Payday Lenders

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Chrisco also target the stupid. I don't see how this is any worse.

Not all lower socioeconomic people are stupid and many don't touch this sort of thing. I know many more fortunate idiots who are in mountains of debt from places like this/credit cards because they have no patience/self control.

It takes 5 minutes to read the fine print. And if you don't get it ask someone to explain it to you.

I have little sympathy for people who get themselves into completely avoidable financial trouble.
 
Simple Jack said:
Chrisco also target the stupid. I don't see how this is any worse.

Not all lower socioeconomic people are stupid and many don't touch this sort of thing. I know many more fortunate idiots who are in mountains of debt from places like this/credit cards because they have no patience/self control.

It takes 5 minutes to read the fine print. And if you don't get it ask someone to explain it to you.

I have little sympathy for people who get themselves into completely unavoidable financial trouble.
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At least with Chrisco you get 48 litres of tomato sauce to keep.
 
Flash of power said:
They don't only target the stupid, they target the vulnerable, and there is a difference. Some people, sadly, think they have no other option, and often they don't.
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In the majority of cases thats self inflicted. Not counting things like medical emergencies etc.

Once again. Not all low socioeconomic people utilise these services. Many manage their limited money properly and are able to get by because they resist the urge to buy the latest iPhone/TV/gaming system every 3 months.
 
Simple Jack said:
Chrisco also target the stupid. I don't see how this is any worse.

Not all lower socioeconomic people are stupid and many don't touch this sort of thing. I know many more fortunate idiots who are in mountains of debt from places like this/credit cards because they have no patience/self control.

It takes 5 minutes to read the fine print. And if you don't get it ask someone to explain it to you.

I have little sympathy for people who get themselves into completely avoidable financial trouble.
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Gambling addiction can do this. My clients're always ending up in strife due to payday lenders. Preferable only to asian and eastern european loan sharks (those kundtts are nasty!)
 
Flash of power said:
That is such a simplistic view. People find themselves vulnerable for all sorts of reasons, not just lack of planning.
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Expensive rent, large increase in utilities costs and groceries. Life is becoming expensive for people. Payday Lenders, Harvey Norman Credit, Crisco etc are the scum of the earth in my opinion. Not to mention it is hard for people on low incomes to have access to traditional lines of credit (home loans, credit cards etc) and these groups just exploit that.
 

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moses said:
Expensive rent, large increase in utilities costs and groceries. Life is becoming expensive for people. Payday Lenders, Harvey Norman Credit, Crisco etc are the scum of the earth in my opinion. Not to mention it is hard for people on low incomes to have access to traditional lines of credit (home loans, credit cards etc) and these groups just exploit that.
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Always considered this a bit of a cop out

Im not sure what utilities used to cost, but I've been a home owner for a bit over a year now and consider my utilities on the higher side (i dont skimp on anything, use lots of power/gas/water in a large space) but still have no issue paying them.

I went shopping the other night and was buying lots of fruits and veggies and it was absurdly cheap. I had a weeks worth of bananas, apples, pears, carrots and brocolli for about $1.50 each item

People are very wasteful (me included) with their money and they pull out the old "the cost of living" excuse whenever they want to cry about not being in a higher demographic, when really theyre burning lots of money on stupid things

Its fine, money has to be spent on something so spend it on what makes you happy, but dont be the "how can i afford to take my kids to the doctors for $7 a pop, im already spending hundreds on ciggies and grog a week" type at every chance they get
 
Catfish Alley said:
They aren't for big loans. Never used them myself but if you need $300 or something because pay day isn't for a couple of days I don't see how it would get you in a cycle of debt. As long as it is money that you know you will have shortly.
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Borrowing $300 for two days would mean paying back $312. I know the $12 interest doesn't sound like much but it's $12 less you have to spend until next payday. This is how people get caught in the trap.
 
moses said:
Not to mention it is hard for people on low incomes to have access to traditional lines of credit (home loans, credit cards etc) and these groups just exploit that.
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Of course it is.

The interest rates are higher on this sort of thing because the loan terms are shorter, the loan amounts are smaller and the credit risk is much higher.

No bank is going to waste their time lending you $1000 at 5% p.a. to tide you over for a week until payday. They'd make $1 out of it.
 
JuddsABlue said:
Always considered this a bit of a cop out

Im not sure what utilities used to cost, but I've been a home owner for a bit over a year now and consider my utilities on the higher side (i dont skimp on anything, use lots of power/gas/water in a large space) but still have no issue paying them.

