I wonder how many people who take out payday loans are the folk who have trouble fulfilling their basic needs rather than the kind of people who are taking them out to fund a lifestyle where they have to have the latest Iphone or plasma LED screen telly? I can't help but think the problem is as much the people who take out pay day loans as the loan companies themselves. After all the payday loan firms wouldn't be able to exist without their customers.
Just like credit cards albeit more expensive. For emergency use only. Not everyone is in a position to not need to borrow money or can take out a credit card.
The obvious risk for the borrower is that they end up in a perpetual loop. The risk for the lender is that the poor credit rating borrower won't pay the money back.
I feel with this there is at least some (poor admittedly) legislation and highly unlikely that the borrower will get their legs broken.
Of course the best line of defence is not to get into debt in the 1st place. :broon:
There is a thread in the other car forum I use just started up about this. Has there been something in the news recently regarding these?
In fact, I do not understand people who take loans to buy a car or apartment. In my opinion, getting a loan is just nonsense and you should not risk your money, because there is a high probability that you will not be able to repay the loan and that you will face big problems. Nevertheless, I know excellent banks with which I sometimes work to obtain microloans for business. For example, the first time I started working with a European bank when I came across reviews at https://credit-10.com/nl/. So if you need a loan, I advise you to try this bank ....