FabSwingers.com > Forums > The Lounge > 'Corporate Loan Sharks'?
'Corporate Loan Sharks'?
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
Bolton Wanderers' Football Club are changing their shirts sponsor to an online money lender 'Quickquid'.
They have been condemned by the local council and some of the fans have done a demo about how these 'Corporate Loan Sharks' can actually sponsor a 'Family's Club'.
This morning, the government have slammed Trading Standards for not doing more about these kind of companies. Why can't the Government do more themselves?
How on earth can footballers and a football club support such a company with the amount they are paid and amount of money they make?! And what kind of role models can they be supporting one of these 'Corporate Loan Sharks'?
Just had a quick look on Quickquid's site and they have a Representative APR of 1734% 
Bolton is a town struggling and you can see many shops shut around the town, and reading their local paper, you see that a lot of them shop elsewhere and how much they are struggling in a time of recession.
So my question is, is it right that a football club have a sponsor like Quickquids? And are the Council/Fans right to protest about being affiliated with such a company?
I personally think it is wrong to advertise these companies, as people see it as a quick fix and end up twice as worse off afterwards by not understanding how these companies work.
Also, should the Government do more rather than slate Trading Standards? |
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By (user no longer on site)
over a year ago
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These kind of businesses prey on the vulnerable and the needy!
And are a guilty of getting people into a vicious spiral of ever increasing debt! I'm surprised people don't see through them!
Lend you money til pay day? Assuming your pay packet isn't likely to be twice its usual size, how are you going to pay it back? The truth is that it's usually by borrowing more money off a similar company - or 'rolling over' the repayment til the next month, and the one after that, and the one after that!!
Anyone in need of small amounts of cash would be better off contacting their local credit union! Average interest rate? 26%, and options to pay back over a year in affordable amounts.
I'd be happy to see all these companies closed down tomorrow! |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
I agree Obi (and thanks for taking time to read my ramblings lol)
I just think it's awful that a so called 'family club' like Bolton Wanderers are going to use one of these companies as a shirt sponsor!
A lot of the families who go to see them can just about afford a ticket, and they have kept their season ticket price the same for the last 2/3 seasons and it's the same price next season. But to go and then get a sponsor like QuickQuid's is shocking and I do think the FA need to step in on this one. |
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By (user no longer on site)
over a year ago
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"These kind of businesses prey on the vulnerable and the needy!
And are a guilty of getting people into a vicious spiral of ever increasing debt! I'm surprised people don't see through them!
Lend you money til pay day? Assuming your pay packet isn't likely to be twice its usual size, how are you going to pay it back? The truth is that it's usually by borrowing more money off a similar company - or 'rolling over' the repayment til the next month, and the one after that, and the one after that!!
Anyone in need of small amounts of cash would be better off contacting their local credit union! Average interest rate? 26%, and options to pay back over a year in affordable amounts.
I'd be happy to see all these companies closed down tomorrow! "
Having had to borrow money from this company, there is the option to pay it back when you get paid but they do have a rolling return to pay back over a couple of months and they add an extra £20 pm to do that |
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By (user no longer on site)
over a year ago
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They pray on the people who need the money the most and the ones least likely to be able to pay it back in full
They are disgrace ... the people that work for them I have no idea how they can do it ( yes I know its a job at the end of the day)
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"
They are disgrace ... the people that work for them I have no idea how they can do it ( yes I know its a job at the end of the day)
"
Unfortunately in this day and age, as you said it is a job and not a lot of people have much choice 
I feel for those who see no other option.
My friend lives on a run down council estate, and the local community have set up a loan company for those in need. They don't charge the earth in repayment fees and they also have financial advisor's to help out too for free.
Just a shame not a lot of communities have this. |
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they are no worse than gangsters, the regulatory authorities by and large are toothless and the 'Government' by and large cares not a jot..
as for any team being a 'family club' thats a rose tinted myth put out by the PR team..
no such thing in the modern game.. |
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"
They are disgrace ... the people that work for them I have no idea how they can do it ( yes I know its a job at the end of the day)
Unfortunately in this day and age, as you said it is a job and not a lot of people have much choice
I feel for those who see no other option.
My friend lives on a run down council estate, and the local community have set up a loan company for those in need. They don't charge the earth in repayment fees and they also have financial advisor's to help out too for free.
