legalised loan sharks

[PATRIOT73]

thats all they are
chargin upto 4000% apr

i thorf loan sharks was illegal...............obivously not

[HerMajesty]

Obscene, isn't it? I understood that there are some new usery (sp?) laws coming into effect in the UK which would limit the amount of interest these entrepreneurs could charge. Are you familiar with that?

[PATRIOT73]

was reading how 1 bloke borrowed £150 last crimbo
n nowe as debt of £4000

[iwiw60]

Lately here in the US I've been seeing this commercial for 'payday loans' from some unknown American tribal outfit saying something about 'you can borrow up to $10,000.00 with no collateral, yada-yada-yada'..........but if you can manage to read the fine print at the bottom of the ad it says 489.5% interest........YIKES!!!

Now who, in their right mind, would be stupid enough to do that????????????

[burgyeb]

Umph, umph, umph. Go cash young one (or old one for that matter), go cash. I'm even offended by the ones who try and charge 30%, if a person is late on a payment. Best to strive to be debt free, and stay that way. Having credit is a good thing, for emergency purchases, particularly if you can pay the balance in full before due date, or make advanced payment amounts.

[papagran40]

having seen some of the adds for the pay day loans and the stupid reasons for wanting the loan I feel the only way to stop this kind of thing is for the TV companies to have the guts .... NOT TO SHOW THEM ,,,.. fat chance............papa.

[darklisruthven]

One of those companies once targeted a chap I know who has learning difficulties, saying that if he took out one of these loans he could get a few phone. Poor guy fell for it, and has been having the devils own job to pay it off. Absolutely despicable.

[PATRIOT73]

entrepreneurs they r not
just pond life that pray on the desperate n vulnerable in society

[JaBek1]

I don't know about the UK, but I believe the usury laws went out with bank deregulation. When it comes to Native American tribes, I believe they, as sovereign nations can regulate themselves as they wish. I suppose they have all that extra cash from their gambling enterprises that they have plenty to lend. I guess you could say that they learned quite a bit from the white man.

Anyone remember that movie, "Americathon?"

[Cocksparrer]

I think its b~~~~y disgusting, not only does the government & banks rip the people off but every tom dick & harry can do the same...