Isle Of Bute Saint Posted January 4, 2016 Report Share Posted January 4, 2016 Watching the TV noticed an advert for Quick Quid - APR 1.270% How is this allowed ? Quote Link to comment Share on other sites More sharing options...
linwood buddie Posted January 4, 2016 Report Share Posted January 4, 2016 The Wonga adverts show APR of over 1500%. Quote Link to comment Share on other sites More sharing options...
Lord Pityme Posted January 4, 2016 Report Share Posted January 4, 2016 Watching the TV noticed an advert for Quick Quid - APR 1.270% How is this allowed ? If you can get 1.270% APR from these shysters rip their arm off! Quote Link to comment Share on other sites More sharing options...
nedflanders123 Posted January 4, 2016 Report Share Posted January 4, 2016 I am sure I read a year or so ago that there was something being put in place to ensure interest rates from these 'loan sharks - because that is exactly what they are' would be capped? I sem to recall 49% being mooted. Clearly nothing has happened and these companies continue to prey on some if the most vulnerable people in society. Quote Link to comment Share on other sites More sharing options...
pozbaird Posted January 4, 2016 Report Share Posted January 4, 2016 Watching the TV noticed an advert for Quick Quid - APR 1.270% How is this allowed ? Where else is Dave King to go? Quote Link to comment Share on other sites More sharing options...
oaksoft Posted January 4, 2016 Report Share Posted January 4, 2016 Watching the TV noticed an advert for Quick Quid - APR 1.270% How is this allowed ? It is morally repugnant. Preying on desperate people in this manner should be illegal. Quote Link to comment Share on other sites More sharing options...
Stuart Dickson Posted January 4, 2016 Report Share Posted January 4, 2016 It is morally repugnant. Preying on desperate people in this manner should be illegal. Agreed, however at least half of the responsibility has to fall on the shoulders of those stupid enough to go there for a loan in the first place. Quote Link to comment Share on other sites More sharing options...
FS Posted January 4, 2016 Report Share Posted January 4, 2016 In practice you only pay these ridiculous amounts if you keep deferring re-payment, not that I'm condoning them of course. I borrowed £100 off Wonga for a week a few years ago and paid back about £110. Quote Link to comment Share on other sites More sharing options...
FS Posted January 4, 2016 Report Share Posted January 4, 2016 In practice you only pay these ridiculous amounts if you keep deferring re-payment, not that I'm condoning them of course. I borrowed £100 off Wonga for a week a few years ago and paid back about £110. Quote Link to comment Share on other sites More sharing options...
StanleySaint Posted January 5, 2016 Report Share Posted January 5, 2016 Apparently now that Newcastle are sponsored by Wonga they are required to give over 1000% every game......I'll get my coat. Quote Link to comment Share on other sites More sharing options...
whydowebother Posted January 5, 2016 Report Share Posted January 5, 2016 Too late, that shaky peg already collapsed. Your coat is lying in a heap on the floor getting stood on. It's all it deserves, truth be told. Aye, but to be fair, he gave his response 100% effort Quote Link to comment Share on other sites More sharing options...
TopCat Posted January 5, 2016 Report Share Posted January 5, 2016 In practice you only pay these ridiculous amounts if you keep deferring re-payment, not that I'm condoning them of course. I borrowed £100 off Wonga for a week a few years ago and paid back about £110. Exactly. If you borrowed 20 quid off your mate then paid him back at the end of the month and bought him a pint for £2.50 as a thank you the APR would thousands of percent. It's not really a relevant figure for short term loans. Still though, wouldn't go near them with a barge pole. Quote Link to comment Share on other sites More sharing options...
insaintee Posted January 5, 2016 Report Share Posted January 5, 2016 Exactly. If you borrowed 20 quid off your mate then paid him back at the end of the month and bought him a pint for £2.50 as a thank you the APR would thousands of percent. It's not really a relevant figure for short term loans. Still though, wouldn't go near them with a barge pole. You have mates? Quote Link to comment Share on other sites More sharing options...
thepaisleypanda Posted January 6, 2016 Report Share Posted January 6, 2016 a pint for £2.50 Struggling for THAT these days!! Quote Link to comment Share on other sites More sharing options...
TopCat Posted January 6, 2016 Report Share Posted January 6, 2016 You have mates? I was referring to FS's mates Quote Link to comment Share on other sites More sharing options...
