can i post a link to something scarey

barron_hard_up

Get these companies listed up on these boards, we need a section named 'avoid at all costs'

I think this is just betond immoral.

doodledo_2

barron_hard_up wrote: »

Get these companies listed up on these boards, we need a section named 'avoid at all costs'

I think this is just betond immoral.

Thats a fab idea :T

bringmeshoes

thats absolutley ludicrous!
i thought i had a bad one when provident sent me a letter offering me a loan with apr 183.2% (needled

bringmeshoes

thats absolutley ludicrous!
i thought i had a bad one when provident sent me a letter offering me a loan with apr 183.2% (needless to say letter was shredded!)
these kind of companies prey on people who need a 'quick fix' or who don't know much about lending and aprs...this should be made illeagal its pure greed and in my view its immoral to offer rates like that

Reggie256

doodledo wrote: »

That is just shocking.

It's hard to believe that people do it but we all know how desperate you can feel when you are short of cash.

These kind of lenders should be made illegal but can't see them stopping whilst people still use them.

Exactly - it's sad, but so long as people apply for loans with them, they stay in business.

solventsoon

Reggie256 wrote: »

Exactly - it's sad, but so long as people apply for loans with them, they stay in business.

The really sad thing is that some people either think they have no choice but to apply to sharks like this, or have no choice because the banks (who most of us bailed out, don't forget!) won't help people in this situation.

Appalling :eek::eek::eek:

euronorris

OH MY GOD!

This is just staggering! The FSA should be putting a cap in place for interest rates. Why haven't they yet?

Ooohhh we should start a petition with them about it, or a campaign.

Martin! Where are you....?? Come on, we need to get this sort of thing banned!

pepe2008

This needs to be put up as a sticky!

....and a list needs to be published detailing who is doing what and at what rates.....yes, an Avoid at All Costs List.

Martin, we're waiting.....

rog2

euronorris wrote: »

This is just staggering! The FSA should be putting a cap in place for interest rates. Why haven't they yet?

Staggering - certainly, but, in the case of 'Payday Loans' most loans are, indeed, paid back within 30 days, at a cost of around £20 per £100 borrowed, so the actual apr %age is often irrelevant. Still frighteningly expensive, but one could argue that they are serving a sector of the market to whom mainstream borrowing is often not an option.
I do not condone it, but these types of company, along with other lenders such as Provident, enjoy a certain amount of respect, perhaps I should say tolerance, as they are the only type of company to operate, within the Law, in this market.
I agree, totally, that this type of lender is only marginally more acceptable than the fully blown 'Loan Sharks', but, in the current climate, there will, unfortunately, always be a ready market for their services.
Credit Unions are, wherever possible, the best option in the sub-prime sector, although they may not always be easily accessible to many who find themselves in a desperate situation.

Numpty_Monkey

Please look at the date of the OP it was 2007

But I'm still wondering if this still carries on:mad:

I rememeber posting this thread originally:o
I started this, as a newcomer had posted something about payday loans
But I didn't think they needed that link
and I had read that the vey day, and didn't want to upset them:A

At the time it shocked me and it stil does

And the restart of this thread is in responce to a thread earlier today


But I bet these sort of things are still going on