I went shopping the other night and was buying lots of fruits and veggies and it was absurdly cheap. I had a weeks worth of bananas, apples, pears, carrots and brocolli for about $1.50 each item

People are very wasteful (me included) with their money and they pull out the old "the cost of living" excuse whenever they want to cry about not being in a higher demographic, when really theyre burning lots of money on stupid things

Its fine, money has to be spent on something so spend it on what makes you happy, but dont be the "how can i afford to take my kids to the doctors for $7 a pop, im already spending hundreds on ciggies and grog a week" type at every chance they get
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Google utilities inflation. It has rapidly gone up in Australia.
 
moses said:
Not to mention it is hard for people on low incomes to have access to traditional lines of credit (home loans, credit cards etc) and these groups just exploit that.
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This is actually the issue, try getting a traditional credit card, even at 20% interest if you are on low income - won't happen
 
JuddsABlue said:
Always considered this a bit of a cop out

I went shopping the other night and was buying lots of fruits and veggies and it was absurdly cheap. I had a weeks worth of bananas, apples, pears, carrots and brocolli for about $1.50 each item

People are very wasteful (me included) with their money and they pull out the old "the cost of living" excuse whenever they want to cry about not being in a higher demographic, when really theyre burning lots of money on stupid things

Its fine, money has to be spent on something so spend it on what makes you happy, but dont be the "how can i afford to take my kids to the doctors for $7 a pop, im already spending hundreds on ciggies and grog a week" type at every chance they get
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A cop out for some no doubt, and don't get me wrong, ciggies and booze should not be a priority, especially when you have kids. however, you have a very sheltered view of the world.

Some people are genuinely doing it tough despite their best efforts, in your comment you state that you bought lots of fruit and veggies for $1.50 each - how many items of fruit and veg do you think a family of four needs a week? even at only 4 per day x 4 people x 7 days a week that's $210 a week on friut and veg alone, and that is before you add in milk, bread, meat breakfast cereal, toothpaste, cleaning products, toilet paper etc add onto that $400 week rent, petrol, registration, school costs, clothes, hair cuts, electricity, gas, insurance, and god help a family if their kids gets sick and need to spend extra at the doctor and chemist.

Sometimes families on basic wages could be forgiven for thinking they have no option but to borrow from scumbag lenders to buy their kid a birthday or Christmas presesnt or that medication that the doctor prescribed.
 
They seem to be becoming more and more prolific in Australia, following the UK in that respect where they're ******* everywhere! Seem to prey on people who don't have much in the way of financial acumen, of which I'm sure there's a great many in Australia particularly among lower socio-economic demographics which these sort of companies target...

Similarly I've been seeing a lot of advertisements lately for 'First Homebuyers' type packages where you only need 1-2% deposit on a new house... Sounds great but I assume they act as a middleman between you and the bank for the loan, and you end up paying the bank's rate of interest plus extra to the shifty company. I'm in my early twenties and I bet a number of my peers will get sucked into that sort of deal and be paying back their mortgage for just about the rest of their lives.

As much as these sort of companies could be considered lacking in ethics or morals, I still find it hard to feel sympathy for those that give these companies business... I mean you can blame a lack of education initially but at some stage the prerogative falls to you as an individual to educate yourself, especially about something as important as your financial security.
 
MaddAdam said:
Have you used one? What was like? I did once to twice in shitty out uni job. Saved me baws at the time, but tome, jeez, basically one me anyone.

But should there even further restrictions - what rates they charge, compound etc.

Let us know your views and experinces with these lisem
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is this your way of asking someone for a loan? id be happy to help if i could be sure you weren't just going to buy more alcohol
 
Flash of power said:
Some people are genuinely doing it tough despite their best efforts, in your comment you state that you bought lots of fruit and veggies for $1.50 each - how many items of fruit and veg do you think a family of four needs a week? even at only 4 per day x 4 people x 7 days a week that's $210 a week on friut and veg alone, and that is before you add in milk, bread, meat breakfast cereal, toothpaste, cleaning products, toilet paper etc add onto that $400 week rent, petrol, registration, school costs, clothes, hair cuts, electricity, gas, insurance, and god help a family if their kids gets sick and need to spend extra at the doctor and chemist.

Sometimes families on basic wages could be forgiven for thinking they have no option but to borrow from scumbag lenders to buy their kid a birthday or Christmas presesnt or that medication that the doctor prescribed.
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One apple or potato or onion or whatever does not cost $1.50. Even shopping at Coles or Woollies $210 would buy you a ridiculous amount of fruit and veges.

I'm a SINK which is 2nd on the disposable income scale behind a DINK but is a few levels up from single average income family (SIAF?) but I struggle to sympathise with people who complain about the cost of living that think an orange costs $1.50...
 
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