Payday loans set for parliamentary vote

[Zoiderman]

Thats why you're not making your millions in the world of finance

As NLUK pointed out, the APR only looks so bad because these are very short term loans. It's still cheaper than some banks overdraft charges

The real problem is when customer start rolling the debts over ever week/month. But if you introduce efforts to tackle that then the side effects will impact either the consumer or the industry or both. A significant proportion of these customers WILL take the piss given the chance.

I know why the APR looks bad, it's why I am suggesting it is important to keep stressing it...

For me, loaning relatively low amounts of money to people desperate for it, is taking the piss out, for the 100 loan to pay back £120, becomes the 120 loan to pay the 150, which..., etc, etc, etc

Its feeding the dog its tail and some people need protecting from their own stupidity. Darwinism stopped properly working the moment we put together the welfare state

[AtW]

I'm just jealous - I'm lending at 7.4% on Zopa - I'd be happy with 70% let alone 4,000%



DimPrawn

FTFY