and people power and the FOS are putting things right.