• Payday loan ripoff

    People with bad credit get caught in a vicious cycle. Payday loan companies take advantage of their predicament by offering high interest loans. Offering to help people learn better spending habits and saving money is the way to go - not offering 600 percent loans and higher to people. The companies have the attitude it is okay to ripoff people.

  • Just digs people in deeper

    If someone really needs $500 to move home (like the Nimble advert) then the last thing they can afford is having to pay it back fast with big interest or serious penalties. Only the vulnerable will use these loans, and they are the last people that should. If they have a gas bill to pay the, gas company has hardship provisions. If they need to eat, there are charities.

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  • Yes they should they charge more than allowed by law.

    Although people have a choice to get them it does not change the fact that they charge more than allowed by law and it is poor people that they prey on to get their money no person that had money would get one. It is mostly people on SS disability and things like that. Sometimes you have people that don't have understanding due to disabilities so they get these and have to continue getting them and the companies know this and they find loopholes in the law and run with them. It appears the lobbyists are smarter than the legislators.

  • The masses are funding the super rich.

    Lets create a society where the people that cannot afford to eat correctly and rely on benefits to get by, have a tool where they can borrow money. But get this, it comes at a huge price and affects their credit rating, so they cannot borrow the more affordable money from say a high street Bank. Crazy and totally immoral!

  • Forced Compound Borrowing

    People are not aware that it is uncommon to just borrow once at a despicable rate. It can take a very long time to get out of that viscous cycle. Say somebody borrows $200, and they pu it back 2 weeks later but now need another $200, they are forved to reborrow. Let's say that goes on for 6 months. To borrow $200 really cost that person over $500. That is criminal. I detest the existence of pay day loan sharks.

  • These Loans are horrible

    I am a bankruptcy attorney I can testify to both the misleading ads to the hyper aggressive collection used and all and all they are some of the worst offenders. There should be direct control over offered interest rate. While this may smack of BIG government sometimes it is needed. Left to their own corporations had children working in mines.

  • 'Pay Day' loan companies should be banned completely.

    You see them in every High Street. Should they be totally and utterly made illegal?

    Should the main Banks and Credit Card companies also be banned from hiking the monthly interest on outstanding card balances, and cut their charges to around 9 or 10 percent per month instead of 23 or 29 per cent?

    Has anyone had experience of successfully negotiating down the APR on Credit and Store Card balances?

  • They are unethical.

    Payday loans should be banned because they prey on the needy and vulnerable who usually remain unaware that they will end up paying a huge amount back. They contribute nothing to society besides pushing people into crippling debt and lining the pockets of the unethical people who run the companies.
    It is indeed the choice of the individual to accept these loans but if people truly knew the consequences then it is unlikely they would accept such loans. People who work for companies such as Wonga should be ashamed. The very people who apply for these loans generally need money as they cannot make ends meet (hence it is an early payday). This means they will not be able to pay back the money with 5853% APR. (Figure is from Wonga as of 17/9/13)

  • Payday loans boast benefits not realized

    Commercials for payday loans claim that they will save you money on overdraft fees. This is not a benefit of payday loans, but a crime committed by the bank. A bank does not have to allow a transaction to occur, it is at the banks discretion, based on whether or not the bank thinks that the user will pay back the amount with a fee. This should however, not be about the fee, but just whether the user will pay the bank or not. The bank should approve or deny transactions, and then expect nothing more than the amount of the overdraft in return, not an exorbitant fee. These fees should be illegal, then payday loans would not be necessary and should be banned as well.

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  • We the people

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  • No they are a choice you do not have to get them

    Payday loans should not be banned. It is an individuals choice whether or not to sign up for them. If they feel they can help them then they have a right. Payday loans should be monitored to make sure they are not lying or hiding information about the loan to those that sign up.

  • Greed of humanity

    One could argue that these payday loans sometimes do help people with short term problems whether that be a broken car radiator or something they need a cash advance for. For that it is a good thing that they get these payday advances. But the percent of interest may be too high which can cause them to be a reoccurring circle of debt. Not only will those drown the person accepting the loan but it will eventually drown the greedy banks who force these peoples into this circle. When a bank makes a short term loan with high interest, the only way the person will pay it back is check by check until the interest accumulates so much so that they default on the bank. The bank will than have inflated the value of money so much so that not only will they not get paid back the money but the money they do have will be worth nothing. This is the cyclical nature of banks in the greedy world we live in. The most important thing to note is where the greed starts, and it is in the very loan you take out that you cannot afford, for something you really don't need at all.

  • Freedom of choice

    Here is an article where a person was scammed by a big name bank; she was given a "hidden" interest rate higher than a payday loan would have issued.

    Unless we want too big to fail banks ruling all monetary exchanges, we need rivals. Yes the interest rates are ridiculous, but lets be honest most people who use payday loans DO know what they're getting into and MAINLY use them because they have poor interest or do not qualify for a loan with reasonable interest rates. Payday loan offices are located in poor neighborhoods where financial help is constantly needed; but lets continue to build a stronger welfare society, great idea!

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