Dave: Loan Ranger

Monkeynut · 13 Jan 2014 at 22:48

Watched this on Ch4 tonight, as Dave Fishwick (Bank of Dave) takes on the payday lenders. Seems like he has the right approach to lending and has something lost on banks these days. Wonder what it'd be like with one of these in every town?

leaskovski · 13 Jan 2014 at 22:52

The program was link having another copy of the daily mail rammed down your face after having the first copy slap you in the balls (benefits street).

Mucky_Pup · 13 Jan 2014 at 23:42

Missed it, anyone have a brief description of it? Balanced view or more along the lines of most sensationalism you hear about payday loans e.g.; boooooo, hissssssss, lots of out of context quotes of four and five figure APR interest rates, suggestions that payday lenders should be lending people hundreds of pounds for weeks on end for a fiver in return?

AHarvey · 14 Jan 2014 at 02:09

I've kind of enjoyed his other shows but i've missed this. Worth a watch?

Gornall · 14 Jan 2014 at 08:09

There is a lot of sensationalism about this sector in general, I doubt this is any different given the way it was advertised.

elrasho · 14 Jan 2014 at 08:59

Mucky_Pup said:
Missed it, anyone have a brief description of it?

Northern chap wondering around London with a briefcase full of cash climbing buildings, ringing doorbells and shaking peoples hands.

Danthus · 14 Jan 2014 at 09:07

Gornall said:
There is a lot of sensationalism about this sector in general, I doubt this is any different given the way it was advertised.

If it shines the light on these vermin then I am all for it. Lets be honest they are legal loan sharks praying on the most vulnerable.

wez130 · 14 Jan 2014 at 10:57

He was basically trying to make an example of the banks by offering people who would normally use a payday loan (and subsequently get themselves into even more debt by borrowing against loans) an interest free loan (out of his own pocket), and trusting them to pay it back, to try and give the banks faith in these people. Incidently he lent out £25k and got it all back. He was also trying to show that all these companies were just faceless with no proper service in this country, apparently, they are all subsideries of american loan companies operating in this country.

do_ron_ron · 14 Jan 2014 at 11:12

wez130 said:
He was basically trying to make an example of the banks by offering people who would normally use a payday loan (and subsequently get themselves into even more debt by borrowing against loans) an interest free loan (out of his own pocket), and trusting them to pay it back, to try and give the banks faith in these people. Incidently he lent out £25k and got it all back. He was also trying to show that all these companies were just faceless with no proper service in this country, apparently, they are all subsideries of american loan companies operating in this country.

Not only that but the American banks are not allowed to operate in their own country in the way the Govt. allows them to operate here. Almost all the UK payday loan companies are 'name plate' companies with only a forwarding address. The journalist who was tracing them found that 2/3 or 3/4 of them(cannot remember) are controlled by 4 American firms. Instead of a large number of firms competing for business and keeping down costs as the Govt. claims there are a few large players. Yet another example of the UK Govt. letting firms rip off citizens even if they could not do it in their own country.