Payless loans

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OwlHoot replied

11 November 2014, 12:40
Originally posted by BigRed View Post

They better not go out of business I'm just talking to one of them about a contract

Crikey - You mean they plan to whack someone who can't pay back their loan?!

Those guys really play hardball
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BigRed replied

11 November 2014, 12:34
They better not go out of business I'm just talking to one of them about a contract
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VectraMan replied

11 November 2014, 12:00
Of the people that don't manage to make the first payment, how many of them go on to subsequently repay the debt? It's hard to believe anyone who can't repay after a month manages to repay 60 times as much after a year - they're just going to default. So limiting it to a more achievable twice as much might actually earn the lenders more.
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quackhandle replied

11 November 2014, 11:50
That's usually where the local loan sharks will step in.

Less face it the target market for these companies is for people who aren't that great with money/or possibly numbers in general.

qh
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vetran started a topic Payless loans

11 November 2014, 09:58
Payless loans

Payday lenders offering up to 6,000% interest on loans face new cap of 100% from January - so does this mean they will go out of business?* | Daily Mail Online

Payday lenders offering up to 6,000% interest on loans face new cap of 100% from January - so does this mean they will go out of business?
Financial Conduct Authority bring in cap of 0.8% per day from January 2
Means nobody should ever pay back more than double what they borrowed
New APR% would be 292% compared to the up to 6,000% offered now
Experts believe the cap could put many of the lenders out of business
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