Just a shame not a lot of communities have this."
great that local folk have addressed the issue, what we need are more credit unions..
too many in our society have no access to affordable credit for a multitude of reasons and are forced to use the vile loan companies..
with interest rates at the level they are these businesses are still allowed to charge exhorbitant rates..
wait till the base rate rises..
bad times for many others i fear.. |
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By (user no longer on site)
over a year ago
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I struggle every month to make ends meet bills are goin up so much but the wages arnt I have fallen to these kind of people and wish I havnt bt when u need to put food on the table for ur kids ull do anything I even thought about doin my own services lol if u know wot I mean but its the respect u have for urself afterwards xxx  |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"they are no worse than gangsters, the regulatory authorities by and large are toothless and the 'Government' by and large cares not a jot..
as for any team being a 'family club' thats a rose tinted myth put out by the PR team..
no such thing in the modern game.."
Actually, they set up a family stand and it did do well, the stewards would be on anyone who swore or whatever, that was when the Reebok first opened. Nowadays I guess you are right about the rose tinted glasses, but they still have the family stand and family tickets. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"I struggle every month to make ends meet bills are goin up so much but the wages arnt I have fallen to these kind of people and wish I havnt bt when u need to put food on the table for ur kids ull do anything I even thought about doin my own services lol if u know wot I mean but its the respect u have for urself afterwards xxx "
I know how you feel, I really do x
I just hate the way these companies to try and rob people who use them.
With a percentage of over 1000 on repayments, and a lot of small print that some other don't or can't read.
Some councils have a credit union kind of thing where they try and help, like I said earlier, my friend lives on a council estate and they have set up a financial service, I'd rather people looked for help from them rather than these companies with ridiculous loans.
I have been getting letters from my bank saying I need to pay x amount each month, I am not working (have a job at last but don't start for a few months yet) I went into the bank and asked them how I am meant to pay this much when I don't have it and where was I meant to get it from?
Their response was, just ignore the letters.... So why on earth do they keep sending me them?!
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"
I have been getting letters from my bank saying I need to pay x amount each month, I am not working (have a job at last but don't start for a few months yet) I went into the bank and asked them how I am meant to pay this much when I don't have it and where was I meant to get it from?
Their response was, just ignore the letters.... So why on earth do they keep sending me them?!
"
are they trying a fast one by hitting you with further admin charges for the letters..?
they're as bad as loan sharks when it comes to stuff like that.. |
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By (user no longer on site)
over a year ago
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I think like tobacco there should be a ban on advertising. But no one forces people to take their loans (in the same way that no one forces people to smoke). Is the rate outrageous, yes; would I borrow from them, no. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"
I have been getting letters from my bank saying I need to pay x amount each month, I am not working (have a job at last but don't start for a few months yet) I went into the bank and asked them how I am meant to pay this much when I don't have it and where was I meant to get it from?
Their response was, just ignore the letters.... So why on earth do they keep sending me them?!
are they trying a fast one by hitting you with further admin charges for the letters..?
they're as bad as loan sharks when it comes to stuff like that.."
That's what I have been checking and asking, it doesn't appear so, but I'm sure once my wages go in, I'll be getting a delightful present of a letter with all the admin fees in  |
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"I think like tobacco there should be a ban on advertising. But no one forces people to take their loans (in the same way that no one forces people to smoke). Is the rate outrageous, yes; would I borrow from them, no. "
Sorry i have to disagree, poverty for some is what forces some to use these scum as a means of credit..
if folk have no other means and cant access funds to live etc some will have little recourse but to use them.. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"I think like tobacco there should be a ban on advertising. But no one forces people to take their loans (in the same way that no one forces people to smoke). Is the rate outrageous, yes; would I borrow from them, no.
Sorry i have to disagree, poverty for some is what forces some to use these scum as a means of credit..
if folk have no other means and cant access funds to live etc some will have little recourse but to use them.. "
I agree Surrey, It's just a shame that they can charge what they do and get away with it.
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By (user no longer on site)
over a year ago
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"I think like tobacco there should be a ban on advertising. But no one forces people to take their loans (in the same way that no one forces people to smoke). Is the rate outrageous, yes; would I borrow from them, no.
Sorry i have to disagree, poverty for some is what forces some to use these scum as a means of credit..
if folk have no other means and cant access funds to live etc some will have little recourse but to use them.. "
We won't agree on this one so I will leave it there. |
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It is desperation that drives most people that use payday loans. They cant the money anywhere else so what else are they going to do! As for interest rates I have to say they do compare to those banks charge for overdrafts. |
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don't agree with any form of advertising from these "loan companies"...
years ago these companies were known as loan sharks and you'd have tv programmes such as watchdog or thats life highlighting the astronomical % rates these "loan sharks" charged, and everyone was disgusted that they preyed on the vunerable...
