Payday loan debt crisis is spiralling in Northern Ireland

Pay day loans are pretty predator like. They are less than 3 months and the interest rates are OK because its a secured loan. However, if you don't agree with it, you can take your lender to court. Get a same day cash advance in Ireland with no hassle. I also think you miss the point - it's a payday loan - you pay it back when you get paid with a small interest charge, APR should be irrelevant as it's for a week, unless your taking out money for fraudulent reasons. The first thing to do is contact your lender and try to sort things out with them.

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 · The number of Northern Ireland people struggling with payday loan repayments has soared in a year, it can be revealed zwrot-podatku.cf://zwrot-podatku.cf  · A payday loan is a short-term loan intended to tide you over until you next get paid. It's an expensive way to borrow, but there are rules the lender has to follow. Find out what the rules are and how you can make a complaint if your lender breaks them. How to complain to a payday loan lender, the zwrot-podatku.cf /loans/payday-loans/#!  · A number of payday lenders in Northern Ireland are facing investigation for unfair practices. It follows undercover visits by Trading Standards. A month-long survey of 29 loan companies in major zwrot-podatku.cf

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These are not companies you want taking advantage of the finically desperate or illiterate in Ireland. These things aren't meant to be paid back after 3 months or 12 months, they're meant to be "payday" loans i. There is pawn brokers. They are less than 3 months and the interest rates are OK because its a secured loan.

Everyone should have an emergency fund for situations like a broken down car etc. Because it is a lose-lose situation that preys on the less well off and the desperate who cannot see the wood from the trees due to their already financial woes or those who are too thick to understand that they can't make money just appear from nowhere and who never learn from the situation they have gotten themselves in.

For example - Johnny isn't budgeting himself correctly, causing him to owe money bills, utilities, etc , he then gets the idea to get a quick loan, which pays the original debt owed. Now he owes a larger debt to the short term loan company he borrowed from due to their extortionate APR e. When I lived in the UK for a couple years, the amount of people my age at the time 21 who were in debt was crazy and I'm not talking about college fees here, these people were in full time jobs.

Payday loans, mobile phone contracts which have only become popular in Ireland in the last few years Sky TV contracts and the like. I'm not saying one can't treat themselves every now and again, but don't buy shit you cannot afford.

Sometimes people don't break down how much something actually costs and go for the monthly payment instead and end up paying a lot more. Most people would think twice before putting that much money down. But if there were short term loan companies advertising here, you bet your arse that people would sign up. Then wonder why they are in so much debt again. Could you buy two of them and still pay your bills and rent? Wait, save and then make the purchase. If you need short term loan you can apply for a variable rate from a bank then pay it of as quick as you like.

Payday loan companies are vultures. There is one company that offers these loans http: I got a loan from them. In fairness, they were upfront about how much interest I'd pay over the course of the loan. Got me out of a hole when I had no one else to turn to. Only for the truly desperate. For financial regulation reasons - Why are there no payday loans companies in Ireland? I know I would've been tempted in the past and it would've just ended horribly. Imagine you need a car to get to work and you're hard up and working in a shitty job.

Then your car breaks. It's saturday, you won't get paid till next friday. You've to be in work on Monday. No-one can give you a lift. If you don't show up to work, you'll be sacked, cause you're only a temp, or on zero hours, or your boss is a cunt. You're pretty poor and don't have a credit card or overdraft. That's a nice hypothetical..

There's a crowd called Providence around Athlone that do it, they send people out every week to collect repayments. I would like to see short-term loan companies, everyone is this sub I'm sure has probably been asked to give or has asked for a short-term loan to tie them over to payday. A short-term loan facility will make this so much easier for people who don't have the friends to forward them the loan. It will also help kill off illegal loan sharks.

Regulation though will be key, seemingly massive interest rates will need to be charged to make it worth a company's time but regulation which will reduce the interest if the loan is still outstanding after a certain period and a max amount repayable could curtail predatory lending. But most Irish people are financial illiterate. I did 12 weeks of Finance in college and most people couldnt tell the difference between compound and simple interest. How is someone who hasnt had a great education supposed to understand a pay day loan?

They wont and will probably get sucked into a downward lending spiral. Honestly the only difference between a pay day loan company and a loan shark is a piece of paper. Lets be real and acknowledge, financial regulation is horrific in Ireland. There is the odd fines for bad practice by financial companies, but its extremely rare. Credit Unions were set up in Ireland to kill off loan sharks. There is no question they need to be more flexible.

Their opening hours around me are horrific. If entered online loan approval, better opening , they could do what they were intended to do. Offer financial products to those on low incomes at reasonable rates. But instead, they were preoccupied giving shitty loans to directors. Each one has a different set of policies and regs. The survey also revealed that half of the loan companies visited would be prepared to "roll over" the loan for another month if a debtor could not repay on time.

The trade association which represents the larger payday lenders, the Consumer Finance Association, has distanced its members from the practices uncovered by Trading Standards. We share concerns around some of the practices adopted by some players in the market but believe that our members are both transparent and responsible," said spokesman Richard Griffiths.

Trading Standards said it would appear many lenders are giving out loans , more or less immediately, without checking adequately that the borrower can afford them. Ireland Politics Local News. Image caption Payday lenders offer short-term, high interest loans to consumers A number of payday lenders in Northern Ireland are facing investigation for unfair practices.

It follows undercover visits by Trading Standards. More on this story. Mother's pain at son's payday loan nightmare. Payday lenders to be investigated. Elsewhere on the BBC.

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 · A payday loan is a short-term advance designed to tide you over financially until payday. Some payday loan companies allow you to choose the repayment period, rather than basing it on when you receive your zwrot-podatku.cf  · Payday loans - making a complaint This advice applies to Northern Ireland Print A payday loan is a short term loan intended to tide you over until you get zwrot-podatku.cf://zwrot-podatku.cf /payday-loans-making-a-complaint. The payday loans market is not yet as advanced in Ireland as in the UK and USA, but there are lenders available if you a loan to tide you over until your next pay day! Most payday loan providers offer loans of between € and €1, but the amounts may vary so include this in your zwrot-podatku.cf