i read recently in my local paper a family who had borrowed from one of these lenders(shopacheck), they had borrowed £1000 and the total amount they had to pay back was £1750.00, in this day and age why do the goverment allow these lenders to do this, all these lenders are doing is targeting the poor and getting away with it, i find it bad enough having to pay a 5% loan but this amount is just laughable, any thoughts.
2007-01-23 18:07:50 · 4 answers · asked by ♥Scottish♥Ƹ̵̡Ӝ̵̨̄Ʒ♥Fairy♥ 7 in Business & Finance ➔ Credit
the government allows it because their heads are in the sand most of the time, and the lenders do it because they know that desperate people will borrow it and worry about paying it back later. It is so sad and people who have to borrow money in this way, i feel for....desperation gets the better of them, and the lenders are nothing but greedy vultures who prey on desperate people... its disgusting
2007-01-23 18:12:33 · answer #1 · answered by tizzy 5 · 2⤊ 0⤋
they're just capitalising on folk who can't get credit, i should hope that the firm you are talking about have at least got the good grace to wear a mask when they knock on folks doors. saying that the ones advertised on tv like picture is shocking, if you read what you pay back at the bottom of the screen. it should actually say, we want you to be unable to pay it back and take your house, thank you very much
2007-01-23 18:33:51 · answer #2 · answered by Troubled Joe(the ghost of) 6 · 1⤊ 0⤋
This happened to me when I was looking or my loan, I was looking for a loan of £1000, and they quoted me a full repayment of £2275. Its a joke!
2007-01-23 18:18:57 · answer #3 · answered by Anonymous · 2⤊ 0⤋
its perfectly legal sadly. the interest rate is so high that i'd advise anyone not to do it. They are regulated so thats how they get round it .
2007-01-23 18:10:55 · answer #4 · answered by madmoo0 4 · 1⤊ 0⤋