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 Post subject: Re: 2961.4 %
PostPosted: Wed Oct 30, 2013 12:52 pm 
Old School Grand Master
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Joined: Tue Oct 19, 2010 9:55 am
Posts: 7058
Location: The land of Lea & Perrins
MikeD wrote:
I suspect a credit card would be a better option.


And I suspect that you might be right. However you fail to take into account the fact that not everybody is able to get a credit card for one reason or another. Sometimes people don't have access to a "better" option.


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 Post subject: Re: 2961.4 %
PostPosted: Wed Oct 30, 2013 1:02 pm 
Old School Grand Master
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Joined: Wed Apr 12, 2006 12:33 pm
Posts: 11105
Location: The Home Of Mountain Biking, And All Great Things.
I am against all lending for profit in principal.

Nothing to do with any bad experience, nor any lack of understanding.

Just my philosophy in life.


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 Post subject: Re: 2961.4 %
PostPosted: Wed Oct 30, 2013 4:51 pm 
Karma Queen / Cake Meisterin
Karma Queen / Cake Meisterin
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Joined: Thu Jul 27, 2006 10:02 pm
Posts: 6736
Location: North Yorkshire
Barneyballbags wrote:
unkleGsif wrote:
Barneyballbags wrote:
if you aint got it, dont spend it!

G


Having spent years digging myself out of a financial hole (thanks to my stupidity as a teenager), I agree with you. However, some people find themselves in a situation when they NEED to borrow a small amount of money for a short amount of time. To give an example, if my car broke down and I needed £200 to get it repaired and it was getting towards the end of the month, then I wouldn't have the money to pay for it. I would therefore look at borrowing it from a payday loan company until payday, when I would be able to pay it back.

In cases like this I can totally see the point of payday loan companies.


My cars bust, still wouldn't consider a payday loan for it, one, according to Paul Lewis, it destroys your credit score as proper banks and other companies see them as proof of having problems with your ability to look after your finances and secondly, if you cannot afford something one month the chances are you won't be able to afford it all next month, so you'll have to go back to your loan company and borrow more, then you'll end up borrowing Peter to pay Paul, it's not always not declaring what you have going out dishonestly it's just not thinking problems are ever going to effect you until it does, as both you and I know, I'll save up to pay for the car and then I know there will be no interest charged and no accidentally falling back into the money trap.

Alison


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 Post subject: Re: 2961.4 %
PostPosted: Wed Oct 30, 2013 6:09 pm 
King of the Skip Monkeys
King of the Skip Monkeys
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Joined: Wed Nov 07, 2007 4:34 pm
Posts: 26174
Location: Moomin Valley
I work for a finance company!

'Tis true! They've won awards for 'responsible lending'...


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 Post subject: Re: 2961.4 %
PostPosted: Wed Oct 30, 2013 6:29 pm 
Karma Queen / Cake Meisterin
Karma Queen / Cake Meisterin
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Joined: Thu Jul 27, 2006 10:02 pm
Posts: 6736
Location: North Yorkshire
But who's behind these awards? I bet it's not tha CAB :)

Alison


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 Post subject: Re: 2961.4 %
PostPosted: Wed Oct 30, 2013 6:38 pm 
retrobike rider
retrobike rider
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Joined: Sat Apr 17, 2010 7:19 pm
Posts: 3093
Location: Runcorn, cheshire.
there is an old saying,
make do or do without, use it up or wear it out.
wise words.


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 Post subject: Re: 2961.4 %
PostPosted: Thu Oct 31, 2013 1:14 pm 
Old School Grand Master
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Joined: Wed Jul 25, 2007 2:04 pm
Posts: 3364
Location: Completely in the dark, thanks to me good mate Terry....
Barneyballbags wrote:
MikeD wrote:
I suspect a credit card would be a better option.


And I suspect that you might be right. However you fail to take into account the fact that not everybody is able to get a credit card for one reason or another. Sometimes people don't have access to a "better" option.


Some payday loan firms will lend to pretty much anybody, and often they are a last resort for some - I suspect in certain cases because the borrower has already got themselves royally up the creek by maxing out credit cards in the past (cynically speaking, you just know that the loan companies are apt to prey on that fact). But if the option exists, I'm with MikeD - a card might be better, especially for a new applicant where the issuing company might have an attractive "grace period" offer where the first few months' repayments come interest-free.

David


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 Post subject: Re: 2961.4 %
PostPosted: Thu Oct 31, 2013 1:56 pm 
Karma Queen / Cake Meisterin
Karma Queen / Cake Meisterin
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Joined: Thu Jul 27, 2006 10:02 pm
Posts: 6736
Location: North Yorkshire
David B wrote:
Barneyballbags wrote:
MikeD wrote:
I suspect a credit card would be a better option.


And I suspect that you might be right. However you fail to take into account the fact that not everybody is able to get a credit card for one reason or another. Sometimes people don't have access to a "better" option.


Some payday loan firms will lend to pretty much anybody, and often they are a last resort for some - I suspect in certain cases because the borrower has already got themselves royally up the creek by maxing out credit cards in the past (cynically speaking, you just know that the loan companies are apt to prey on that fact). But if the option exists, I'm with MikeD - a card might be better, especially for a new applicant where the issuing company might have an attractive "grace period" offer where the first few months' repayments come interest-free.

David


My son decided to ask his bank about a credit card and was told because of his parent's problems of yesteryear he'd have to accept a 36% APR card at first to improve his credit rating so he did this and set up a direct debit that means whatever he spends during the month will automatically come out of his current account to pay off his card, so he never has to pay interest but it should improve his rating so he can at a later date buy a new car.

Alison


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