Loans Free Payday Loans

Question: How to manage payday loans !>>>?

(Posted by: on 2012-01-27 09:30:08)

These extortionate interest rates are criminal, could not the Government put a cap on how much these sharks are allowed to charge? At the same time perhaps they could also consider putting a cap on how much rent private landlords are allowed to charge?

Posted by: Ryan M on 2012-01-27, 09:49:31

Think of payday loan interest as an idiot tax. Smart people don't use them, so who cares what they charge. As for your landlord rant, do you really think that the government does not have anything else better to do that to set rental caps for EVERY real estate market in the country? Who wants government getting into the business dealings of private parties anyways? If you don't like the rent, don't move there. If you can't afford the rent, that is your issue...not the governments, not the landlords, and not the taxpayers who would have to pay for your proposal. Sounds like someone would love to live in a Communist paradise!

Posted by: Hillary on 2012-01-27, 21:12:18

Would like to see a limit but I think it would still have to be very high to make these 'emergency loans' work.paydayloansxxl.com/ For example if Payday loans etc had to cap their emergency loan rate at an APR of say 100% (which still sounds very high I know) it would mean that if they lent you £100 for 2 weeks until payday they would have to ask for something like £104 back rather than their current figure of maybe £120-130. Given the admin cost and the risk they are taking with their loans (as there is no security and they have little knowledge of the customer) they simply wouldn't be able to make it worthwhile. Now I'm sure many would say 'good riddance' if they went out of business, but some customers genuinely want the service and others would resort to illegal loan sharks.