So pleased for you, and great that you have decided to post more about your situation, these payday loans need to get stopped they are basically sharks and people don't really understand how they can get hold of you and quickly riddle you with high debt very quickly, several mths ago I tried to warn people on this site and felt as though I was banging my head against a brick wall as others (including IP's) who thought our society has a place for them regardless of interest charged ummmm
canaries wrote:
So pleased for you, and great that you have decided to post more about your situation, these payday loans need to get stopped they are basically sharks and people don't really understand how they can get hold of you and quickly riddle you with high debt very quickly, several mths ago I tried to warn people on this site and felt as though I was banging my head against a brick wall as others (including IP's) who thought our society has a place for them regardless of interest charged ummmm
Unfortunately if you remove these payloan companies (which are regulated) you will replace them with illegal loan sharks.
There will always be people out them who will use these places as they are desperate despite the very high APR
canaries wrote:
So pleased for you, and great that you have decided to post more about your situation, these payday loans need to get stopped they are basically sharks and people don't really understand how they can get hold of you and quickly riddle you with high debt very quickly, several mths ago I tried to warn people on this site and felt as though I was banging my head against a brick wall as others (including IP's) who thought our society has a place for them regardless of interest charged ummmm
Unfortunately if you remove these payloan companies (which are regulated) you will replace them with illegal loan sharks.
There will always be people out them who will use these places as they are desperate despite the very high APR
yes as you say regulated but not that it means much these days one on the aims of the OFT is comsumer protection but what the hell are they doing allowing these companies to charge 1000% plus interest rates, it's totally pointless regulation and only a soft regulator like the OFT. Also it's no good saying it's okay because it stops Loan sharks. We as a society shouldn't allow companies to charge vunerable people 1000% plus interest rates period.
Dont know where you get the 1000% - thats cheap - it usually 3500 - 4550% APR.
Despite you Not liking these companies - people have to make their own decisions, you can rant and rave - but if there is a demand for these companies - they will exsist legal or illegaly. Legal and controlled would the preferred preference.
Thanks friends ,
One of the biggest worry about payday loans companies is that most of these companies do not check customer credit rating or (consult credit reference agencies )and this is the attraction for vulnerable people and they get trap in wishes circle , basically companies do not care how the customer is going to pay them back . So the idea about affordability dose not work here and it is very easy for some one lose track and built up huge debits in very quick time .
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
