Payday lenders know that you are in financial troubles when you take a loan from them becaue if you need a payday loan, you are OBVIOUSLY in financial troubles already
2 years i was completly broke and had no room on my credit cards. I took out 2 payday loans in 2019 but i paid them off and worked on my debt. As of june 2021 im finally debt free
This is why personal finance education NEEDS to be taught in schools from a young age. Just simple money principles such as LIVING ON LESS THAN YOU EARN and having an EMERGENCY FUND from early on will prevent you from ever needing to get to this point. These companies know exactly what they are doing and I am sure they will continue to find loopholes whenever regulations change!
@@jamesfletcher5906it is tho man you can’t live beyond you’re means if you make 3k u can’t spend anymore cause u have no where to get it from, as for emergency fund even 50 quid a month if you put away and over months it ads up
Payday was there for me when I needed HELP. But when I got done paying my $8,000 loan; which the original debt $2,000. I started reading Financially lecture and Im going to Community College.
If you borrow £1000, you might have to pay back £1800, so you are really just burning £800 to have the money quicker. Makes more sense to live in a tent than make your situation worse.
Personal finance should be taught at school. The schools should say have an emergency account and save money for Christmas. The schools should teach how to budget with your income.
I totally agree with one of the people here, that the vast majority who use such places, should not be able to get any loans. There should be protections against people falling to such predator companies, exploiting people who should not be able to get loans, and essentially making there situation worse.
Also owned by hedge funds. As you correctly say, they deliberately use a different name to disguise the fact that they are taking advantage of the most vulnerable in society.
American government at least capped the interest on these kinds of loans, as did every other country in Western Europe, except the UK. The present government has allowed pay day loan companies to charge 4000% on loans like these, and on numbers of occasions loans of a few hundred pound have spiralled into several thousands, causing some people to commit suicide or at least driven into despair and hopelessness.
Oh, God, so YOU TAKE out a loan and then you blame THEM for giving it to you ?! People, why don't you use your brains before you do something. They will lend you money always, that's how they make money. YOU have a choice if to take out a loan or not, though.
Its easy to blame the person. Being on zero hours contract, not knowing if you will make rent, not knowing if you will be able to feed your kids, this drives people to payday loans because other banks won't touch them.
Fake news...irresponsibility...1000% interest???? Get real. The annual percentage rate maybe 300 to 400 percent IF you have the loan for an entire year!!! If you are borrowing and paying back on time in the short period you were meant to, you are only paying 15 to 20 percent, cheaper than many other unchecked big bank credit such as cards and such. The facts are inflamed because big banks hate payday lenders and dont want anyone borrowing from anyone but themselves. People need to get educated before listening to this garbage and fake news. If you cant afford to borrow, DON'T. If you do then know what you are doing and pay off your loan as you agreed to and stop trying to play a victim. In fact, look at many of these videos, "comments are disabled", i'm really surprised this one allows comments, because they dont want a discussion or exchange of facts, just their twisted, fictional perception. In the US, this has been investigated by the legislature and the CFPB and found that it is not the evil conspiracy these morons would have you think.
Nikki R We don’t “always” lend people money they must have a reasonable income and verifiable pay cycle with an active bank account. There are plenty of people that we turn down every day. We are in the business of helping people through rough spots not taking advantage of people who can’t pay.
There needs to be banking and financial laws regulations around paydays loan businesses excessive charges . Capping the interest rate at ten percent maximum including the whole lending contract.
it's not about taking out a loan & not paying it back Payday loans are illegal in most states & even alot of banks could get into trouble for allowing it to happen. (especially in states where it's illegal). These payday loan companies need to be stopped.
I was living in the Twin Cities during the George Floyd protest and the only thing I dislike about hte protest is that the payday loan at the corner wasn't burned down.
that statement is easier said than done. I used to work at a payday loan place. these are people who more often than not have bad credit and are denied loans at your regular bank and or credit union.
"Bob" was at the bar drinking in this video, but doesn't want to pay his loan bac lol. Simple person that was irresponsible, then wants to place blame on other people so he doesn't have to pay it back. They knew what they were getting into.
I would rather go without so I can live from 1 day to the other Payday loans are just wrong that person who took out 80 payday loans that’s ludacrious I have complex mental health and physical health conditions and I rely on benefits to survive
That's bull,listening to thos is just a complete scan. You ask to see a paycheck stub and base on that the company should decide what the amount they should trust them with. If they make $400 a week why would you loan them $400 for a payday loan next payday they will have only that $400. Sounds like the wellfargo bank scan back in the day.
Payday lenders know that you are in financial troubles when you take a loan from them becaue if you need a payday loan, you are OBVIOUSLY in financial troubles already
2 years i was completly broke and had no room on my credit cards. I took out 2 payday loans in 2019 but i paid them off and worked on my debt. As of june 2021 im finally debt free
This is why personal finance education NEEDS to be taught in schools from a young age. Just simple money principles such as LIVING ON LESS THAN YOU EARN and having an EMERGENCY FUND from early on will prevent you from ever needing to get to this point.
These companies know exactly what they are doing and I am sure they will continue to find loopholes whenever regulations change!
For a lot of people, having an emergency fund isn't really an option.
@@jamesfletcher5906it is tho man you can’t live beyond you’re means if you make 3k u can’t spend anymore cause u have no where to get it from, as for emergency fund even 50 quid a month if you put away and over months it ads up
Legalized loan sharking
Payday was there for me when I needed HELP. But when I got done paying my $8,000 loan; which the original debt $2,000. I started reading Financially lecture and Im going to Community College.
If you borrow £1000, you might have to pay back £1800, so you are really just burning £800 to have the money quicker.
Makes more sense to live in a tent than make your situation worse.
