London SE1 community website

Payday loans

Join in these discussions today! Log in or register.
Pages:  Previous1 2 3 4 5 6 7
Current: 7 of 7
Monday 4 March 2013 12.29pm
i suppose it is marginally better to borrow off one of these shops than some local loan shark which in many cases may be the alternative
Wednesday 6 March 2013 12.51pm
It seems to me that government has a responsibility to ensure that loans/credit are available at a reasonable sustainable rate. The %APR free for all that has been allowed to happen is an absolute disgrace.In my view,it is usury of the most gross type.
The 'market' clearly does have a role; if govt can take an 82% stake in the RBS.. ( verging on nationalisation ) surely it is able to make more of an effort to ensure that reasonably priced short term credit is available in the marketplace. ( There are a network of credit unions that offer a far more effective way of borrowing) .
The bottom line for me is .. the human cost.. and yes, of course there is an issue of personal responsibility.. but what we are really talking about here is a vicious spiral of loan shark dependency and all the ensuing social problems that that brings about.
Wednesday 6 March 2013 1.01pm
I hope James at SE1 is benefiting from some of us clicking on the adverts at the top - I'm not endorsing the products, but maybe some of us are interested in the services offered.

Think of it as helping the advertisers contribute to a community resource.
Wednesday 6 March 2013 1.07pm
If they do so, no doubt they will notice that the representative example quotes a rate of 49.9% APR (variable) which in my opinion, rather supports my argument.
Wednesday 6 March 2013 1.14pm
I'm sure many of us have had their er... "interest" piqued, and will want to see for ourselves.
Wednesday 6 March 2013 2.13pm
... and now the Government are launching an investigation into their practices the OFT has found as evidence of widespread irresponsible lending. Perfect!

http://www.telegraph.co.uk/finance/personalfinance/9911974/Payday-lenders-told-to-clean-up-act-or-face-ban.html
Wednesday 6 March 2013 4.22pm
dee dee wrote:
i suppose it is marginally better to borrow off one of these shops than some local loan shark which in many cases may be the alternative

This is, that these payday loan companies are loansharks...

http://youtu.be/FC_gUkZ-1V8
Wednesday 25 June 2014 5.43pm
Meanwhile payday lender Wonga has just been ordered to pay out 2.6M to 45,000 customers after it sent out bogus letters from non existent solicitor firms to threaten and harass those who were late with their repayments.

http://www.youtube.com/watch?v=lUcGTaKcA7Y
Monday 16 March 2015 3.43pm
Less than two years after opening, The Money Shop on TBR is no more. I understand today was its last day of trading. All operations/staff transferred to Camberwell branch.
Monday 16 March 2015 5.32pm
As shops on TBR go, doesn't that mean it's done quite well?

...if you press it, they will come.
Pages:  Previous1 2 3 4 5 6 7
Current: 7 of 7

To post a message, please log in or register..
Keep up with SE1 news

We have three email newsletters for you to choose from:

We are part of
Independent Community News Network
Email newsletter

For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.

7,000+ locals read it every week. Can you afford to miss out?

Read the latest issue before signing up

Also on the forum
Views expressed in this discussion forum are those of the contributors and may not reflect the editorial policy of this website. Please read our terms and conditions