Payday lenders could overtake credit cards and become a mainstream method of borrowing, a report by one of the UK's leading accountancy firms has warned.
since the places giving the loans were giving people over here were screwing the customers...so much so that the government stepped in and made laws. now the native americans open up payday loans cause they dont have to follow all federal laws. they give out loans at %135.
^ It's also risky as fuck because you're borrowing money from a company that is also borrowing money to people who have the worst fucking credit ratings on the planet. I'm not sure how it all works, but I would assume when these risky borrowers don't pay and ignore collections, it would have a toll on interest rates across the board, right?
one of these company's has opened up near me, i really don't think these are a good idea and are leeches on the poor people and should be watched over like a hawk.because they target people people who are already struggling to pay there bills
^ No shit, buddy. They also have ludicrous contracts which are borderline illegal financial agreements. Idk if Money Mart is worldwide, but I know it's in North America, and those guys have the legal right to take you to collections within 12 hours of overdue payment. Generally even credit cards can't do that until after 3 months... even the worst ones.
And who's most likely to not make a payment on time? The finanically struggling joe blow, who makes up 99% of their customer banks.
^Walk down any town centre in a deprived area in Britain and the only shops you'll see are pawn shops, payday loan shops and betting shops. And a Gregg's, there's always a Gregg's.
^ It's also risky as fuck because you're borrowing money from a company that is also borrowing money to people who have the worst fucking credit ratings on the planet. I'm not sure how it all works, but I would assume when these risky borrowers don't pay and ignore collections, it would have a toll on interest rates across the board, right?
At the interest rates they're charging, a hella lot of customers would have to default to lose money. Anyway, you don't pay, you don't get more. Pay the interest, it's good. Or should I say the Viggorish, Title loans the same thing, give up your car title, don't pay and 15 minutes later you're on foot. These are not nice people, obviously. Must not have got enough titty as babies.
^ No shit, buddy. They also have ludicrous contracts which are borderline illegal financial agreements. Idk if Money Mart is worldwide, but I know it's in North America, and those guys have the legal right to take you to collections within 12 hours of overdue payment. Generally even credit cards can't do that until after 3 months... even the worst ones.
And who's most likely to not make a payment on time? The finanically struggling joe blow, who makes up 99% of their customer banks.
They're just a credit destroying trap.
That's the thing I just cannot fucking understand for the life of me:
Late Payment Charges
How are these even legal?
Now, in the UK, I'm fairly certain that creditors have to accept ANY offer of payment (£10 a month until the debt is cleared) and they have to freeze any interest or other charges once you enter an agreement. But to me the people who incur late charges are the people who can't fucking well afford to pay them. No-one intentionally misses a payment that they can afford.
As for Payday loans, those need banning too. There are ones for 1794%APR advertised on TV. Who in their right mind would take one?
I've borrowed around £2,500 in my working life. ALL from a credit union for my old place of work. The repayments came out of my wage (before I ever saw it) and they forced you to save a little each month (just £5, but I eventually upped it once the savings came in handy). Each time it was a £500 loan and the repayments were £50~ per month. My total cost of the loan? £550~60. I borrowed £500 and paid £60 interest. THAT is an ideal way to borrow money, imho, and at a decent rate. I emplore ANYONE looking for a loan to seek out a credit union for their job. Also, just to mention it, but when I left work I'd amassed £600 in savings (having already raided about that amount twice! during my tenure!)
^ No shit, buddy. They also have ludicrous contracts which are borderline illegal financial agreements. Idk if Money Mart is worldwide, but I know it's in North America, and those guys have the legal right to take you to collections within 12 hours of overdue payment. Generally even credit cards can't do that until after 3 months... even the worst ones.
And who's most likely to not make a payment on time? The finanically struggling joe blow, who makes up 99% of their customer banks.
They're just a credit destroying trap.
the loans are also insured against default, so then the money shifts, and shifts, and it is just a ponzi scheme
Stop being such Nancy MacSissypants. Otester is only doing what he's being told to do. You CANNOT enter the Illuminati without first destroying a social class or two.
GEEZ! It's as if you've never tried to join a secret elite, shadowy organisation hell-bent on free-market, world domination before.
You are free to not use them, I see no harm in them.
they are predatory is what the problem is. Imagine if next door to you the neighbors house was taken down and replaced with a billboard that sat right in front of your window that said "miracle weight loss pills, skip the gym and still shed the pounds." And it stood there everyday for weeks. Yes, you are free not to use those pills, but eventually you probably will and that is where the harm is. Likewise, these loans target people specifically with money issues, people that are living paycheck to paycheck. Thats why they are shit.
You are free to not use them, I see no harm in them.
they are predatory is what the problem is. Imagine if next door to you the neighbors house was taken down and replaced with a billboard that sat right in front of your window that said "miracle weight loss pills, skip the gym and still shed the pounds." And it stood there everyday for weeks. Yes, you are free not to use those pills, but eventually you probably will and that is where the harm is. Likewise, these loans target people specifically with money issues, people that are living paycheck to paycheck. Thats why they are shit.
Being weak minded is ones own problem, I'm not overweight so I won't be needing any pills anyway.
DigitalAntichrist wrote:
otester wrote:
DigitalAntichrist wrote:
^ Such middle-class conceit.
I'm lower working class, you don't need to be middle/upper to have respect for freedom.
Lies. Your father doesn't do manual labour, he's an estate agent.
Edit - apologies, I keep getting you and Wolffe mixed up for some reason....
You are free to not use them, I see no harm in them.
they are predatory is what the problem is. Imagine if next door to you the neighbors house was taken down and replaced with a billboard that sat right in front of your window that said "miracle weight loss pills, skip the gym and still shed the pounds." And it stood there everyday for weeks. Yes, you are free not to use those pills, but eventually you probably will and that is where the harm is. Likewise, these loans target people specifically with money issues, people that are living paycheck to paycheck. Thats why they are shit.
