Payday loans

[ian_the_girth]

what do people actually spend the money of from these loan companies. food and water, or a new TV and holiday?

 

[RobM]

Some people don't understand budgets/money. I know someone whose phone was cut off because the bill hadn't been paid yet they spent £200 on a dog and always has cigarettes on the go.

 

[Shrimper2thecore]

Their interest rates are far higher than the amount needed to cover the risk of their customers - which is why they're making massive profits.

It's like RM deciding to charge £1000 to use the toilet at Roots Hall. Some people will be smart, and plan ahead and drop the kids off at home, some will use a back alley, some will be so desperate that they promise to pay the £1000 and then find out that they can't, or can't be bothered. Payday lenders are exploiting people's desperation as well as those who are financially illiterate or just generally stupid.

£1,000 for onions in your burger and he might be onto something.

 

[C C Csiders]

Some people don't understand budgets/money. I know someone whose phone was cut off because the bill hadn't been paid yet they spent £200 on a dog and always has cigarettes on the go.

Is it a beagle by any chance?

 

[RobM]

Ah - the joys of ambiguity!