Payday lenders - any sympathy?

[vetran]

FFS let adults make decisions as they think fit. Fooking nanny state.

yeah just look what happened when your parents made decisions, if only it had been to use a rubber!

I believe the following are required:

[BoredBloke]

FFS let adults make decisions as they think fit. Fooking nanny state.

And what if that adult hasn't got the ability to make this decision. There are plenty of special needs people out there (and on here) Some people have special needs that make them incapable of seeing the other side of an argument. Not everything is black and white in your Aspergers world!

How do you feel about the old folk who get ripped off when some pikey cons them out of their life savings? Presumably they should have known better also.

[vetran]

How do you feel about the old folk who get ripped off when some pikey cons them out of their life savings? Presumably they should have known better also.

SAS try this

he quality of mercy is not strain'd,
It droppeth as the gentle rain from heaven
Upon the place beneath: it is twice blest;
It blesseth him that gives and him that takes:

[blacjac]

I noticed that credit unions charge £10 to borrow £100 for a month - payday lenders charge £30.

What is the difference in APR?

Any mafematicians around?

Source: Loan APR Calculator. Calculate APR from loan amount, repayments and term
zero fees, loan amount £100, 1 monthly payment of £110 or £130

A. 213.9%
B. 2229.8%
As others have said, forcing them to advertise an annual percentage rate for a 1 month loan is pointless

[TykeMerc]

Source: Loan APR Calculator. Calculate APR from loan amount, repayments and term
zero fees, loan amount £100, 1 monthly payment of £110 or £130

A. 213.9%
B. 2229.8%
As others have said, forcing them to advertise an annual percentage rate for a 1 month loan is pointless

True, but it does allow direct comparisons of interest rates on credit products, it could be argued that's quite useful to have for consumers.
Let's face it a £30 fee on a £100 loan for 30 days isn't exactly chicken feed. Yes the loan company has admin costs to deal with, but their profitability is a matter of record and the social cost isn't exactly trivial to certain parts of society.

[blacjac]

Agreed, but forcing them to show a rate that is 2000% higher when they could simply use the flat rates of each (10% & 30%) is nonsensical.

If you have ever worked on a system that calculates APR then you'll know just how utterly moronic it is.

[TykeMerc]

Agreed, but forcing them to show a rate that is 2000% higher when they could simply use the flat rates of each (10% & 30%) is nonsensical.

If you have ever worked on a system that calculates APR then you'll know just how utterly moronic it is.

Not worked for a financial in over a decade so I can't comment on how moronic the rules on APR are , moronic or not so long as they're applied consistently (if moronically) then at least it's possible to compare.