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Loan sharks, payday loans!

DLM Avatar
banned7y, 1w agoPosted 7 years, 1 week ago
Payday Loan companies are loan sharks who prey on vulnerable people who are desperate.

They often charge in excess of 1000% APR and create a cycle of debt that it is nearly impossible to get out off.

In some states in the US the interest that these companies is allowed to charge is capped and companies must allow people who "rollover" their loan 4 times to pay back in 4 equal installments without interest.

This should be applied throughout the UK.
DLM Avatar
banned7y, 1w agoPosted 7 years, 1 week ago
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(25) Jump to unreadPost a comment
Comments/page:
#1
Do they force people to take out a loan?
banned#2
Shengis
Do they force people to take out a loan?


No, but a lot of people don't understand APR and end up being stung.
#3
These things are ridiculous. I'll sign.

EDIT - Closed!!
#4
we have a new brighthouse store in our town, me and the OH looked in the window at a ds lite just for a laugh to see how much it was with all the interest the final price was .....


over £400!!!!!!!!!!!!!!!!!!!!!!!!!!

and there were people in there buying stuff

ps3 were £600 odd quid too just console not bundles
[mod]#5
DLM;7094630
No, but a lot of people don't understand APR and end up being stung.


Vicious circle...........they were too busy skiving to get a education..........thus no money and no brains to read the terms and understand them.

They have a choice before they take the money...........can't molly coddle everyone.
#6
Hi, DLM.:)

Would happily have signed the petition, but closed 1st December:?
#7


We the undersigned petition the Prime Minister to cap the extortionate rates of interest payday loan companies can charge. More details

Submitted by Anne Carty – Deadline to sign up by: 01 December 2009 – Signatures: 36
:?
banned#8
Benjimoron
These things are ridiculous. I'll sign.

EDIT - Closed!!


Woops, I thought it was current :oops:
banned#9
MAIA
Hi, DLM.:)

Would happily have signed the petition, but closed 1st December:?


I thought it was current, hope you are well x x
#10
DLM
No, but a lot of people don't understand APR and end up being stung.


Maybe its there own fault for being dumb?

Unless they are old, or mentally ill for exampled.
#11
Syzable
Vicious circle...........they were too busy skiving to get a education..........thus no money and no brains to read the terms and understand them.

They have a choice before they take the money...........can't molly coddle everyone.


Rubbish. Intelligence is GENETIC. You can't educate people higher than their biology allows - to treat idiots the same as normal people is unfair.

Read 'Freakonomics'.
#12
Syzable
Vicious circle...........they were too busy skiving to get a education..........thus no money and no brains to read the terms and understand them.

They have a choice before they take the money...........can't molly coddle everyone.


But if they don't take the money then little jonny goes without his new PS3/360 or whatever other crap they invariably wanted it for. Life:Unfair :lol:
#13
DLM
Woops, I thought it was current :oops:


Bit ridiculous that it closed with so few signatures, must have been very poorly advertised.

I agree that people sign up to these loans out of ignorance, however civilised societies should control this sort of thing. It's run by thugs in the main
#14
[email protected]
Rubbish. Intelligence is GENETIC. You can't educate people higher than their biology allows - to treat idiots the same as normal people is unfair.

Read 'Freakonomics'.


Again...

Life:Unfair
[mod]#15
[email protected];7094757
Rubbish. Intelligence is GENETIC. You can't educate people higher than their biology allows - to treat idiots the same as normal people is unfair.

Read 'Freakonomics'.


Yes, but having the basic level of intelligence to read and do basic sums is not a high level to reach. lol

Below that is mentally impaired and they can be released from the debt by a court.
#16
Syzable
Yes, but having the basic level of intelligence to read and do basic sums is not a high level to reach. lol


Agreed, even I can do the maff innit and I left school at 13 hence having absolutely F all in the way of qualifications :lol:
banned#17
MAIA
Bit ridiculous that it closed with so few signatures, must have been very poorly advertised.

I agree that people sign up to these loans out of ignorance, however civilised societies should control this sort of thing. It's run by thugs in the main


I might start a new petition :thumbsup:
#18
seen an tv advert for a quick loan that had 2685% apr, was looking to see where the decimal was but there wasn't any. this was on dave or 4music or viva, so looks like they think those viewers need some cash.
[mod]#19
Shengis;7094873
Agreed, even I can do the maff innit and I left school at 13 hence having absolutely F all in the way of qualifications :lol:


^^^^ Look...........see..............if Shengis can do it then we can all do it. ;-)

Lets rejoice people in changing the world. :-D
#20
And now for something completely different../...

http://www.youtube.com/watch?v=pACePi441ds

One of the best of all time imho and therefore proof that i'm mentally challenged :lol:
[mod]#21
Shengis;7094954
And now for something completely different../...

http://www.youtube.com/watch?v=pACePi441ds

One of the best of all time imho and therefore proof that i'm mentally challenged :lol:


Prefer Manfred Man myself. :-D
#22
Actually, watching that video I was just thinking : Payday loan customers :w00t:
[mod]#23
Shengis;7095043
Actually, watching that video I was just thinking : Payday loan customers :w00t:


:lol:
#24
Basic financial management should be on the agenda in Schools, instead of some of the other useless carp that they impose on pupils.
banned#25
Inactive
Basic financial management should be on the agenda in Schools, instead of some of the other useless carp that they impose on pupils.


I agree :thumbsup:

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