How can anybody afford this?.

Or very poor and unable to get credit anywhere else. Unfortunately the high monthly repayment makes it likely that this loan will just lead you financially into more trouble but when you're desperate you don't think that far ahead.

That interest rate isn't bad compared to some of them Frank. And if you were very rich you either wouldn't need a loan, or you'd be in a position to get one at a much more competetive rate!

try this one

They should go to Credit Union Vampire

credit unions

Credit unions are all very well but you have to be able to save in them too. I've used payday loans because I had no money left whatsoever and needed food/petrol etc.

These companies feed on the needy who have no where else to turn.

It's a vicious circle I agree. Once you break that cycle and people become aware there are other options life becomes easier. We set up Credit Unions in schools and the parents ran them. You don't have to put much into them before you can take a loan.
Hope things are better now for you Vampire

They are thank you.

Frank I think you should not judge people who need to use these Companies (and yes I agree they are expensive) until you have been in the same position yourself.

I feel very angry about these loan companies and very sad for the people forced to use them. I agree with vampirequeen Credit Unions are only good if you have a saving record with them and many peole forced to use these loansharks companies are not able to save.

In my opinion the government should set up a scheme whereas people can borrow small amounts of money at reasonable rates of interest and once one loan is paid back another can be taken out.

Frank your sarcasm is wasted.

I feel really sorry for anyone who has to resort to getting money from these loan companies. Who knows what circumstances lead people into this sort of financial trouble. Most of them deserve our compassion and understanding.
Well said, gillybob, - what a good idea to have a government scheme.

These parasitic loan companies are springing up everywhere in poorer areas. More strict controls were supposed to have been placed on them but so far there isn't much evidence that they have been.

Of course, it's not sensible to take out a loan with such high interest rates but I'm not sure what else I would do if I had no money, children to clothe and feed and nobody else to turn to for help.

I knew when I took out the payday loans that I was being ripped off and paying extortionate interest rates but I had no choice. I needed to buy food. It was the middle of the month...two weeks to pay day. I didn't mind doing without food for a couple of days but I couldn't do it for two weeks.