Discogod wrote: »
how is this different to recommending credit cards or your advice on getting the best mortgage for your situation?
PAYDAYLOAN wrote: »
I WAS OBTAINING PAYDAY LOANS AT 15! For me it really was like a drug! I am now in default with over 35+ different Payday Lenders and counting (As letters arrive!) and it’s been like this since i was 15 I ran away from home, had no money and a GPRS enabled phone found quickquid entered every detail correct bar my dob entered as 30/11/1980 and was approved despite being 15 borrowed from some other company to pay them back could have been cash genie not sure and the rest is history!. By far the best if you fell in financial crisis for me I believe is Quickquid as they freeze charges as soon as you default meaning the debt stays a relatively low amount Mine went to £490 after a £400 loan. One off the worse I have encounted was 247 Moneybox I think I owe them over £1500 for £300 loan and then they took £20 off for a chaps transfer! There’s a 0% interest offer for your first payday loan with instant loans direct for 8 days. The market is massive I am only 18 now and in over £35000 off debt thanks to payday loans, i know it’s my fault but I had nothing in the first place I was kid still !!!!!!! Every time I saw approved and the money got transferred i got excited! And now i can’t get any more! cant keep to my arrangements! Have 3 CCJS in a 1980 DOB and I was born 1992! and the worst bit about it I cannot get any help because I committed fraud without even knowing it! Cant go bankrupt, cant enter a debt management plan.
tagq2 wrote: »
How about a 'best-buy loan sharks'? I mean, like drugs, people are going to use them anyway, so it's best to keep potential customers informed... and to push for threats and beatings to be well-regulated.
MSE already have a habit of ranking on figures rather than on facts: e.g. bank X may get ranked higher for some high-paying bond even though actually signing up might involve such hassle and delay that you've lost any bonus over the second best. This doesn't matter too much when you're dealing with saving or with large, long term loans for people who have demonstrated financial stability.
But when you're talking about the kind of person a PDL is targeted at, any comparison is necessarily far more complex. 1000% vs 1200% APR won't matter as much as: what kind of fines if you're a day late? do they make a habit of trying to take payments multiple times, against OFT guidelines? do they ignore what is not in writing?
Anyway, if you're going to go down the route of full, responsible advice, then you need to put PDL at the bottom of the list just before "loan shark". Ask: do you really need it? If it's for an emergency, have you tried a government crisis loan? Otherwise, if it's too small for a high street bank to help you, have you tried a credit union? A government budgeting loan? If it's because you haven't been able to make ends meet, why do you think the solution is short term credit - what are you going to do next month? Create a sufficiently complete "help making ends meet" tool which leads people through the options, not a single page which clueless people will find when they put "which best pay day loan company" in Google.
Avocado wrote: »
But they are also people with no savings, no other realistic sources of income, no cushion against the simplest of things (like flu or a garage bill). The evil of payday loans isn't when they work, it's when something else crops up. Something unpredictable.
MSE_Martin wrote: »
I'm not sure whether you meant to sound as rude as this does.
Did you actually read the blog - you describe almost entirely what the plan is.
and even we do the blog states it won't be purely on rate.
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