sourcrates wrote: »
People who usually side with lenders often have a vested interest in doing so, i suspect a few of you may work for payday lenders, or have done in the past.
Tarambor wrote: »
I suspect that you're like a "Like" junkie on Facebook, that you post what they want to hear so they hit the thanks button....
dld2s wrote: »
I dealt with a payday loan company once years ago when they were first appearing "mainstream", it wasn't that I needed the money, it was to make money, in fact I think it may have been this site that put me onto it?
I cant remember exact amounts, but it was something along the lines of, borrow £100 pay back £115 with interest, but if you went through quidco you got £50 back so in essence made a £35 profit (as I say probably not these figures, but hopefully you get the gist)
On the lead up to the payback date of the loan I received several calls from the company explaining I did not have to pay it all back at once, that I could have the "luxury" of paying back in smaller payments meaning I wasn't out of pocket so much at the one time and I could borrow more if I wished (of course they never mentioned the horrendous interest charges)
I politely declined on each occasion they called,but I could understand where people who were struggling a bit financially would have jumped at it as they made it sound so easy and painless.
Like sourcrates says, setbacks happen in life and I can understand what he is saying about folk being vulnerable, I've been there, got made redundant suddenly and unexpectantly with a fair amount of debt, a young family and was finding it difficult to get a new job, I was robbing Peter to pay Paul for a bit.
I was lucky I managed through without defaulting on anything, but it was really difficult and I think at that time I could easily have turned to a payday loan company or the like if they had been about and frankly made a real mess of a tough situation.
dld2s wrote: »
I personally think payday loan companies and the like are todays version of Richard Turpin without a conscience and think it's time the government stepped in and made a max interest charge, will it mean some folk cant get loans or make it more difficult to get a loan as these high interest loan companies will have to take a proper look at the financial situation of folk applying to lower their risk? probably, but then that's maybe not a bad thing?
takman wrote: »
It sounds like you had no financial plan for if you were made redundant and had no plan how you would service your debts.
If you had planned for the worst case scenario of being redundant and had a plan with an emergency fund saved up then you wouldn't have been in such a precarious position and it wouldn't have been as difficult.
If everyone was taught financial management including budgeting and future planning and they considered this every time they were going to take out any credit and make any purchases then there would be a vast reduction in people who had unmanageable debts.
This happened 3 years ago and the interest rate is capped at 0.8% per day which is 292% per year. Which is a significant reduction from interest being in the thousands of percent.
Considering that short term low value loans are comparatively expensive to administer due to the amounts and are high risk due to the nature this is a good deal for the consumer.
dld2s wrote: »
you are right I didn't have a financial plan, couldn't afford one, wage I was on at the time let us just about live with enough to pay bills and service loans we had to take at the time for a couple of unavoidable emergency's that happened.
As for the government capping interest, I didn't know that, looks like some of the firms don't either or more truthfully playing with the figures, and frankly 292% is still too high, they shouldn't be on offer, the folk they are targeting are amongst the least that can afford themhttps://www.theguardian.com/money/2018/apr/14/wonga-mark-2-new-breed-of-payday-lenders-oakam
cashasap.co.uk wrote: »
Please feel free to ask any questions you might have.
Account was closed due to a misreading
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