Sarnie Posted October 29, 2009 Share Posted October 29, 2009 I wonder what it would cost to set sonething like this up - Id happily loan at half their rates The worry is not getting paid back at all and having to send a couple of Zedrushs mates round to take their telly. Thats one of the reasons why the rates and the fee's are so high as they want to get back the original capital asap............ Quote Link to comment Share on other sites More sharing options...
Husky Posted October 29, 2009 Share Posted October 29, 2009 I blame the "must have" mentality of some folk that bow down to debt and don't care how bad it gets, until they are thoroughly in the proverbial.If you can't afford it, then just don't buy it. It's like when I saw the program on telly called "The Bank Of Mum & Dad", I could have cringed when I saw how bad some kids were in debt. Mostly because it's so easy to get a credit card or borrow money when banks see that you have enough lifespan left to pay it back. Your missing the point. These loans are not usually for a pair of Moschino jeans or Evisu handbags, they are usually taken out to be able to put food on the table, buy your kid the bike they want for xmas or to pay the rent or face eviction! +1 for a small minority of cases it will be helpfull if used properly (if thats possible?) Quote Link to comment Share on other sites More sharing options...
jamesyj Posted October 29, 2009 Share Posted October 29, 2009 I blame the "must have" mentality of some folk that bow down to debt and don't care how bad it gets, until they are thoroughly in the proverbial.If you can't afford it, then just don't buy it. It's like when I saw the program on telly called "The Bank Of Mum & Dad", I could have cringed when I saw how bad some kids were in debt. Mostly because it's so easy to get a credit card or borrow money when banks see that you have enough lifespan left to pay it back. Your missing the point. These loans are not usually for a pair of Moschino jeans or Evisu handbags, they are usually taken out to be able to put food on the table, buy your kid the bike they want for xmas or to pay the rent or face eviction! +2 The 23and million& APR doesn't look like a great lending rate, but it's because the loan is over such a small amount of time on such a small amount of money. On a side note of people wanting to get you into dept, I rang my bank to pay a little of my credit card bill. A total of £617.00 (car insurance) which I whacked on an interest free credit card, I'd pay £200 off a month, saves me paying monthly to Mr. Insurer. I spoke to a Natwest man on the phone about paying off £200 of it, he said "But sir your minium payment is only £13 (ish), you still have £980 to spend today". Nice to see Natwest concerned about the young'uns getting into debt. Quote Link to comment Share on other sites More sharing options...
stanski Posted October 29, 2009 Author Share Posted October 29, 2009 I blame the "must have" mentality of some folk that bow down to debt and don't care how bad it gets, until they are thoroughly in the proverbial.If you can't afford it, then just don't buy it. It's like when I saw the program on telly called "The Bank Of Mum & Dad", I could have cringed when I saw how bad some kids were in debt. Mostly because it's so easy to get a credit card or borrow money when banks see that you have enough lifespan left to pay it back. Your missing the point. These loans are not usually for a pair of Moschino jeans or Evisu handbags, they are usually taken out to be able to put food on the table, buy your kid the bike they want for xmas or to pay the rent or face eviction! +2 The 23and million& APR doesn't look like a great lending rate, but it's because the loan is over such a small amount of time on such a small amount of money. On a side note of people wanting to get you into dept, I rang my bank to pay a little of my credit card bill. A total of £617.00 (car insurance) which I whacked on an interest free credit card, I'd pay £200 off a month, saves me paying monthly to Mr. Insurer. I spoke to a Natwest man on the phone about paying off £200 of it, he said "But sir your minium payment is only £13 (ish), you still have £980 to spend today". Nice to see Natwest concerned about the young'uns getting into debt. Yup and they will probably raise your spending limit quietly also - so say £13K!! Quote Link to comment Share on other sites More sharing options...
xyyman Posted October 30, 2009 Share Posted October 30, 2009 Yes its Payday loans, relatively small amounts over very short periods. Payback calculations make the APR very high compared to conventional lending. A good APR is not always the best payback though it depends how the interest is accrued and applied. Whilst these rates do seem extortionate its the only way some people can get the ready's for family necessities, as someone said earlier. Like it or not it does provide a service of sorts. Quote Link to comment Share on other sites More sharing options...
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