Payday loans

[jmw2309]

I just had a discussion with a friend who wanted a payday loan. Never a good idea I know but they were desperate so tried for one.

Anyway, the only one that accepted were safetynet credit. I looked at their website and cannot actually believe how they work!

Basically you give them all of your bank details including Internet banking login and they monitor your bank account to see when you 'might' go into debit, then they furnish your account with funds up to an agreed limit to stop you going overdrawn.

Now is it me or does this sound a but dodgy? Obviously there are 'testimonials' around the Internet singing their praises but I for one would not be handing over my Internet banking login to anyone, let along a loan company.

I know people in desperation will try anything to get them by which I totally understand but this is surely asking for trouble?

[clairea]

No way I wouldn't give my bank log in details to anyone esp a loan company

[archiecat]

I'm so sorry that in this country of plenty that your friend needs to resort to this desperate measure.

To me it sounds frightening!

Still, I'm sure some heartless bastards will proffit from it very well.

[babs]

Sounds very dodgy to me jmw2309 especially needing Internet login a definite no no.

[clairea]

I'm just wondering if it's a way around the new regulations as 80p per day per 100 could work out a lot of money yet payday loans have now been capped at what the can charge as interest and can't charge fee or charge to put money in your account her some used to charge £15.00 to transfer in a few hours.

[jmw2309]

The thing is they needed £150 for an unexpected repair (which I have lent them) but were offered this 'deal' with a credit limit of £500!

[Q]

therefore tempting them to spend more/owe more/pay more interest
Bleddy buggers, should be shot, all of them

[Deleted]

jmw2309 is there not a credit union near you? Would be better than the Payday loan folk

Also can they not apply for a grant for this repair (turn 2 us I think the website is called)

Just a few options before they give all their details to this dodgy firm

[igual]

Also if they gave them internet bank PW then they would not be covered in case of fraud.
I'd be tempted to contact financial watchdog thingy.
And maybe trading standards as I find it hard to believe that is actually legal.

[Bobsbeer]

Glad you were able to help them out jmw2309. It sounds like they had to sell their soul to get a loan at no doubt exorbitant rates. But I'm sure when the owner is having dinner with his mate Dave over at No 10 they will be having a nice laugh about how they have stiffed the poor once again.

[davetherayon]

Safetynet credit have an APR of 292%. 0.8% per day compounded daily. Borrow £100 on the 1st, on the 2nd you owe £100.80, on the 3rd £101.60, 4th £102.42, 5th £103.24... after 30 days it's climbed up to £127.43. If you don't pay it off in full on that day but leave it another 30 days, it's gone up to £162.47. Slack off 3 months and you owe £206.91. That hundred quid just got pretty expensive... numbers from here.

[Deleted]

very unsecure website i really hope people do complain get sites like that closed down
asking for your private bank login info..and what ever else you have to hand over
oh if they ask for a scanned image of driving liscence or passport in the wrong hands
say bye bye to your credit rating

could be a fly by night company .. yeah it will pay out but you could end up in 10's of thousand pounds worth of debt

[jackcustard]

Don't do it ever...

[davetherayon]

It's easy for us with enough to live on to say 'don't ever borrow from loan sharks', but having seen friends do it (against all the advice) you can understand why. With kids to feed and the dole on stop because of the many petty reasons they stop it for (not just 'didn't get out of bed' 'late for interview', you can be stopped for instance if you call them to rearrange a sign on, they agree, then they stop you because you didn't turn up for the original sign on... incompetence mixed with malice), people can be forced to borrow from sharks.

[Deleted]

Mar 13, 2015 23:31:16 GMT davetherayon said:

It's easy for us with enough to live on to say 'don't ever borrow from loan sharks', but having seen friends do it (against all the advice) you can understand why. With kids to feed and the dole on stop because of the many petty reasons they stop it for (not just 'didn't get out of bed' 'late for interview', you can be stopped for instance if you call them to rearrange a sign on, they agree, then they stop you because you didn't turn up for the original sign on... incompetence mixed with malice), people can be forced to borrow from sharks.

yes jobcentres are bad place seems the staff now gets kicks from stopping peoples money
lets not forget there end of year bonuses on there high sanction rates over the year

people will try get cash from anywhere