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Banks stop lending so the money lenders move in.


Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
They are doing a piece on this on Radio one at the moment. Pretty shocking stuff. Massive interest rates being charged by some shady organisations. Nice to see all the developers getting bailed out while the citizens get screwed.
 

Dios

Well-known member
Joined
Jan 13, 2009
Messages
318
They are doing a piece on this on Radio one at the moment. Pretty shocking stuff. Massive interest rates being charged by some shady organisations. Nice to see all the developers getting bailed out while the citizens get screwed.
At least people have some legal recourse, loan sharking/predatory lending is illegal.
 

HarshBuzz

Well-known member
Joined
Feb 28, 2008
Messages
11,935
I don't know Digout. I agree that the banks are hoarding capital but at the same time it's imperative that this country goes through a tortuous process of deleveraging and to my mind, it's actually a good thing that personal credit is being so heavily restricted (note emphasis on 'personal' - I do believe that business working capital lending is critical). Anyone who turns to underground forms of lending is stupid.

That means no more loans for shopping sprees in new York, no more holiday loans, no more car loans, no more designer kitchen loans - all of this borrowing was insanity. We need to become a lot more Teutonic in our approach to money.
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
I don't know Digout. I agree that the banks are hoarding capital but at the same time it's imperative that this country goes through a tortuous process of deleveraging and to my mind, it's actually a good thing that personal credit is being so heavily restricted (note emphasis on 'personal' - I do believe that business working capital lending is critical). Anyone who turns to underground forms of lending is stupid.

That means no more loans for shopping sprees in new York, no more holiday loans, no more car loans, no more designer kitchen loans - all of this borrowing was insanity. We need to become a lot more Teutonic in our approach to money.
There should be no silly loans, but for those who do need loans, they should be available.
 

HarshBuzz

Well-known member
Joined
Feb 28, 2008
Messages
11,935
There should be no silly loans, but for those who do need loans, they should be available.
define 'need' though

I 'need' a holiday in the Bahamas but I can't pay for it!

I would change this to: "for those who need loans for legitimate purposes and have demonstrated clearly their ability to repay such loans within the context of stress testing and collateralisation, they should be available"
 

Dios

Well-known member
Joined
Jan 13, 2009
Messages
318
Not much help if a brick comes through your window in the middle of the night.
Ah but then you qualify for assistance from many bulky Guards and the judicial system. Anyway a company or group that was repeatedly intimidating people like that would have a profile built up fairly rapidly before a case was brought against it.
 

Libero

Well-known member
Joined
May 22, 2004
Messages
3,000
Here's a link to the Financial Regulator's Register of Moneylenders: Downloads
Just scroll down to Moneylenders and click on the register (pdf file).

There's quite a few charging an APR of over 150%.

Digout mentioned Provident Personal Credit and how some person from that lender was saying they charge 30%. I wonder then why they're listed in the register as charging up to 187.22%
 

Middleaged

Active member
Joined
Jul 30, 2008
Messages
219
During the so-called boom, credit unions couldn't shift a cent, now its all changed.

I would encourage all those who are stuck to go to their local CU/mabs and sit down, something will be sorted out, I promise.

A small wait might be asked for, whilst saving becomes a habit, but it'll be worth it in the end.
 

Conor

Moderator
Joined
Apr 7, 2004
Messages
5,206
Digout mentioned Provident Personal Credit and how some person from that lender was saying they charge 30%. I wonder then why they're listed in the register as charging up to 187.22%
If you borrow €100 over 26 weeks, you end up paying €130 in total (effectively a 30% charge), which works out at 187.2% apr.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,514
Some 350,000 people were customers of high cost regulated moneylenders in 2017 despite the economic recovery, borrowing €268 million at interest rates of up to 288 per cent.

The figures, which are now approaching all-time highs, come as the Central Bank proposes tighter measures for the sector, including restricting advertising and requiring loans to come with a warning about their high costs.


One of my pet hates.

WTF is wrong with some people.
 

Gin Soaked

Well-known member
Joined
Apr 25, 2016
Messages
4,277
Some 350,000 people were customers of high cost regulated moneylenders in 2017 despite the economic recovery, borrowing €268 million at interest rates of up to 288 per cent.

The figures, which are now approaching all-time highs, come as the Central Bank proposes tighter measures for the sector, including restricting advertising and requiring loans to come with a warning about their high costs.


One of my pet hates.

WTF is wrong with some people.
The ads for payday lenders are quite something. Gets scant public commentary.

I've overstretched myself on credit card debt a few times and have found 18% Apr painful. God only knows if these exploited "customers " ever escape.....
 

mr_anderson

Well-known member
Joined
Dec 12, 2007
Messages
9,967
Some 350,000 people were customers of high cost regulated moneylenders in 2017 despite the economic recovery, borrowing €268 million at interest rates of up to 288 per cent.

The figures, which are now approaching all-time highs, come as the Central Bank proposes tighter measures for the sector, including restricting advertising and requiring loans to come with a warning about their high costs.


One of my pet hates.

WTF is wrong with some people.
I wonder how many loans are taken out for utterly stupid reasons, such as dressing up a kid in €300 communion dresses ?
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,514
Exactly.

Even on Sky and other channels if you pause the adverts you see crazy APRs.

These need to be "banned" even more so than "alcohol" or "betting" advertising.
 

ShoutingIsLeadership

Well-known member
Joined
Jan 17, 2011
Messages
50,459
The ads for payday lenders are quite something. Gets scant public commentary.

I've overstretched myself on credit card debt a few times and have found 18% Apr painful. God only knows if these exploited "customers " ever escape.....
They don't
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,514
DONT FU CK ING BORROW MONEY FROM MONEYLEANDERS

Join a fe ckin credit union

And make sure you enter the car draws :)
 

Gin Soaked

Well-known member
Joined
Apr 25, 2016
Messages
4,277
DONT FU CK ING BORROW MONEY FROM MONEYLEANDERS

Join a fe ckin credit union

And make sure you enter the car draws :)
The credit union won't give you a loan to buy nappies and put petrol in the car so you can get to work.

Payday lenders are utterly exploitative of genuinely vulnerable people.


Once you have a decent job and a house, you can access tonnes of credit. Of all sorts
 
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