One million people take out emergency loans to pay mortgage

Discussion in 'Economics' started by pandaplodder, Jan 4, 2012.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. So that could be 1 in 4 people using these loans?
  2. Rod924

    Rod924 LE Reviewer

    I hate these parasite companies with a passion; feeding off the misery of the recession and subsequent victims.

    Just look in most high streets at the shops like cash converters, that ****ing car log book one et al that have sprung up in the last 3 years.

    Eeh, get right on my nipple ends!

    Sent from my GT-I9000 using Tapatalk
    • Like Like x 1
  3. Parasites. Grotty ones, too.
  4. Porridge_gun

    Porridge_gun LE Good Egg (charities)

    Its beautiful, and far better than borrowing off local sharks and flogging the kids chrimbo presents.

    Nothing new in it, just done a different way now there is television and radio advertising.

    God bless muppets who cant plan their wedge out to last.
    • Like Like x 1
  5. Most of these Pay Day loan companies are American. They have been legislated out of the European mainland states, so they have come here. anyone taking out Pay Day Loans to pay rent, mortgage etc are incredibly stupid. They should give up smoking, drinking and fornicating first, they might save themselves some cash.
    • Like Like x 3
  6. 42 Inch Philips LED TV

    Check these ***** out..... the poor and feckless will always be with us, but we should be protecting them from these sort of chancers, I believe you get "fined" as well if you miss a payment.

    We went to Argos after Christmas, had a 28in coal fired TV,had it for years, no issues but said what the hell, got a better model 42in than Shitehouse for £290, had cash in the bank.... hell of a difference in cost, almost a tenth.
  7. Nothing illlegal in the sites, even though the rates are exceptionally high. As said above if people can't manage to plan their budget for a while then there is no hope for them. They will end up juggling money until something gives and then appear on breakfast TV whingeing about how these sites should be banned.
  8. There may well be nothing illegal in the activities of these usurers, but we are not living in a country were the weak willed are protected from themselves and the sharks who prey upon them.
    • Like Like x 1
  9. They are sometimes much cheaper than getting an unauthorised overdraft from a highstreet bank.
  10. No we're not.

    These payday loan people are bottom-feeding slimers with whom a conversation would be as agreeable as putting your hand into a spittoon, but as someone said, they're not as bad as loan-sharks and it's not illegal to profit from the stupidity of others.
  11. Think if I ever get a terminal disease suicide bombing the alternative credit awards would be a more fun way to go than a clinic in Switzerland.
    • Like Like x 1
  12. Indicates bad times ahead though...
  13. BiscuitsAB

    BiscuitsAB LE Moderator

    Ahh how nice a righteous indignation thread. If anyone is smart enough to calculate the cost of a High street bank unauthorised overdraft you'll find that its hundreds of times more expensive than a short term loan.

    A customer borrowing £100 for 28 days without the consent of Santander would repay £200, for example.

    That is the equivalent annualised percentage rate, or APR, of 819,100%.
    • Like Like x 2
  14. Which is why they don't make much from them. The real profits are based on the defaults, the charges for which would make the most heartless and avaricious high street bank look like a big poof by comparison. I think it's more than a little bit grotty to plan in advance to wring a certain percentage of your customers dry.

    And no, before any fuckwit starts assuming I've borrowed from them and come unstuck, it's not based on personal experience but a conversation with a City analyst, an old friend of my missus.
  15. Payday loans are great, as many of those that take them spend some of their money in my shop. Winner...