Pay day loans.

Perhaps they have been reading your posts on here and think with your London pension you get more

Not quite sure what the connection is between what the loan companies were offering you and your pension, Frank...

I thought pay day loans have to be repaid on your next pay day.

l think sunseeker must get more than £5,500 per month.

Frank

And the post has just come.
I have been pre approved for a £4,000 limit on a credit card.

Frank

Hunter F

Nonu

You can have these pay day loans if you want.

Hunterf , you say such sweet things , bet you say that to all the girls .

Am I to take it , IF I DO take out a payday loan , you will be good for repayment .

Nonu

I can not afford the interest. I have to pay cash for everything.

Frank

Payday loans are a trap for the improvident who simply don't understand what the massive APR means. Or they think they can get away without paying it back. The companies do not check applicants' means sufficiently and I know of one who managed to get at least three loans from different companies at the same time, despite being in receipt of JSA.

Frank , shall I take that as a No , then !

Maybe some of the borrowers are improvident but others are just plain desperate and the loan companies play on that desperation. If you're truly desperate the apr is just a number.

Too many people borrow beyond their capability to repay.
The days are long gone when people saved up before buying.
When people get married they want a home full of new furniture, madness.

jeanie99

My daughters got a house full of furniture over a few months when they got married.
Myself and the sons in law's parents paid for it.

Frank

my father gave me a house,but I bought the furniture one piece at a time.Having been given such a wonderful gift it changed my life and I've never wanted for a thing.

Payday lenders don't aim at those who want long term credit. They target the desperate. Believe me I've been that desperate. It wasn't for furniture, holidays or going out. It was for food and pay now or else bills. The problem is not the first months interest although that's extortionate enough but with the defer offer they make you. In this deal you defer the payment but pay the interest each month. They let you defer for up to six months. After that they let you pay off a bit each month. So here's the maths.

Borrow £100....interest is £25 a month
Defer for six months = £150
Then pay £50 a month
Month seven you owe £100 plus £25 interest
Month eight you owe £75 plus £18.75 interest
Month nine you owe £43.75 plus £10.94 interest
Month ten you owe £4.69 plus £1.17 interest.

Overall the £100 loan has cost you £205.86 interest. So you've paid back £305.86.

Of course if you're desperate enough to need a payday loan you won't be able to afford £50 a month so it will take far longer to pay back and the interest will be much more.

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danielhoriton I do not think your post is honourable and is quite clearly an advert in disguise (not very well I might add).

When my father passed away just over a year ago I kept his mobile number on a pre pay sim card in case anybody tried to contact him.
He has had 2 texts today saying he has been pre approved for 2 pay day loans amounting to £750 and £1,000.

Frank

They'll have a job getting him to repay them, Frank.

The poor have always had to resort to usurers. When I was a child in the 1940s one family we knew would take out a Provident cheque for £1 and sell it for 15 shillings. They then had to pay back the whole £1 plus interest. They needed the money to buy food or electricity.
I know that even the emergency loans made to people on benefits if their cooker needs repairing etc. have to be repaid out of their weekly allowance.

I see that Carol Vordamans [sp] latest advert is for a catalogue company that sells things on credit. She really does annoy me with the things she is happy to advertise.

I agree, Tegan, I can't stand the woman. She does not need the money as she got nearly one million pounds a year for Countdown. She is also advertising some health supplement.

I used to think it was very strange when people said they 'can't stand' someone they have never actually met, but I'm beginning to see how that can happen

It's the way that she uses her image as a 'maths wizard' to encourage people to borrow money. There's something indecent about it I find.