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Pay day loans ..

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By *isscheekychops OP   Woman
over a year ago

The land of grey peas and bacon

When will people learn that these are not the solutions to the problem....they are the creator

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By (user no longer on site)
over a year ago


"When will people learn that these are not the solutions to the problem....they are the creator "

its legalised loan sharking

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By (user no longer on site)
over a year ago

They are bad... The interest rates some of these companies have is ridicules!

Its just a vicious circle

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By (user no longer on site)
over a year ago

They make it so easy to obtain these loans. They should be regulated more strictly as I can imagine once your in the loop if a pay day loan!

It's hard to get out of that situation!

The apr on these things are ridiculous!

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By *isscheekychops OP   Woman
over a year ago

The land of grey peas and bacon

I understand that people are desperate....but not paying your rent so you can pay the loans is not really the most logic thing to do...

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By (user no longer on site)
over a year ago

the problem is the banks.

if the banks were happy to lend small amounts, to people with accounts, ver short periods, at lower interest rates, than these sharks are, then people would use them.

but unfortunately they dont.

not only that but these companies take a huge risk lending their money to the people they do, because invariably, these people cant give the money back anyway.

these companies are there when you have expended every other avenue, including family, as they possibly owe family and friends money too, so they wont lend any more.

it really is a vicious circle, but one many people seem happy to walk around

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By (user no longer on site)
over a year ago

That's one of the reasons the Church has got involved with the Credit unions x

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By *awkeye and HotlipsCouple
over a year ago

Takeley

When you can't feed your children, or pay for heating to keep them warm when it's freezing cold, when you are desperate.....Some individuals have no other place to go. They are preying on the vulnerable, perhaps if they spent less on advertising and paying celebrities to voice over, the cost would be lower. It's a vicious circle. Peoples ability to repay should be the criteria. The apr is so high, because of the high level of default.

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By (user no longer on site)
over a year ago


"That's one of the reasons the Church has got involved with the Credit unions x "

and the fact it should have checked they hadnt invested in them in the first place before opening its judgemental trap lol

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By (user no longer on site)
over a year ago


"When will people learn that these are not the solutions to the problem....they are the creator "

I'm sorry but you've got that totally the wrong way round.

A lot of people wouldn't use them if they didn't have some sort of problem to start with, so no, PDL's are not the creator of the problem, the people who cannot control their own finances are their own problem.

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