Personal finance should be taught at school. The schools should say have an emergency account and save money for Christmas. The schools should teach how to budget with your income.
The government want you to be poor so we raise money for companies like this.
Irresponsible lending= problem. Irresponsible borrowing= problem.
+favitch464 Great summation.
I totally agree with one of the people here, that the vast majority who use such places, should not be able to get any loans.
There should be protections against people falling to such predator companies, exploiting people who should not be able to get loans, and essentially making there situation worse.
Pay day loan companys are most likely owned by big banks under a different name
Also owned by hedge funds. As you correctly say, they deliberately use a different name to disguise the fact that they are taking advantage of the most vulnerable in society.
American government at least capped the interest on these kinds of loans, as did every other country in Western Europe, except the UK. The present government has allowed pay day loan companies to charge 4000% on loans like these, and on numbers of occasions loans of a few hundred pound have spiralled into several thousands, causing some people to commit suicide or at least driven into despair and hopelessness.
If wages were up we wouldn't need finance
If you can.t afford it you can.t have it...never a lender nor a borrower be
Oh, God, so YOU TAKE out a loan and then you blame THEM for giving it to you ?! People, why don't you use your brains before you do something. They will lend you money always, that's how they make money. YOU have a choice if to take out a loan or not, though.
+Nikoleta Rangelova Exactly. Personal responsibility.
👏👏👏👏👏
Its easy to blame the person. Being on zero hours contract, not knowing if you will make rent, not knowing if you will be able to feed your kids, this drives people to payday loans because other banks won't touch them.
Fake news...irresponsibility...1000% interest???? Get real. The annual percentage rate maybe 300 to 400 percent IF you have the loan for an entire year!!! If you are borrowing and paying back on time in the short period you were meant to, you are only paying 15 to 20 percent, cheaper than many other unchecked big bank credit such as cards and such. The facts are inflamed because big banks hate payday lenders and dont want anyone borrowing from anyone but themselves. People need to get educated before listening to this garbage and fake news. If you cant afford to borrow, DON'T. If you do then know what you are doing and pay off your loan as you agreed to and stop trying to play a victim. In fact, look at many of these videos, "comments are disabled", i'm really surprised this one allows comments, because they dont want a discussion or exchange of facts, just their twisted, fictional perception. In the US, this has been investigated by the legislature and the CFPB and found that it is not the evil conspiracy these morons would have you think.
Nikki R We don’t “always” lend people money they must have a reasonable income and verifiable pay cycle with an active bank account. There are plenty of people that we turn down every day. We are in the business of helping people through rough spots not taking advantage of people who can’t pay.
Ten loans is big
For the SE seventh
Credit problems some times
There needs to be banking and financial laws regulations around paydays loan businesses excessive charges . Capping the interest rate at ten percent maximum including the whole lending contract.
I dont think lenders care that much on a $100 loan they are just going to take the risk.
PHSE
Sounds like the British need a Dave Ramsey.
it's not about taking out a loan & not paying it back Payday loans are illegal in most states & even alot of banks could get into trouble for allowing it to happen. (especially in states where it's illegal). These payday loan companies need to be stopped.
I was living in the Twin Cities during the George Floyd protest and the only thing I dislike about hte protest is that the payday loan at the corner wasn't burned down.
Why don't people not just go to a Credit Union to get reasonably low interest rate loans instead of going to these sharks?
that statement is easier said than done. I used to work at a payday loan place. these are people who more often than not have bad credit and are denied loans at your regular bank and or credit union.
what about responsible borrowing?
I have used them in the last and it helped, but now all paid off and never again. I want something I try and get a day of over time at work.
Make it goal to have at least a $1,000 in the bank in the next two months.
Well done
"Bob" was at the bar drinking in this video, but doesn't want to pay his loan bac lol. Simple person that was irresponsible, then wants to place blame on other people so he doesn't have to pay it back. They knew what they were getting into.
Drinks were probably paid for by the television company. Payday loan companies deliberately hide the interest rate (often 2,000%) in the small print.
2:26 if they had done their job then you would still be in this position long before this interview. Just with no one to complain to.
Amigo loan needs to be shutdown
I would rather go without so I can live from 1 day to the other Payday loans are just wrong that person who took out 80 payday loans that’s ludacrious
I have complex mental health and physical health conditions and I rely on benefits to survive
Amigo Loans is a huge example.. Charging interest. Islamic banking is the key.
I just researched what Islamic Banking is and I agree with you sir. It seems to be a great way to manage wealth.
how about they investigate the banks instead
2116.69% APR.... enough said
Nice coverage
so how many loans did Bob had? 18 or 80 ?
80
He had 80 loans
A massive 80 loans what the hll was he playing at how will he repay it He wont
@@deniseshephard3347 unbelievable
If you take it will be okay but keep paying a little for short time
That's bull,listening to thos is just a complete scan. You ask to see a paycheck stub and base on that the company should decide what the amount they should trust them with. If they make $400 a week why would you loan them $400 for a payday loan next payday they will have only that $400. Sounds like the wellfargo bank scan back in the day.
Payday loans are for suckers. Dont take these things out.
Usurers gunna use
360% on top
WSDC Prep anyone?
Hii! Same! Team Panama here. We should get in touch! Email us if you like gizapavone@gmail.com . See you at Bangkok!
im a frog
Predators.
im making a claim to wonga , as i couldnt afford to pay back and just kept borrowing payng borrowing paying
There's nothing wrong with wonga lones it's the thick people who use them! your responsible for yourself!
Joel Schembri *appalling, the irony
My stupid wife took a payday loan
u have no money to pay your loan don't borrow.
We are starting to see more welcomed regulation for this rapidy expanding market.