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Pay Day Loans  

205 members have voted

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  1. 1. Do you believe the government should intervene in the payday loan market?

    • The market should be free to regulate itself.
      41
    • The government should impose maximum interest rates.
      82
    • The government should ban payday loans.
      82


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I think Jesus should storm into the temple and overturn all the moneylender tables

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On 27/03/2018 at 2:33 PM, HPC Pollster said:

Do you believe the government should intervene in the payday loan market  usury racket?

Corrected for you

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Ban em all.

And Cap the APR on any loan at base + 'x'% (depending on secured or not, term and amount)

Im all for freedom and rights but until financial literacy is a key part of gcse math the general public are being hoodwinked at usury rates by city spivs, small print and the unscrupulous.

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Cap the rates, but it won't help.

The reason these loan have such massive rates are down to recouping of admin costs. Borrowing £100 for a week or two, and paying back £125, results in a massive APR, but how much of that £25 return is soaked up by admin?

Work-around is easy, charge £1 interest and £24 admin fee. End result is the same for the poor begger that needs the £100.

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I might be wrong, but didn't this start to go all wrong under Tony Blair's stint?

Along with easy and endless gambling, cannot change TV channels without seeing a cheery little add these days with these positive spinned loan sharking, of course all the betting shops are placed in areas where people cannot afford to loose money, and these pay down loans with there immoral high interests rates are given to the poorest in society while the richest have small rates, 

Charles Dickens could easily get a novel or two out of some of injustices directed at the poor in 2018 if he was still about.

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1 hour ago, inbruges said:

I might be wrong, but didn't this start to go all wrong under Tony Blair's stint?

If it did, maybe you could add gambling and booze liberalisation.  Maybe others.  An evil time.

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1 hour ago, Fence said:

If it did, maybe you could add gambling and booze liberalisation.  Maybe others.  An evil time.

......little to do with morality or ethics, all about money making, sure no need to ban completely but stop in your face advertising, in your face advertising of what is not good for people especially vaunerable and needy people......many of these habits are highly addictive to some people.;)

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Perhaps it depends upon the intervention?  Is it feasible for a government to abolish pay days?

 

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