Pay day loans

spanky · 26th January 2012, 07:36 PM

I was a little silly as a youngern and had a canny bit of debt (£10k ) all paid off now but I can't imagine being stuck with a pay day loan 1250-5000% apr!!

It must be horrendus I don't know how people who run these businesses sleep at night and why doesn't our government ban them?

shaviessafc · 26th January 2012, 07:37 PM

Quote:

Originally Posted by spanky

I was a little silly as a youngern and had a canny bit of debt (£10k ) all paid off now but I can't imagine being stuck with a pay day loan 1250-5000% apr!!

It must be horrendus I don't know how people who run these businesses sleep at night and why doesn't our government ban them?

People are well aware of the APR, so why ban them? If people wish to get themselves in more debt by submitting to get a payday loan with massive APR, which they know about, then that's their prerogative.

Heeeed the Ball · 26th January 2012, 07:37 PM

Quote:

Originally Posted by spanky

I was a little silly as a youngern and had a canny bit of debt (£10k ) all paid off now but I can't imagine being stuck with a pay day loan 1250-5000% apr!!

It must be horrendus I don't know how people who run these businesses sleep at night and why doesn't our government ban them?

You can start one quite easily

BishopQuaker · 26th January 2012, 07:40 PM

Pay Day loan companies should be banned.
Anything like Quick Quid etc should all be banned.

End Of Thread.

Dan The Man · 26th January 2012, 07:41 PM

Pay day loans although I'd never use one have their use if people don't live next to family and need a hundred quid or so it tells you exactly what you'll pay back if paid on the agreed timescale.