...i'd be curious to know when did loan sharking become commercially and morally accepted??
one small plus side is that unlike bolton, my home town football club refused sponsorship from one of these loan sharks
well played wednesday  |
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By (user no longer on site)
over a year ago
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Bolton Council are only one step up from vultures, so why shouldnt the football club be the same. Its a private business and can have who ever they want that will pay. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"Bolton Council are only one step up from vultures, so why shouldnt the football club be the same. Its a private business and can have who ever they want that will pay."
Even Bolton Council are saying it's a disgrace.
Yes it is a privately owned business, but it is promoting these sort of businesses that are not favourably looked upon with good reason.
I had read about a young man recently had took his own life as he could not afford the huge repayments these companies ask for.
I find it a shame that a football club can not find another sponsor. |
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By (user no longer on site)
over a year ago
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There is quite a lot going on about this on facebook, trying to stop this sponsorship deal going ahead. Lot's of people especially ones who have children who want the shirts really don't want to be buying anything with their advertisement on and I can't say I blame them.
Now they've stopped using sponsorship deals for alcohol it's narrowed the field down an awful lot. |
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By (user no longer on site)
over a year ago
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"Bolton Council are only one step up from vultures, so why shouldnt the football club be the same. Its a private business and can have who ever they want that will pay.
Even Bolton Council are saying it's a disgrace.
Yes it is a privately owned business, but it is promoting these sort of businesses that are not favourably looked upon with good reason.
I had read about a young man recently had took his own life as he could not afford the huge repayments these companies ask for.
I find it a shame that a football club can not find another sponsor."
Bolton council are more than happy to have one of these shops on every street corner.
More children and vulnerable people will see that than would ever visit the Reebok.
The council should simply shut up or take a real stand against them.
Maybe the councilors have more to gain if the loan sharks get more business. |
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blackpool have been sponsored by Wonga for for years
Wonga also pay towards the free tubes on new years eve in London.
I'm not saying they are right but they are a business and although they arent governed by the FSA, they are bound by the consumer credit act. they state their interest rate, its just unfortunate that their target mrket often dont know wht that means!
i do think they need to be regulated more but i also dont think that they should be villified for people being stupid.
I have worked on the phones for them and the things people ave said to me have astounded me!! |
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By *abioMan
over a year ago
Newcastle and Gateshead |
they have had the same issue up here in the north east ever since last october when it was announce the new sponsors of newcastle from next season would be Wonga.com
people did raise a lot of objections.. and I think you'll see those coming back, but a lot of those suddenly silenced when wonga bought the naming rights to the ground and reverted it back to st james park!
I was disappointed as I had "the wonga loan dome" in the sweep....  |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"
I was disappointed as I had "the wonga loan dome" in the sweep.... "
Great ring to it lol
I get all the points about Wonga etc. I just personally think it's wrong to have them sponsoring football clubs, especially with the amount footballers are paid, but that's a whole different thread.
I just feel, in this current climate, having the likes of Wonga and Quickquids sponsoring football shirts is wrong. It is giving the wrong message to people already in debt up to their eyeballs, that these clubs support and advertise you going to them. OK there is no where else really for them to go to, but there was a story of a young man taking his own life because he was being hounded by these kind of companies.
Apparently in Bolton's case, quite a few businesses have pulled their sponsorship deals and BWFC have postponed their kit unveiling.
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"is it worse than beer companies sponsoring them? what message does that put out, get pissed and play football lol"
Probably not. And I guess there was a lot of hoo har about it back when beer companies started sponsoring them (My own team included).
I guess it's just with the current climate and people being ripped off get's to me. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"is it worse than beer companies sponsoring them? what message does that put out, get pissed and play football lol
may improve their game.."
I wish they improved how we played lol |
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By (user no longer on site)
over a year ago
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"is it worse than beer companies sponsoring them? what message does that put out, get pissed and play football lol
Probably not. And I guess there was a lot of hoo har about it back when beer companies started sponsoring them (My own team included).
I guess it's just with the current climate and people being ripped off get's to me."
No one ever got ripped off with a pair of REEBOK trainers then ?
These companies advertise 24/7 on the TV so whats a tiny add on a few shirts ???.
If its that bad then blame the government, they allow these legal loan sharks to prey on the vulnerable..  |
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By * Jay69Man
over a year ago
Bridgwater - Somerset |
To use these companies one must be really desperate (or stupid enough not to realise the interest rates are taking the piss).
Unfortunately, with people on a knife edge and unexpected expenses cropping up, e.g. car repair and the car is needed to get to work, you can see how people are driven to use them.
Sadly the 'proper' bankers will only lend you an umbrella if there's no sign of rain.
Credit unions are the way forward.
When I studied a bit of law, years ago, these loans would have been described as usurious and the agreement would have been unenforceable, times change, and not for the better. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"To use these companies one must be really desperate (or stupid enough not to realise the interest rates are taking the piss).
