Have you ever applied for payday loans?

Sadly “ pay day loans” will always have a place in the market.
These lenders of last resort are regulated to a degree.
They are marginally better than the loan sharks that still operate, particularly in deprived areas.

I have seen men at cash points using card after card to with draw money, they have taken the “clients” bank cards and as soon as their benefits are paid in they take out what they are owed.

We need more credit unions in deprived areas and financial management on the school curriculum.

twinflower whoever needs money so desperately I would direct them to citizensadvice.org.uk

Zombie!

These loans are only really of use if you have to pay for a sudden unexpected expense and KNOW you will be able to pay it back when/before the loan becomes due. For example the fridge packs up or the car needs an essential part halfway through the month and you have to pay immediately. Most of us would use a credit card but some people dont have access to credit cards. Used in this way they can fill a gap in the market. The problem is that you are starting the next month with a hole in your disposable income. Then another bill comes along and there is a temptation to let the loan roll over.

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SPAM SPAM SPAM

As others have said they’re an horrendous way to borrow money, part of the problem is with little checking done, the money is almost immediate. No chat with the bank or other institution on plans to pay back etc.

gillybob

^It takes money to make money^

So true notanan

I have said this a few times before on GN MissA that If I ever won the lottery I would stand outside the Brighthouse store in the town where I work and escort the poor unfortunate souls forced to use this vile place, to Argos or Curry’s and buy them what they needed. Imagine desperately needing a washing machine and being forced into paying over 1000% interest for it? Apparently there is soon to be a degree of regulation but it will only say that they cannot charge more than twice the actual RRP of the item, which is almost always a “special” (not sold anywhere else) so they can make up any RR price they like.
Disgusting.

Brighthouse did not last very long in my town….

Credit Unions are a good idea and you can establish a good record by saving even small regular amounts.

When we started out, we bought our first Colour TV on HP. You get the TV, pay a certain amount every month, and at the end of 3 years or so, you own the TV (can’t remember now, but it was something like that ).
With my AC, I give them interest free loans, for their big expenses (garden, extension etc) , instead of them going to Banks

The only thing I ve ever owed is my mortgage, never had a lot but can’t bear to borrow money I have a credit card I ve never used
Bright house gone from out town too shinamae

All their shops have gone as they went into administration.