Pay Day Loans

[Beach Hut]

If I follow that link in the right hand corner I can get a loan in around 60 seconds at stonking 2278% APR !!

Surely these type of links should be removed as highly irresponsible or can nothing be done about it ?

 

[sam86]

If I follow that link in the right hand corner I can get a loan in around 60 seconds at stonking 2278% APR !!

Surely these type of links should be removed as highly irresponsible or can nothing be done about it ?

They are what they are. They are pay day loans. You're only supposed to get a loan, that you can afford, a day or so before your pay day, so you can pay it back, in full, in a couple of days. You'll only get hit with that stupidly high interest rate if you do not use it properly. Use it properly, and the interest rate, I believe, is a pretty standard rate.

 

[the costa love bus]

yes loans? its a scam they arent a loan company they are a loan brooker they charge you 65 quid to look for a loan for you

 

[Common as Mook]

Low value short term.

 

[Beach Hut]

They are what they are. They are pay day loans. You're only supposed to get a loan, that you can afford, a day or so before your pay day, so you can pay it back, in full, in a couple of days. You'll only get hit with that stupidly high interest rate if you do not use it properly. Use it properly, and the interest rate, I believe, is a pretty standard rate.

I understand what they are but can't that type of advert not be displayed?

 

[beorhthelm]

of course, the best way to stop them is to have a thread on the subject...

what irresponsible though? dont know which one you saw but some a pretty ethical, probably more so than the average high street bank. the APR is a legal thing, they dont loan for more than a few weeks and freeze the loan if you dont pay back as expected.

 

[Beach Hut]

The best way to stop them would be if the link was removed, surely ?

 

[Rookie]

They are what they are. They are pay day loans. You're only supposed to get a loan, that you can afford, a day or so before your pay day, so you can pay it back, in full, in a couple of days. You'll only get hit with that stupidly high interest rate if you do not use it properly. Use it properly, and the interest rate, I believe, is a pretty standard rate.

In theory that is how they are supposed to work but in reality they prey on the poor who already have bad credit/money problems and are really no better than loan sharks. If you have to rely on loans like that your finances have some major problems. Borrow one week pay it back but have less the next week from your pay cheque so you will borrow again to cover the money missing and so on, vicious circle

 

[northstandnorth]

An American company that is banned from charging those rates in the good old U S of A,the American regulators regard those rates as exploitative and unconstitutional but the yank bank can charge us what they will.
Beach Hut P.M. Bozza he can block the Ads if you give him the link.

 

[AMEXican Wave]

The thing is if you use them correctly they are ok. If you borrow a small amount over a few days to stop you getting punative bank charges ( say 35 pounds for going 5 pounds overdrawn, or being hit with several bank charges at once ) then the 10 pounds interest you may pay for the few days of the loan, which stops you getting the bank charges, is surely worth it?