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    Loan sharks, payday loans!

    Banned
    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.

    26 Comments

    Do they force people to take out a loan?

    Original Poster Banned

    Shengis;7094616

    Do they force people to take out a loan?



    No, but a lot of people don't understand APR and end up being stung.

    These things are ridiculous. I'll sign.

    EDIT - Closed!!

    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

    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.

    Hi, DLM.:)

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

    DLM;7094563

    http://petitions.number10.gov.uk/PaydayLoans/



    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
    :?

    Original Poster Banned

    Benjimoron;7094649

    These things are ridiculous. I'll sign.EDIT - Closed!!



    Woops, I thought it was current :oops:

    Original Poster Banned

    MAIA;7094695

    Hi, DLM.:)Would happily have signed the petition, but closed 1st … Hi, DLM.:)Would happily have signed the petition, but closed 1st December:?



    I thought it was current, hope you are well x x

    DLM;7094630

    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.

    Syzable;7094691

    Vicious circle...........they were too busy skiving to get a … 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'.

    Syzable;7094691

    Vicious circle...........they were too busy skiving to get a … 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:

    DLM;7094703

    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

    [email protected];7094757

    Rubbish. Intelligence is GENETIC. You can't educate people higher than … 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

    [email protected];7094757

    Rubbish. Intelligence is GENETIC. You can't educate people higher than … 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.

    Syzable;7094844

    Yes, but having the basic level of intelligence to read and do basic sums … 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:

    Original Poster Banned

    MAIA;7094766

    Bit ridiculous that it closed with so few signatures, must have been very … 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:

    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.

    Shengis;7094873

    Agreed, even I can do the maff innit and I left school at 13 hence having … 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

    And now for something completely different../...

    youtube.com/wat…1ds

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

    Shengis;7094954

    And now for something completely … And now for something completely different../...http://www.youtube.com/watch?v=pACePi441dsOne of the best of all time imho and therefore proof that i'm mentally challenged :lol:



    Prefer Manfred Man myself. :-D

    Actually, watching that video I was just thinking : Payday loan customers :w00t:

    Shengis;7095043

    Actually, watching that video I was just thinking : Payday loan customers … Actually, watching that video I was just thinking : Payday loan customers :w00t:



    :lol:

    Basic financial management should be on the agenda in Schools, instead of some of the other useless carp that they impose on pupils.

    Original Poster Banned

    Inactive;7095125

    Basic financial management should be on the agenda in Schools, instead of … 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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