What The F... ...oolishness Is Going On?
I have been looking for a cash cow, erm I mean, a cash lady all my life.
No joy so far, nearest I've ever got is Ms Spendalot Guaranteed to take my overdraft further than I could either afford or even imagine. Then I spy an ad' on the good old haunted fish tank. Not only does she exist but she's bouncing back from her own bankruptcy but doing it by coaxing other women to go there to pay off her own. Surely this isn't the image high cost loans should be putting before the irresponsible? Ex-bankrupt Kerry Katona fronts payday loan ad campaign - Telegraph :confused: |
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is teh advert trying to tell us that if you cant afford your cocaine then use them for a quick fix loan ?
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I can just imagine it-Ms pink tracksuit'll be sitting there with her pot noodle and chips watching the ad and she'll think 'Hm I've spent too much of my income support on orange foundation recently and now I can't afford the latest smartphone!If Kerry Katona doesn't care about being in debt and this payday loan thing is good enough for her, then I can do it, innit!'
*This is if these sorts of people have a thought process system, at all. ** Payday loan indeed. More like JSA day loan.... *** I have nothing against pink tracksuits, I was stereotyping, I'll be very sorry in a later life. |
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I'm wrong actually-I'm sure these sorts of loans are usually available only if the debtor has a job.
Katona doing it is a bit of a joke-and their APR is scary. Some people just don't care about debt, I can see why-it's just a fact of life for so many. |
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These loans are supposed to be short term for a couple of weeks until you get paid. If you borrow £100 to pay a bill and you have to pay back £110 then the loan cost you £10. The bank charges for missing that bill payment could be £30 so you saved £20. Please don't just jump on certain MP's bandwagon about pay day loans without looking at who they may be good for. |
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the apr certainly matters, especially if for some unforseen circumstance,its not paid in time, "supposed to be short term" is the key if you are stuck for a hundred quid, and its not paid, the out come is frightening,
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Just did a Wonga and £100 for 7 days will cost you £112.78. That's only £12.78 profit for them which includes their costs and the risk they take that you will pay it back. How much do you think they should charge you for borrowing £100 for a week? Would you be more happy if they charged you a lower APR but charged an administration fee? |
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If you use these places for anything other than paying a bill before payday like buying something then you deserve the huge Apr in my opinion. |
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I've known folk have loans for three or four of these companies all at the same time. I don't know, I was always a believer that if you haven't got it you don't spend it, but there are circumstances in which I don't follow that.
They are better than accumulating bank charges, but I hate the way people who are in trouble with them, shift the blame to the companies themselves... |
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Many years ago I used to frequent the Great Tree pub in Hassy, and a lad I knew from Ossy was also a regular, one night he asked me if I could lend him a couple of quid until he got his Giro, which I did. When he got his Giro he gave me the money back as soon as he came in the pub, but this started a cycle, he started asking me every week, until I decided to end it once and for all, he came to give it me back and I just, na its right, you keep it, then you'll never need to borrow it again, never asked me again:rolleyes: |
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