On 26/04/2018 14:06, TimW wrote:
On 26/04/18 10:16, wrote:
On Wednesday, 25 April 2018 23:22:56 UTC+1, TimWÂ* wrote:
On 25/04/18 14:41, dennis@home wrote:
On 25/04/2018 11:15, TimW wrote:
On 25/04/18 07:40, Brian Gaff wrote:
[...]Its been my experience that high street banks are the
last place to look except for payday loan sharks of course.
Brian
Although I understand the payday loan sharks are used by the canny
poor because they know that if they get to the end of the month and
incur penalty charges on phone, loan, cards etc they will be fleeced.
Better to pay the outrageous fees to a payday loan shark than to let
the high street banks get at you.
It's a sobering thought but wonga exists because the likes of Barclays
and Lloyds are even worse.
TW
They exist because the likes of Barclays and Lloyds won't lend people
money that they can't afford to pay back
Lenders like wonga will lend money to almost anyone and send the heavy
mob around if they don't pay.
They are not in the same leagues.
Actually if you are getting into trouble Barclays and Lloyds will start
to increase your costs and rob you as fast as they can, knowing you
can't afford to pay it back.
TW
do they charge over 500%?
I don't know if I can keep repeating myself. a payday loan at 500% apr
for a a week or two is much less damaging and less expensive than
letting conventional banks, credit cards and utility companies fleece
you with late penalties, unauthorised od fees, increased rates, bad
credit scores etc. It might be suprising to you and me but for people
who struggle on low wages it's just part of life.
TW
Apples and oranges.
If you are the sort of person that is going to continue to make
unauthorised payments from your current account you aren't going to pay
the "wonga" loan back and stop borrowing.
Only an idiot would make continuous payments in an unauthorised manner
without phoning the bank and getting it authorised. The same sort of
idiot that borrows from "wonga" to pay "wonga".
At least the bank would stop their card at some point.