Pay day/short term loans

[chris85mcfc]

I try not to be too judgemental but its getting quite frightening the amount of young people I see going into these places while I'm on my lunch

I only hope that the money is required for paying bills or neccessary items to keep them alive, as opposed to blowing it on unneccessary items that they otherwise wouldn't be able to afford

Has anyone got any good feedback about these places or are the horror stories true about people spiralling into more debt as they couldn't afford to pay the money back even before the interest gets added?

 

[tidyman]

I try not to be too judgemental but its getting quite frightening the amount of young people I see going into these places while I'm on my lunch

I only hope that the money is required for paying bills or neccessary items to keep them alive, as opposed to blowing it on unneccessary items that they otherwise wouldn't be able to afford

Has anyone got any good feedback about these places or are the horror stories true about people spiralling into more debt as they couldn't afford to pay the money back even before the interest gets added?

There's always the answer that no one is forced to take out a loan but these people are leeches. They aggressively market their services to people they know are in no position to repay them and will be forced to use them again to get in the cycle of getting out increasingly larger amounts, just to pay the interest on their current agreement.

The government have spent large amounts of money advertising for grasses to shop unlicensed money lenders. Yet all the ones I've known over the years have more scruples than these legal parasites put together.

 

[Tuearts right boot]

The hard fact is they are businesses and there is a customer base.

 

[tidyman]

The hard fact is they are businesses and there is a customer base.

There is a customer base for selling crack cocaine.

I wouldn't be able to sleep at night if it was my business supplying it though.

 

[Rascal]

The hard fact is they are businesses and there is a customer base.

There is a customer base for selling crack cocaine.

I wouldn't be able to sleep at night if it was my business supplying it though.

Some have always got rich on the back of the poorest

Times dont change

 

[dronefromsector7g]

People seem to always want more and more and these loan sharks prey on the weakness of those who have little control over their material desires.

 

[Scottyboi]

Brighthouse and kays are just as bad.

 

[mammutly]

The interest rates these companies charge are nothing short of criminal. They are legalised thieves exploiting vulnerable people.

The antidote is a nationally owned cooperative bank, lending money at fair rates.

 

[Rascal]

The interest rates these companies charge are nothing short of criminal. They are legalised thieves exploiting vulnerable people.

The antidote is a nationally owned cooperative bank, lending money at fair rates.

Correct

 

[bluegirl74]

The interest rates these companies charge are nothing short of criminal. They are legalised thieves exploiting vulnerable people.

The antidote is a nationally owned cooperative bank, lending money at fair rates.

Correct

Ideologically you may be right but the capital adequacy rules which govern modern organisations require risk to be equated to fees / interest rates and therefore it's not a realistic option :-(