are they jut legalised loan sharks??
you can borrow up to £1000 with some at apr's of 2700%, get the money in 15 mins all from an online application
would you ever use one? (if i did i think the bank of dad would kill me!!!) |
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i think thats what annoys me about them
they ae preying on the most vulnerable people in the community - people at the end of their tether.
Plus they will never help you out of a jam - if you are £100 short one month, you are £100+ short the next as you have to pay back what you borrowed plus the interest |
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By (user no longer on site)
over a year ago
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Colleague of mine used them. How do I know? She defaulted on her payment and they left a message on the departmental ansering machine telling her she had!  |
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By (user no longer on site)
over a year ago
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No UK usury laws despite other country's having them. Now why is that? Can't be that difficult to make a law limiting interest on a debt to a reasonable level. |
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By (user no longer on site)
over a year ago
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they are totally vile and should be closed down! them provident/welcome/greenwoods anythin like that just prey on the vunerable!!
they get you when you short then it the vicious circle because u will be short again the next month and so forth!!
xx  |
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Sadly, a market exists for companies like those mentioned above, prior to the financial crisis traditional high streets lenders refused to consider anyone with so much as a crease re their credit worthiness, since the financial crisis hit, it's become harder for the average person to obtain any form of credit, Governments and financial regulator's have / are more than happy to turn a blind eye to the extortionate interest rates said companies charge.
I've said previously, and will say again, the vulnerable in society are not protected as much as those in a position to act would have us believe  |
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By (user no longer on site)
over a year ago
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"What's a payday?
"
it's one of those things that people get when they have a job, it usually at the end of the month and it's for services received.
Or in some cases, benefit day, the day that chavs are able to get their next fix of cheap cider and baccy.
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By (user no longer on site)
over a year ago
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Some people have to use them when things get bad and they have no friends or a poor credit history. There will always be people who will take advantage or as they see it a high risk gamble if they can potentially make a good short term profit. I hate to think what would happen if the desperate people couldn't get a loan at all. |
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To be honest I can see maybe where they have their place, in a very, very, very limited way.
I'v never used one so can't speak from experience but from one of the TV ads I seem to recall they give an example of borrowing £100 for nine days and repaying something like £115.
Now for somebody who just needed a short term injection of cash to cover a direct debit or standing order coming out of their account, that £15 of interest is still better than a bank charge of £35. |
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"are they jut legalised loan sharks??"
Of course they are, and if you wish to join there ranks all you need to do is pay off the right politicians....sorry buy the correct license from the government and pay for the correct police searches to be done
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