Mafia loans.

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gavroche

gavroche

Getting old but not past it
Location
North Wales
Why is it that the government let those loan sharks advertise 700% Apr loans? I have even seen one for 1500%. This should be made illegal. I really feel sorry for anybody applying for one of them. It would never cross my mind to do it. Letting crooks advertise such thing is monstrous.
 
Berk on a Bike

Berk on a Bike

Veteran
Location
Yorkshire
The Financial Conduct Authority is introducing new rules which will cap the daily interest rate and prevent a borrower having to pay back more than double what they borrowed.

http://www.theguardian.com/money/2014/nov/11/payday-loans-caps-fca
 
S

SWSteve

Guru
Location
Bristol...ish
Berk on a Bike said:
The Financial Conduct Authority is introducing new rules which will cap the daily interest rate and prevent a borrower having to pay back more than double what they borrowed.

http://www.theguardian.com/money/2014/nov/11/payday-loans-caps-fca
Click to expand...

There's also the potential that they will be able to operate as foreign businesses, and as a result not be managed by FCA/PRA.

One thing's for sure, for some people these are the only way out of certain circumstances, and that's not a good thing.
 
Over The Hill

Over The Hill

Guru
Location
Ridden off into the sunset
I don't think the people who take them out have the luxury of being able to say "it would never cross my mind to do it".
Banks will not touch anyone with any bad record. Many people just don't have £500 tucked away in reserve just in case an unexpected bill comes along.

Great if a reasonable cap can be placed on them but banning them will really only leave some people in a worse situation.

I think it has been touched on before but really I seen no reason why the benefits system cannot act as banker and give loans in the form of advance payment of benefit for a fair interest rate. It is not as if the borrower can run away from the debt as it can be repaid from wages or future benefits. We do it with student loans and other things.
 
Archie_tect

Archie_tect

De Skieven Architek... aka Penfold + Horace
Location
Northumberland
Regulated credit union required so that all those of us who can afford to each pay £1 a week into... think how much good that could do! Thinl of it as a national savings bank.
 
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Bobby Mhor

Bobby Mhor

Wasn't born to follow
Location
Behind You
I think I'll become a banker...a banker I said.

Wonga and their ilk have continuous loans ads on tv, they originally said they would help keep peeps away from loan sharks, aye right.
Legalised loan sharks methinks..

The reason I want to become a banker?
How many have been jailed for their massive frauds over the years:whistle:
 
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