Britain set to Cap Payday Loans

[Tawnyowl]

Payday loans: New law to cap costs

 

http://www.bbc.co.uk/news/uk-politics-25083701

 

 

 

Britain Set to Impose ‘Logical’ Caps for Payday Loans Interest Rates

http://www.ibtimes.co.uk/articles/524886/20131125/payday-lending-costs-loan-interest-rates-wonga.htm

[manontheweb]

Heard this on the news this morning, sounds like it should be good news for the consumer!

[Surfer01]

Payday loans should be banned so that people can mange their money more effectively. Perhaps children at school should be educated in money management. In many cases it could be the parents at fault for buying the child whatever they wanted when they were young and giving them too much pocket money every week.

[renegadeimp]

Im reserving judgement until i actually see the top rate of interest and it come into practice. Remember, one of the main donators to the current government owned a string of PDL's.

[simonjohn]

One thing that the leading authorities have not asked is what is the origin of this money for pay day lending ?????

 

I think that the question that should be asked is the origin of this Money.... Its one thing setting-up a company, that operates within the confines of the OFT, FCA and the CCA Rules, with an average interest rate of between 2300 &4100% but where does this money come from????

 

If I were to ask the average person to invest in such a scheme, and you asked a financial advisor worth there sort they would tell you that you would be bonnkers.

 

So the question is, Who , would....Well I cant answer that question for you but I would Imagine it would be either those who want to hide their profits or those who want to launder them.

 

After all 1000% profit, or no profit for those laundering money is better than nothing at all

[Tawnyowl]

I remember back in August i read about a investment vehicle being set up for payday loans.I will not publicise it to much but yes who has investments in the companies could prove interesting.

Here is a small portion of the launch and what it promised.I wonder if it was successful

And if it was what organisations invested.

The confirmed minimum investment is £100,000 on a 13-month contract, with net returns of 35 per cent to 40 per cent.

 

And where would that kind of profit come from.

 

And of course maybe a simple question but can anyone tell me when the Cap will happen.Surely not going to take a year.How long do you think they will have to think about things.Each day,week,month means more people being targeted by the predators.

Edited December 1, 2013 by tawnyowl