Is This The Final Nail In The Coffin For...
News1 min ago
At Last This Government Takes Action Against Payday Loans
Answers
Blaming the last government for not taking action on Payday loan companies seems a little rich. The payday loan industry, typified by companies like Wonga, is a recent phenomenon. Wonga was not even started until around 2006. And it takes time - several years, usually - for the effect of the practices to manifest, to collect and review the evidence,
09:46 Mon 25th Nov 2013
You are right naomi...Osborne was interviewed by Evan Davies this morning on the Today program, but couldn't really explain why his government has taken 3.5 years to finally take action. It wouldn't be anything to do with wanting to appear to be on the side of ordinary people would it ? With an election coming up soon perhaps ?
These payday loan companies are nothing better than shysters and loan sharks. In poorer areas, they infest our High Streets and are blighting them. They exploit vulnerable and poorly-educated people. If the Tories are finally getting around to dealing with them, well...all to the good, whatever their motive.
These payday loan companies are nothing better than shysters and loan sharks. In poorer areas, they infest our High Streets and are blighting them. They exploit vulnerable and poorly-educated people. If the Tories are finally getting around to dealing with them, well...all to the good, whatever their motive.
//It wouldn't be anything to do with wanting to appear to be on the side of ordinary people would it ? With an election coming up soon perhaps ? //
Possibly. The very same reason Ed promised to do it if he is elected next time. Shame his predecessors didn't do it when they had many years of opportunity.
Of course there’s always the possibility that this government is taking steps to stop this because it’s the right thing to do.
Possibly. The very same reason Ed promised to do it if he is elected next time. Shame his predecessors didn't do it when they had many years of opportunity.
Of course there’s always the possibility that this government is taking steps to stop this because it’s the right thing to do.
Blaming the last government for not taking action on Payday loan companies seems a little rich. The payday loan industry, typified by companies like Wonga, is a recent phenomenon. Wonga was not even started until around 2006.
And it takes time - several years, usually - for the effect of the practices to manifest, to collect and review the evidence,etc. I do not lay the blame for action on anyone, politically speaking - but some action to better regulate the industry is plainly required, especially the interest rates they can charge and the processes by which people can access loans from several different payday loan companies at the same time.
And the impetus for change has come from Labour. The Tories /this coalition have been resistant to taking action on the payday loan companies until very recently.
And it takes time - several years, usually - for the effect of the practices to manifest, to collect and review the evidence,etc. I do not lay the blame for action on anyone, politically speaking - but some action to better regulate the industry is plainly required, especially the interest rates they can charge and the processes by which people can access loans from several different payday loan companies at the same time.
And the impetus for change has come from Labour. The Tories /this coalition have been resistant to taking action on the payday loan companies until very recently.
The sad thing is that if you use a company like Wonga as it is meant to be used - very short term loan paid back on time - then it often works out cheaper than using an overdraft on your current account or going overdrawn and having direct debits unpaid.
People don't go to these companies if they have other options such as a credit card, free overdraft or bank loan.
To use APR on a short loan is not helpful.
People don't go to these companies if they have other options such as a credit card, free overdraft or bank loan.
To use APR on a short loan is not helpful.
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"To use APR on a short loan is not helpful."
I dont know what theyre ads says but if you borrow £100 and intend to pay back the sum one month later, then surely most people just want to know how much is being added on and the final total amount theyre paying back, i'm guessing APR means nothing to a lot of these people, they just want hard bottom line numbers
I dont know what theyre ads says but if you borrow £100 and intend to pay back the sum one month later, then surely most people just want to know how much is being added on and the final total amount theyre paying back, i'm guessing APR means nothing to a lot of these people, they just want hard bottom line numbers
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