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I mentioned the buying of festival tickets.
Have you done anything to indirectly reference a DiS thread before?
They fuck people over, sure, but no one is forced to use them.
I've never used them myself, but from what i've seen of Wonga (I think it is) they're pretty upfront about how much you will have to pay back depending on how much you borrow using a sliding scale thing.
It's like spending your money on cigarettes and then winging because you got cancer.
it's quite upsetting
and moaning because you end up sucking a mans dick to pay for your next 3 heroins
DiS isn't popular.
the advertising is aimed at people who have problems getting money through other sources. They make the whole thing seem rather frivolous and normal behaviour. In no world is an APR in the 1000s of % right.
as is suggested by the A in APR.
We live in a society where even those with nothing have a safety net. Nobody *needs* to use pay day lenders.
The Trussell Trust says it's three a week
And anyway, this would still come under the safety net to which I referred.
and then someone this's the post and you think, christ, this one might really just be a total fucking idiot
than the 1000% APR on loans that these companies offer
my problems are
- the over-use of rollovers when the original debt can't be repaid;
- the charges for defaulting (I've seen a £100 loan turn to about £600 when left unpaid) - these aren't advertised so well and are hidden in the smallprint
- (this isn't the lenders' fault necessarily but) the way they're used to mask a root cause.
I dunno, I think it's all a bit "folk-devil" with payday loans (six years ago, it was over-selling of IVAs and in six years' time it'll be some other product).
pay off one with the other, pay that off with a new one then pay that off with another one. You can even do it from the same lender, it's so easy you'd have to be stupid not to do it
but if everyone borrowed £100 and paid it back 30 days later at £115 then they probably wouldn't be in business. They make fucktons out of people who get in a spiral of debt and owe them thousands, all they have to do is sit in their office and send some bailiffs round. In fact their overheads are probably tiny, a huge marketing budget, some automated payday loan software and a few people in a sweaty Midlands trading estate office running the gaff.