Irresponsible Lending

[StoneLaughter]

This leaflet was put through our door last night. I can't quite believe what I'm seeing. This is a recognised, licensed financial institution (Welcome Finance) targeting a low-income area with loans. I'll let the leaflet say the rest... check out the interest rates on the two offers.

This will be forwarded on to my MP (Geoff Hoon) and to Trading Standards/the OFT - anyone got any press contacts they'd like to share?

I simply cannot believe, with all the mashing of gums going on about irresponsible lending and irresponsible banking behaviour, that this idiocy is even LEGAL!!

[Curlyben]

Re: Irresponsible Lending

That's not Irresponsible Lending but clearly Extracting the Urine.

Mind you it's not as bad as secured loan, bad credit, personal loan Log Book Loans and Cash loans from £50 to £500 | Provident Personal Credit are in the same legue

This is in a completely different division of it's own: Payday Loans: Quick Payday loans @ www.QuickQuid.co.uk

[Happyolddog]

Re: Irresponsible Lending

254.9% P.a you're avvin a larf msl:

[Amethyst]

Re: Irresponsible Lending

We have shopacheck and provi round here. I got a provi leaflet the other day at 195%. My neighbour has both shopacheck and provi loans and they are dare i say it, a life saver in emergencies when the social fund turns you down flat.

Payday loans quickquid are horrible horrible nasty things, but again IF you use them for what they are alledgedly for and actually only borrow until payday they perform a function dont they....though i expect its a minimum of people actually repay on payday.


But they are ripoffs and I would never recommend anyone takes one out, I can just see why there is a market, and rather that than Mr Smith and his rotweiler with his baseball bat.

[natweststaffmember]

Re: Irresponsible Lending

This leaflet was put through our door last night. I can't quite believe what I'm seeing. This is a recognised, licensed financial institution (Welcome Finance) targeting a low-income area with loans. I'll let the leaflet say the rest... check out the interest rates on the two offers.

This will be forwarded on to my MP (Geoff Hoon) and to Trading Standards/the OFT - anyone got any press contacts they'd like to share?

I simply cannot believe, with all the mashing of gums going on about irresponsible lending and irresponsible banking behaviour, that this idiocy is even LEGAL!!

A few but never on the open forum