Being weak minded is ones own problem, I'm not overweight so I won't be needing any pills anyway.
DigitalAntichrist wrote:
otester wrote:
DigitalAntichrist wrote:
^ Such middle-class conceit.
I'm lower working class, you don't need to be middle/upper to have respect for freedom.
Lies. Your father doesn't do manual labour, he's an estate agent.
Edit - apologies, I keep getting you and Wolffe mixed up for some reason....
He's lower working class as well.
No matter. What you expressed it still a middle-class conceit.
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| 119 views | www.guardian.co.uk
And who's most likely to not make a payment on time? The finanically struggling joe blow, who makes up 99% of their customer banks.
They're just a credit destroying trap.
At the interest rates they're charging, a hella lot of customers would have to default to lose money. Anyway, you don't pay, you don't get more. Pay the interest, it's good. Or should I say the Viggorish, Title loans the same thing, give up your car title, don't pay and 15 minutes later you're on foot. These are not nice people, obviously. Must not have got enough titty as babies.
And who's most likely to not make a payment on time? The finanically struggling joe blow, who makes up 99% of their customer banks.
They're just a credit destroying trap.
That's the thing I just cannot fucking understand for the life of me:
Late Payment Charges
How are these even legal?
Now, in the UK, I'm fairly certain that creditors have to accept ANY offer of payment (£10 a month until the debt is cleared) and they have to freeze any interest or other charges once you enter an agreement. But to me the people who incur late charges are the people who can't fucking well afford to pay them. No-one intentionally misses a payment that they can afford.
As for Payday loans, those need banning too. There are ones for 1794%APR advertised on TV. Who in their right mind would take one?
I've borrowed around £2,500 in my working life. ALL from a credit union for my old place of work. The repayments came out of my wage (before I ever saw it) and they forced you to save a little each month (just £5, but I eventually upped it once the savings came in handy). Each time it was a £500 loan and the repayments were £50~ per month. My total cost of the loan? £550~60. I borrowed £500 and paid £60 interest. THAT is an ideal way to borrow money, imho, and at a decent rate. I emplore ANYONE looking for a loan to seek out a credit union for their job. Also, just to mention it, but when I left work I'd amassed £600 in savings (having already raided about that amount twice! during my tenure!)
And who's most likely to not make a payment on time? The finanically struggling joe blow, who makes up 99% of their customer banks.
They're just a credit destroying trap.
the loans are also insured against default, so then the money shifts, and shifts, and it is just a ponzi scheme
Wonga.com - Representative APR 4214%
Paydayangency -"Typical" APR - 1845%
Uncle Buck - Representative APR 2100.4%
Shit should be illegal.
Borrowing £1 + Interest & fees* £7.42 = Total to repay £8.42
LOL
I'm lower working class, you don't need to be middle/upper to have respect for freedom.
GEEZ! It's as if you've never tried to join a secret elite, shadowy organisation hell-bent on free-market, world domination before.
Do your research, people!
they are predatory is what the problem is. Imagine if next door to you the neighbors house was taken down and replaced with a billboard that sat right in front of your window that said "miracle weight loss pills, skip the gym and still shed the pounds." And it stood there everyday for weeks. Yes, you are free not to use those pills, but eventually you probably will and that is where the harm is. Likewise, these loans target people specifically with money issues, people that are living paycheck to paycheck. Thats why they are shit.
I'm lower working class, you don't need to be middle/upper to have respect for freedom.
Lies. Your father doesn't do manual labour, he's an estate agent.
Edit - apologies, I keep getting you and Wolffe mixed up for some reason....
Most of these payday loan joints are now owned by the very banks we bailed out. Funny how that works out! Thanks for the bailout money.......SUCKA!!!!
Wonga.com - Representative APR 4214%
Paydayangency -"Typical" APR - 1845%
Uncle Buck - Representative APR 2100.4%
Shit should be illegal.
Yeah, there should be a cap. But if you can see these numbers up front and you still use these people. Well......let's just call it a stupid tax......
they are predatory is what the problem is. Imagine if next door to you the neighbors house was taken down and replaced with a billboard that sat right in front of your window that said "miracle weight loss pills, skip the gym and still shed the pounds." And it stood there everyday for weeks. Yes, you are free not to use those pills, but eventually you probably will and that is where the harm is. Likewise, these loans target people specifically with money issues, people that are living paycheck to paycheck. Thats why they are shit.
Being weak minded is ones own problem, I'm not overweight so I won't be needing any pills anyway.
I'm lower working class, you don't need to be middle/upper to have respect for freedom.
Lies. Your father doesn't do manual labour, he's an estate agent.
Edit - apologies, I keep getting you and Wolffe mixed up for some reason....
He's lower working class as well.
they are predatory is what the problem is. Imagine if next door to you the neighbors house was taken down and replaced with a billboard that sat right in front of your window that said "miracle weight loss pills, skip the gym and still shed the pounds." And it stood there everyday for weeks. Yes, you are free not to use those pills, but eventually you probably will and that is where the harm is. Likewise, these loans target people specifically with money issues, people that are living paycheck to paycheck. Thats why they are shit.
Being weak minded is ones own problem, I'm not overweight so I won't be needing any pills anyway.
I'm lower working class, you don't need to be middle/upper to have respect for freedom.
Lies. Your father doesn't do manual labour, he's an estate agent.
Edit - apologies, I keep getting you and Wolffe mixed up for some reason....
He's lower working class as well.
No matter. What you expressed it still a middle-class conceit.