Unfortunately, with people on a knife edge and unexpected expenses cropping up, e.g. car repair and the car is needed to get to work, you can see how people are driven to use them.
Sadly the 'proper' bankers will only lend you an umbrella if there's no sign of rain.
Credit unions are the way forward.
When I studied a bit of law, years ago, these loans would have been described as usurious and the agreement would have been unenforceable, times change, and not for the better."
Thanks, that was my point. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"is it worse than beer companies sponsoring them? what message does that put out, get pissed and play football lol
Probably not. And I guess there was a lot of hoo har about it back when beer companies started sponsoring them (My own team included).
I guess it's just with the current climate and people being ripped off get's to me.
No one ever got ripped off with a pair of REEBOK trainers then ?
These companies advertise 24/7 on the TV so whats a tiny add on a few shirts ???.
If its that bad then blame the government, they allow these legal loan sharks to prey on the vulnerable.. "
Bit different between a pair of trainees (which some people buy) and these companies. Yes these companies are being advertised but it does not make them right, which is what I'm getting at.
So do you agree with the sponsorship then? |
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By (user no longer on site)
over a year ago
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"
Bit different between a pair of trainees (which some people buy) and these companies. Yes these companies are being advertised but it does not make them right, which is what I'm getting at.
So do you agree with the sponsorship then?"
I really dont care who sponsors Bolton Wanderers or any other club for that matter.
I can think of a lot worse things for over paid prima donnas to wear on their shirts.
Unfortunately we live in a world that loves advertising,and the sports club simply feed on this.
If you dont like it, then boycott everything to do with the club.
If enough people do then they will change sponsor or close.
PS. I think the legal loan sharks should be banned, but to many MPs own shares in them for that to ever happen. |
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By (user no longer on site)
over a year ago
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Now the councils.....
They could offer each household that pays council tax a free loan in the form of 6 months reduction of council tax now that
Bin rounds have been halved.
Street lighting cut.
Staff wages cull within their offices.
God I could go on but I guess us great folks endorse it as we pay more for less.... |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"is it worse than beer companies sponsoring them? what message does that put out, get pissed and play football lol"
that is a fair point and one i was going to make last night..... beer companies... internet gaming/gambling companies ect...
an interesting point is in spain, sevilla who are sponsored by an internet gaming company, got a special dispensation for freddy kanoute not to wear the shirt.. reason.. because he is muslim..
apparently newcastle haven't as yet asked for the same thing for cisse, ben afra and others in their squad... will be interesting to see if they do |
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By (user no longer on site)
over a year ago
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I'm a bit on the fence on what's been said so far as for a football club being sponsored by a loan company plent of other clubs players are sponsored by many other things like gambling sites,alcohol,banks its nothing new,
As for these loan companies yeah it's bad that they can charge so much but at the end of the day most of them tell you 100% what you will have to pay back before you accept. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"
So do you agree with the sponsorship then?
I really dont care who sponsors Bolton Wanderers or any other club for that matter.
I can think of a lot worse things for over paid prima donnas to wear on their shirts.
Unfortunately we live in a world that loves advertising,and the sports club simply feed on this.
If you dont like it, then boycott everything to do with the club.
If enough people do then they will change sponsor or close.
PS. I think the legal loan sharks should be banned, but to many MPs own
shares in them for that to ever happen."
I'm not a fan of Bolton, I was just highlighting the fact that there was uproar from their fans and their council and how I agreed with them. |
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By *els_Bells OP Woman
over a year ago
with the moon n stars somewhere in gtr manc |
"is it worse than beer companies sponsoring them? what message does that put out, get pissed and play football lol
that is a fair point and one i was going to make last night..... beer companies... internet gaming/gambling companies ect...
an interesting point is in spain, sevilla who are sponsored by an internet gaming company, got a special dispensation for freddy kanoute not to wear the shirt.. reason.. because he is muslim..
apparently newcastle haven't as yet asked for the same thing for cisse, ben afra and others in their squad... will be interesting to see if they do"
That would be interesting but can not really see it happen.
When Liverpool were sponsored by Carlsberg, at some games in certain countries where alcohol advertising was banned, I do remember them wearing shirts without the ad. It looked very odd but I understood why. |
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By (user no longer on site)
over a year ago
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I agree 100% with your point, but unfortunately the powers that be dont allow sponsorship from alcohol or tobacco companies.
Doesnt leave an awful lot of others that can afford to do it unless your a mega rich club already.
The loan sharks have been doing it for several years now and never any complaints.
I just think Bolton got the best deal for the club,regardless of anything else. |
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