'Quick Quid' Payday Loans

Hequn said:
Actually I've found one for PaydayUK thats pays £50 for a completed loan, assuming I took the minimum £80 one out, have to pay £100 back, that effectively earns £30 for nothing.:
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Can't wait to take £30 off this scallywags :D
 
Hairybudda said:
Yup! Pay them back immediately and you get free £30.00 and the satisfaction of taking money from them for a change. Be wary though they call you and try pressure you into keeping it for another month around about the time its due to be paid back and they're pretty pushy.
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Next time you do it, ask where they are located, I want to see if it's the same call center as I think it is :p
 
That's interesting they are starting those places in the UK. They are trying to ban them in America now. I noticed someone in the UK also copied the "cash4gold" idea, where people post their gold jewelry for rip off low rates.

Does anyone do "title loans" yet? Basically you sign over the rights to your car to secure a loan and when you can't pay it back they repossess it.
 
Biohazard said:
Its a corrupt idea, a clone of the banking system just much more focused on one aspect of society.
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Why is it corrupt? It works perfectly well for people who need a payday advance and don't have banking facilities. As I've said, the APR is irrelevant when you are borrowing money for 5 days.
 
jamief said:
Why is it corrupt? It works perfectly well for people who need a payday advance and don't have banking facilities. As I've said, the APR is irrelevant when you are borrowing money for 5 days.
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if you borrowed 100 quid from them for 5 days you'd have to payback 225 why would you do it:eek:
 
My most shameful part of my career thus far, is having worked for "Welcome Finance" which is also a sub-prime lender.

One thing I can say though is that at the very least, not that it's any consolation, is that at least Quick Quid seems honest about ripping you off.

Welcome finance used to lace/force people to get Payment Protection insurance for example, but LOAN you the money to pay for the PPI (the PPI was done by a third party) up front. This meant that you didn’t just pay interest on your loan (which ws sky high), but also interest on the insurance loan! (worked out on total amount loaned)

I won’t start on Car deals!!!!

I can say one thing though - people are idiots and some scum do not deserve credit. They do not deserve the trust of a Bank -if they did... all our high street interest rates would be sky high.
 
Biohazard said:
Its a corrupt idea, a clone of the banking system just much more focused on one aspect of society.
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Technically speaking its not corrupt. I would agree that it does prey on a certain section of society and unfortuantely it is that section that can;t really afford to get up to their eyeballs in debt with an unscroupulous (sp) company such as this.

They do however display all their T&C's prominently and clearly show what the payments will be so if people are desperate / stupid enough to get a loan with them they do so knowing exactly what they are letting themselves in for.

Corrupt no.......
morally corrupt...... maybe
preying on the desperate........ absolutely
 
Tefal said:
if you borrowed 100 quid from them for 5 days you'd have to payback 225 why would you do it:eek:
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You'd have to pay back £125.

Gornall said:
I work as a debt collector when I'm not on base for these sort of companies.

I would avoid if you can ;)
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I'm sure everyone would avoid if they could, but if everyone could do that they wouldn't be in business. There's at least one thing going for it - it's better than the loan shark.
 
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