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Pay Day Loans

Community Veteran
Posts: 7,914
Thanks: 594
Fixes: 8
Registered: 02-08-2007

Pay Day Loans

One advert that appeared the other night  on television regarding Pay Day or Short Term Loans had someone prattling on about how easy it was to apply etc........
What caught my eye was the writing across the bottom of the screen, the interest rate was 663% !
I Thought it was time for my regular visit to specsavers but my wife confirmed the figure was correct.
I Simply cannot understand why the Government do not put a maximum figure on the interest charged on any Loan, no wonder so many people have large debt's they will never be able to pay off.
6 REPLIES
James
Grafter
Posts: 21,036
Registered: 04-04-2007

Re: Pay Day Loans

I think I've seen some of these with interest being quoted at 2500%.
Community Veteran
Posts: 16,834
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Pay Day Loans

I think I remember one that has a rate of 1275% apr.
The tally man was much cheaper,. and more freindly !  Cheesy
Community Veteran
Posts: 2,914
Thanks: 168
Fixes: 3
Registered: 05-04-2007

Re: Pay Day Loans

I think Wonga are the worst, 4000%ish. Actually I'll check:
Quote
Representative APR 4214%

Nice.
I know of someone who's gotten into trouble with them by not paying the loan back in time.
Community Veteran
Posts: 13,923
Thanks: 514
Fixes: 7
Registered: 01-08-2007

Re: Pay Day Loans

Yes James you have seen them as I have too. I saw one last year advertising at over 4000%  Crazy
I watched a program last year about a bloke who started up a pawnbroker and expanded the company. to do loans etc. In his storage facility he had all sorts of expensive cars, rare works of art etc. Just goes to show what people will do to get their hands on fast cash.
I need a new signature... i'm bored of the old one!
nadger
Rising Star
Posts: 4,498
Thanks: 46
Registered: 13-04-2007

Re: Pay Day Loans

It's definitely time for so called pay day loans to be regulated as, to my mind, the companies are just licensed loan sharks.
Community Veteran
Posts: 16,834
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Pay Day Loans

Do you nee a licence to be a loan shark then ?  Roll eyes