FS Posted January 6, 2016 Report Share Posted January 6, 2016 Nah I don't have mates either...???? Quote Link to comment Share on other sites More sharing options...
saintnextlifetime Posted January 6, 2016 Report Share Posted January 6, 2016 Are they still on sale? They are. . I have got that many mates I haven't even used some of them yet. . Quote Link to comment Share on other sites More sharing options...
FS Posted January 6, 2016 Report Share Posted January 6, 2016 Apparently they can still be used as gloveless fingers... Quote Link to comment Share on other sites More sharing options...
oaksoft Posted January 6, 2016 Report Share Posted January 6, 2016 Agreed, however at least half of the responsibility has to fall on the shoulders of those stupid enough to go there for a loan in the first place. To be fair in this instance I would steer clear of the word stupid. There is no doubt that we have desperate people out there. A huge portion of them IMO need to sort themselves out and recently I've changed my opinions on a lot of this "poverty" stuff because IMO much of it is self inflicted. I'm a strong believer in people taking personal responsibility. In that sense I agree to an extent that the blame is 50-50. However, a large number of the rest are very vulnerable and these companies prey on that. Their business model is predicated on people NOT being able to pay back in time and in full. It's the same with credit card companies. Either way, here's my problem.....somebody runs into financial trouble for whatever reason. I'm not talking about the guys in the thread above who have used the service as a genuine short term thing and sorted themselves out. I'm talking about the sort of person who is genuinely unable to control their spending urges or is unable to set themselves a budget and stick to it. Other than burning these people at the stake we have to simply accept that we'll have people like this. Under those circumstances, it is morally unethical for anyone to flash money at them using expensive marketing and in a style that pretends that having to borrow from this source is somehow part of normal everyday life. It isn't. If you are in that situation then you are in trouble. We don't need an economy bnased on manipulation and exploitation of the weak. Quote Link to comment Share on other sites More sharing options...
oaksoft Posted January 6, 2016 Report Share Posted January 6, 2016 They are. . I have got that many mates I haven't even used some of them yet. . You know you are getting old when you casually notice the sell-by date whizzing past. Quote Link to comment Share on other sites More sharing options...
saintnextlifetime Posted January 6, 2016 Report Share Posted January 6, 2016 Apparently they can still be used as gloveless fingers... Indeed they are . .apparently very handy if you are in a chemist shop after hours. . Quote Link to comment Share on other sites More sharing options...
saintnextlifetime Posted January 6, 2016 Report Share Posted January 6, 2016 That's OK, they last for many years with no deterioration in quality or effectiveness - honest. Give them a try, even if they are 25 years old. : Oh, l definitely have mates that are way older than that. . Quote Link to comment Share on other sites More sharing options...
Stuart Dickson Posted January 7, 2016 Report Share Posted January 7, 2016 To be fair in this instance I would steer clear of the word stupid. There is no doubt that we have desperate people out there. A huge portion of them IMO need to sort themselves out and recently I've changed my opinions on a lot of this "poverty" stuff because IMO much of it is self inflicted. I'm a strong believer in people taking personal responsibility. In that sense I agree to an extent that the blame is 50-50. However, a large number of the rest are very vulnerable and these companies prey on that. Their business model is predicated on people NOT being able to pay back in time and in full. It's the same with credit card companies. Either way, here's my problem.....somebody runs into financial trouble for whatever reason. I'm not talking about the guys in the thread above who have used the service as a genuine short term thing and sorted themselves out. I'm talking about the sort of person who is genuinely unable to control their spending urges or is unable to set themselves a budget and stick to it. Other than burning these people at the stake we have to simply accept that we'll have people like this. Under those circumstances, it is morally unethical for anyone to flash money at them using expensive marketing and in a style that pretends that having to borrow from this source is somehow part of normal everyday life. It isn't. If you are in that situation then you are in trouble. We don't need an economy bnased on manipulation and exploitation of the weak. Nah, I'd still use the word stupid. It's true that companies like this one are advertising quick and easy money but they wouldn't be in business at all if people simply learned to manage their money from the off. Quote Link to comment Share on other sites More sharing options...
windae cleaner Posted January 7, 2016 Report Share Posted January 7, 2016 Exactly. If you borrowed 20 quid off your mate then paid him back at the end of the month and bought him a pint for £2.50 as a thank you the APR would thousands of percent. It's not really a relevant figure for short term loans. Still though, wouldn't go near them with a barge pole. £2.50 for a pint Where? Quote Link to comment Share on other sites More sharing options...
TopCat Posted January 7, 2016 Report Share Posted January 7, 2016 £2.50 for a pint Where? Wetherspoons! Quote Link to comment Share on other sites More sharing options...
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