11-09-2013, 05:59 PM
11
Re: Payday Loans
Originally Posted by Stella H
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What do you think of all these adverts for these loans on the tv? The interest rates are ridiculously high. Do you think they are tempting vulnerable people to get into serious debt? I think a stop should be put to them somehow.
I have never paid interest (other than a mortgage) in my life. If I have been short of money I have gone without. There is too much 'must have' not enough 'do I really need this' nowadays.
11-09-2013, 06:38 PM
13
Re: Payday Loans
Originally Posted by Meg
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I think they are a dreadful idea I have never paid interest (other than a mortgage) in my life. If I have been short of money I have gone without. There is too much 'must have' not enough 'do I really need this' nowadays.
11-09-2013, 06:39 PM
14
Re: Payday Loans
Originally Posted by Stella H
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I think a lot of these people who get paid monthly seem to be unable to work out how much they can afford to spend each week to enable them to get to the end of the month without running out of money. They aren't very good managers of their money.
12-09-2013, 01:49 PM
15
Re: Payday Loans
Originally Posted by Julie1962
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Only used them once and felt fine to us at the time. Borrowed £100 to kit out my husband when he returned to work after a year off, needed a shirt and tie and trousers for his new job. We paid that back with his first pay check and paid £15 interest. This as we had agreed to the terms felt perfectly fair.
(I would mention that in my country of origin such enormous rates of interest are considered usury and loan merchants are restricted in the interest they are allowed to charge.
This is to protect the largely unsophisticated part of the population who are not able to understand that the loans should be used wisely and only in case of extreme emergency. The interest charged is still high, but no where near what is charged in this country.
Surely if the government in this country capped the interest charge allowed, the loan merchants would still do a roaring trade?)
12-09-2013, 02:19 PM
16
Re: Payday Loans
Originally Posted by Markey
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I can't decide whether your post was not read properly, not understood, or if there are posters who believe that your husband should have turned down the job he was given and stayed on the dole as he literally had no clothes to wear to work. Does anyone really think that you should not have taken a short term loan to get back to the work place(I would mention that in my country of origin such enormous rates of interest are considered usury and loan merchants are restricted in the interest they are allowed to charge.
This is to protect the largely unsophisticated part of the population who are not able to understand that the loans should be used wisely and only in case of extreme emergency. The interest charged is still high, but no where near what is charged in this country.
Surely if the government in this country capped the interest charge allowed, the loan merchants would still do a roaring trade?)
12-09-2013, 06:37 PM
17
Re: Payday Loans
Originally Posted by Julie1962
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If they are used as intended the interest isn't too bad, it's only when you don't pay back in the week or month you have agreed that interest is so high.There is a place for them IMO but people need to be sure they can pay them back on time and that they understand the terms when they take them out.
Only used them once and felt fine to us at the time. Borrowed £100 to kit out my husband when he returned to work after a year off, needed a shirt and tie and trousers for his new job. We paid that back with his first pay check and paid £15 interest. This as we had agreed to the terms felt perfectly fair.
Take away these facilities completely and where do people get short term loans from ? The banks laugh, credit unions are great if you plan ahead but some of us don't, family at the time offered but we couldn't in good conscience take from people no better off than us.
14-09-2013, 11:54 AM
20
Re: Payday Loans
We have the same problem in Australia and i have very recent (2 days ago) business with a mob here who are pawnbrokers,called Cash Converters,my car battery went and i had a Doctors fortnightly appointment,i am paying off a personal loan with this company for $1000 i loaned,I have a 5 star credit rating but you cannot get a bank loan on benefits,I borrowed $250 on Wednesday,i pay it back in two fortnightly payments of $155,this is a direct debit from bank account.I dident have a choice,100 klm to town one way,no public transport.
My $1000 load is a massive interest rate,in 12 months i pay back $77.70 per fortnight,i have to pay back $1884.80cents WOW,but it all went to my vet,well $900.00 of it for my cat Moggs,dident have a choice so its 88.48% interest per annum,its hard going on my disability pension but its a lot to pay out of my fortnightly disability payment,but i love Moggs,it was a no brainer,its disgusting the amount they charge,and they are taking advantage of people who can ill afford it.
A neccessary evil!
Billy
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