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Dom's been looking at the 'payday' loan. They've come to the attention of debt charities and action groups in the UK because of their ease of availability and high interest rates. Credit cards can be 15% APR. Payday loans? Try 1286%.
If you're struggling with debt, one source of advice is the National debtline.
Have you been stung by a payday loan? Should more people ignore the culture of easy credit? 'Never a borrower or a lender be'?
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Sadly for those of us earning too much for any assistance and living alone with no kids these loans can be a lifesaver.
My rent is half of my income each month and I've had to resort to these loans probably 4 or 5 times this year just to ensure I can eat and run my car !!!
Not a sob story, just the reality of life in the 21st century.
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i am a debt advisor, and no matter how much i advise to borrow through the correct means they still take out payday loans. The sad fact is that they dont really care what happens in the long term. all they see is quick cash upfront. It comes down to one thing, greed. if you cant borrow money through the proper channels then you shouldn't borrow it at all.
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I fell into this trap big time
I earn just under £1000 a month, yet I had managed to obtain almost £2500 worth of payday loans.
I found myself just "extending/rolling" the loan over till the next month and just paying the interest.
I then had to resort to contacting a debt management company to sort it all out, as I was worrying that one month a payday company may say "no" to extending my loan.
I would then be unable to pay my bills and rent.
These companies need regulating. I know its my own fault for borrowing more than I can really afford, but the scary thing is that it happenend. I have learnt my lesson!
Leigh, Oxford
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Leigh, oxford
(continued).
Just read the previous post from the debt advisor.
Its not greed, it purely boils down to when you have one, you get another to pay that off....
Its a snowball effect and hard to stop, and before you know it, your in trouble!
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Hi sleepysiobhan,
Just wanted to ask if you've seen an increase in personal insolvency and if you think that things are as bad as the media say it is.
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What you did not mention about these payday loans the number of e mails that are sent to those who use the internet , these people should not be allowed to use anyone's personal e mail address for this.
Its so easy this way for one to make a big mistake and go further and further into debt.
Being a pensioner I find it hard to manage but would not take a loan out at all I would rather struggle to make ends meet.
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please can i have recipe for beetroot smoothie and how to obtain beetroot juice and beetroot cake as seen on the One Show.
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from Richard from Uxbridge middx
I had about 8 paydayloans and kept borrowing everymonth to make ends meet the only way I got out of it was I had some money comming to me which I didn't know I had otherwise I would probably had to go bankrupt
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A good website to visit when looking for loans is
lenderscompared.org.uk
All you need to do is select amount of loan, term of repayment and postcode. Hit find loan and the website brings up loans available within your area, APR and details of repayments etc. If a credit union operates within your area the credit union details will appear 1st on the list. I know it works because my credit union is listed on this site
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This comment was removed because the moderators found it broke the House Rules.
Dr. Sanjay Gupta is a very accomplished person, making him financially stable. He doesn't have to worry about money and won't be needing payday loan anytime soon, or ever again in all likelihood. Dr. Gupta is nothing short of a medical prodigy – the guy has published acclaimed research highlighting new surgical techniques for incredibly sensitive operations, he has served as the chief medical correspondent for CNN for almost a decade, and he even participated in surgery on head trauma victims on the front lines in Iraq while he was covering a US Marines medical unit. He's debated Michael Moore, worked in the Clinton White House, and managed to graduate with an undergraduate degree and an MD from the University of Michigan, one of the nation's premier graduate and professional schools, completing his residency in neurosurgery, without using a payday loan. This is a guy who is in the upper echelons of the medical field of the United States, which is exactly why he has been approached by Back Obama to be the next Surgeon General of the United States. Surgeon Generals are typically people of renown and authority as medical professionals, and Dr. Gupta will be no exception. To see just how he operates click payday loans, if you've got Dr. Gupta on the brain.
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These loan sharks should be banned forthwith.
I've just posted a comment about liberal freedom, but the cat-of-9-tails is too good for any usurer who charges over 100% on a loan - this is fraud, theft, deception - call it what you will, they are robbers.
Shame on them, and shame on us and the government for not clamping down on them. It is the poorest and most vulnerable who are suffering.
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