I have had a loan for 5k, the pay back is close to 11k, stupid i now, but how d they het away with earning so much money back
2007-02-11 17:21:30 · 9 answers · asked by surfer_ade_uk 2 in Business & Finance ➔ Credit
Whoops! Me too...
I'm gonna be paying it back for two more years. Bummer!
My Dad reckons that loan companies are going to have a big shake-up soon and be shown for the criminals they really are. (His opinion, not mine!). Personally I think that while there are silly, desperate people out there like me and you (no offence!) who will sign up to these schemes then they will just go from strength to strength.
2007-02-11 22:37:07 · answer #1 · answered by Rae 3 · 0⤊ 1⤋
You had the option before agreeing to it. That is why I would never get a loan. I have a credit card which when I use it I always pay it off straight away so the bank does not make anything out of me if I pay the minimum payments each month.
2007-02-12 01:36:03 · answer #2 · answered by WelshLad 7 · 0⤊ 0⤋
Simply use the misfortune of others to make more profit for their share holders. The clever thing is that ,most of this supposedly so helpful companies ,are owned by big financial institution, but they are kept at a distance in case of any bad publicity who may come back to hunt them.
2007-02-12 03:29:33 · answer #3 · answered by Anonymous · 0⤊ 1⤋
If people learnt to shop around for loans as they shop around for bargains in the supermarkets then these loan companies would have to learn the art of competition.
2007-02-12 01:32:59 · answer #4 · answered by ------------------ 4 · 0⤊ 0⤋
Because it is a free country and it is the same as McDonald is maximazing people, if you let them....bank's business is to MAKE money.
2007-02-12 01:25:41 · answer #5 · answered by cdinternational@sbcglobal.net 1 · 0⤊ 0⤋
They got away with it because you signed the papers. Why would you do that???
2007-02-12 01:25:20 · answer #6 · answered by Lisa A 7 · 0⤊ 0⤋
you signed the paperwork, but you still have options
2007-02-12 01:26:08 · answer #7 · answered by ill take it straight with no ice 3 · 0⤊ 0⤋
BECAUSE THEY KNOW PEOPLE ARE DESPERATE AND AT THE TIME WILL DO ANYTHING TO GET THE MONEY.
2007-02-12 02:16:28 · answer #8 · answered by Sassy 4 · 0⤊ 1⤋
you should have read the small print., and not signed. then they would have not abused you.
2007-02-12 01:42:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