General > Random Chat

i've just seen these shysters advertised on TV ....

<< < (2/3) > >>

stealthwolf:
I see it as a very short term loan, 1-2 days max. A bit like borrowing £50 off a mate until you get paid/cash transferred etc. if you're desperate enough to need this, you're already in financial trouble and going down this route will not help out.

cameluk:
Weren't these type of loans banned in the US, so all the companies moved over here  :fighting:

Gene Hunt:
Shocking & they go on about loan sharks,these boys are just the legal version of it. Very sad but desperate people will take any branch when there sinking fast. :sad1:

Greeners:
The only reason these people are around and can afford to advertise on the TV is there are enough stupid folk about to actually buy into there daylight robbery!!  :fighting:

The Jeremy Kyle brigade who's fat asses rarely move from the sofa!!  :laugh:

DaveB@Vagbremtechnic:
They're all funded by venture capital companies, in fairness to the finance company (used to run one) the only way to make money in that game is to build a "book" and through a process called securitisation sell it on to investors and others and chrage a fee for collecting the outstanding cash.

The problem with those types of loans is that nobody will touch these books with a Barge Pole, internally they'll be expecting to get only half the money back due to the scrotes they will be lending to, the good customers will in effect not only pay the bad ones interest but also the cost of pursueing them though the courts and the time and staff to do so.

So they only make money of the rate which whilst albeit high isn'y for long or for much comparitively.

If they lent somebody a penny at 2000%APR then they still only make £20 off you PER YEAR - Its a very difficult troublesome way to become rich and make a profit.

personally I just hope that life never deals me the cards that would mean I'd be considering it as an option - there but for the grace of god.

APR is also a crap way to examine costs of lending, theres all sorts of hidden costs that lenders can spank you and get away with it

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